Mohnish Pabrai: This will save you 10 years of bad investments

My First Million

Hubspot

Investing, Entrepreneurship, Business

4.7 • 2.9K Ratings

🗓️ 22 May 2026

⏱️ 106 minutes

🔗️ Recording | iTunes | RSS

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Summary

Get Mohnish's 9 investment principles: https://clickhubspot.com/kwdo Episode 827: Shaan Puri ( https://x.com/ShaanVP ) sits down with Mohnish Pabrai to break down the mental models that made him a billionaire value investor. — Show Notes: (0:00) Intro (1:25) Mental models of the top 1% (3:38) The mistress is always hotter than the wife (6:37) Introduce Randomness in your life (10:47) Humans are poor at copying (20:13) Take a simple idea seriously (23:02) Be and inch wide and a mile deep (30:29) Never use Excel (35:03) Wait for fat pitches (39:38) the stock market is like a church with a casino (44:01) Paying $650,000 to have lunch with Warren Buffett (45:43) The cautionary tale of Rick Guerin (47:22) The inner score card (49:25) The future of Berkshire Hathaway (51:29) Mohnish’s best investment (1:02:39) The hardest question (1:06:16) How to beat the index (1:11:25) Mohnish's stock picks for 2026 (1:22:26) S&P 500 (1:24:57) life advice disguised as investing advice (1:29:32) Studying the greatest investors (1:37:51) if you remember nothing else, remember this — Links: Mohnish Part 1: This Guy Copy-Pasted Warren Buffett’s Strategy (And Became A Billionaire) Mohnish Part 2: Go from $10,000 to $1M in just 3 years The Dhando Investor - https://a.co/d/0hkx1t8g — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /

Transcript

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0:00.0	What percentage of Americans who invest in stocks do you believe are good investors?
0:04.0	Well under 1%. The game we are playing is transfer wealth from the active to the inactive.
0:10.0	If you have that type of a temperament, it is orgasmic activity.
0:15.0	Okay? If you are even a slightly above average investor, you can't help but get rich over a lifetime.
0:22.5	What's the mistake that smart people are making?
0:24.5	Many people die at 25 and are buried at 75.
0:28.7	I saw Charlie make investments six days before he died.
0:33.4	This is like life advice disguised as investing advice.
0:36.8	Yeah.
0:41.2	Just quick reaction, bullish, bullish on the S&P index right now.
0:42.0	Barish.
0:44.1	AI, how do you think about it as an investor?
0:50.4	Invest in the pickax makers because the alphabets and matters of the world are playing a game they haven't played before. So I want to ask you the hardest question, which is,
1:00.6	I feel like I can rule the world. I know I could be what I want to. I put my all in it like no days off on a road. Let's travel. Never look at back. This is Monish Pabri. He manages over a billion
1:06.3	dollars in investments. He's friends with Warren Buffett and Charlie Munger, and he is a
1:10.5	absolute sage,
1:11.7	a wealth of wisdom when it comes to investing. And we're lucky enough to sit down with him and learn from
1:15.9	him some of the best frameworks for investing. I call them the Ten Commandments of Investing.
1:21.6	Monash, round three. Here we are. Elevated, as always, we're on the pitch what percentage of americans who invest in stocks
1:29.5	do you believe are good investors well under one percent but the good and why is that but the good
1:36.7	news is so a large number of investors invest in index funds right and index funds give you a great return without doing any work.
1:48.1	So you don't need to be a rocket scientist or understand businesses or any of that.
	...

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