MI382: Cloning Mohnish Pabrai w/ Shawn O’Malley

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 16 December 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) shares his favorite lessons from the billionaire investor Mohnish Pabrai, who some know as the “Indian Warren Buffett.” Pabrai is a master investor, a close friend of Charlie Munger, and a wonderful storyteller, too. You’ll learn what it means to circle the wagons in investing, how a few big decisions will end up mattering the most throughout your investment career, how GEICO changed Benjamin Graham’s perspective on investing, why Nick Sleep told his investors to simply buy and hold three stocks, what Pabrai learned from having lunch with Buffett, what it means to be a Dhando Investor, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 03:59 - Why only 4% of Berkshire Hathaway’s decisions over the years have explained most of Buffett’s outperformance 08:52 - Which three stocks Nick Sleep told his investors to hold after winding down his fund 09:48 - Which types of stocks you’d want to circle the wagons around 10:10 - How GEICO changed Benjamin Graham’s perspective on investing 17:19 - What Pabrai learned from having lunch with Warren Buffett 30:26 - Why great companies are not always great investments 37:55 - How the Patels built a motel empire across America 42:24 - What it means to be a Dhando Investor And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Mohnish Pabrai's book, The Dhando Investor. Pabrai’s Circle the Wagons presentation. Pabrai’s past interviews on The Investors Podcast Network: The Inner Score Card, Masterclass, Playing to Win, Value Investing and Philanthropy. Pabrai’s profile in Richer, Wiser, Happier. Check out Richer, Wiser, Happier by William Green. Pabrai’s presentation to Peking University students. Pabrai’s Dakshana Foundation. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.8	On today's episode, I'll be digging into the writings, talks, and interviews of none other
0:06.8	than Monish Pabrai, a close friend of the Investor's Podcast Network and a famed investor in his own
0:11.6	right.
0:12.7	Monish's flagship fund has returned nearly 12% per year since its inception in 1999.
0:18.3	That is a full four percentage points more than the S&P 500 over the same period.
0:23.3	With Monish, $1 invested would have grown to $12.51 versus $4.72 for the S&P.
0:31.3	What's so wonderful about Monish is that, like so many other great investors, he's also a gifted
0:35.8	teacher and writer. His book, The Dundo Investor, is one of my favorites to recommend, and so many other great investors, he's also a gifted teacher and writer. His book, The Dundo Investor,
0:38.8	is one of my favorites to recommend, and so many of his metaphors have stuck with me since I first
0:42.9	studied him. From cloning to circling the wagons, over the course of this episode, you'll
0:47.2	learn Manish's most powerful mental models for investing. So without any further ado,
0:52.0	let's jump into learning from billionaire investor Manish Pabrai.
0:58.7	Celebrating 10 years, you are listening to Millennial Investing by the Investors Podcast Network.
1:04.9	Since 2014, we have been value investors' go-to source for studying legendary investors,
1:10.7	understanding timeless books, and
1:12.6	breaking down great businesses. Now, for your host, Sean O'Malley.
1:21.6	Today, I'll be digging into the wisdom of Monish Pabrai, a billionaire investor with a market
1:31.3	beating track record spanning some 25 years. I'll pull from a variety of sources to distill down
1:36.7	the most essential lessons to be learned from Pabri. True to Pabri's own teachings on the value
1:41.9	of cloning habits and tactics of great investors,
1:44.7	I'll be looking to shamelessly cloned myself.
	...

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