RWH008: Playing to Win w/ Investing Guru Mohnish Pabrai

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 14 June 2022

⏱️ 118 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

IN THIS EPISODE, YOU’LL LEARN 00:02:41 - How an introduction from Warren Buffett led to Mohnish’s friendship with Charlie Munger. 00:04:46 - What it’s been like to hang out with Charlie over the last 14 years. 00:15:45 - How Warren and Charlie have succeeded by being voracious “learning machines.” 00:18:59 - How Warren and Charlie differ from each other as investors. 00:22:12 - How Charlie figured out that Li Lu would be one of the greatest investors of our time. 00:42:34 - Why it’s helpful to know that even the best investors are wrong a third or half of the time. 00:43:18 - How a checklist and other “circuit breakers” can help you to reduce your error rate. 01:00:53 - Why Mohnish and Charlie believe it’s a huge competitive advantage to be ethical. 01:03:56 - How Mohnish decides whether or not to build a relationship with someone. 01:12:55 - How he’s changed, becoming more committed to serving others as selflessly as possible. 01:15:19 - What Mohnish figured out about how to parent his daughters. 01:24:01 - How the power principles he learned from David Hawkins have changed his life. 01:25:16 - Why it’s so valuable to be candid and to “bare your soul.” 01:39:52 - Where Mohnish wants his ashes to be scattered after he dies. *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 Stig, Clay, and the other community members. Mohnish Pabrai’s website, Chai with Pabrai. Mohnish’s book, The Dhando Investor. Learn more about Mohnish’s Dakshana Foundation. Stig Brodersen’s latest interview with Mohnish about stock investing. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Mohnish explains how “Richer, Wiser, Happier” transformed his investing approach. David Hawkins’ books “Power vs Force,” “Letting Go,” and “The Eye of the I.” William Green’s Twitter. Our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Check out our favorite Apps and Services. New to the show? Check out our We Study Billionaires Starter Packs. SPONSORS Support our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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 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.
0:02.9	Hi there, I'm delighted to introduce today's guest, Monish Pabry, who's not only one
0:07.8	of the smartest investors of his generation, but also an incredible philanthropist.
0:12.9	Monish's charitable foundation has lifted thousands of families out of poverty across India,
0:18.2	which is where he grew up before he moved to America.
0:21.3	When I started working on my book, Richard Weissahapier, the very first thing I did was
0:25.4	travel to India with Monish because I wanted to see up close how he thinks and operates.
0:30.8	We ended up spending five days together there, and we even shared a bunk bed on a Nordnite
0:35.1	train ride to Mumbai.
0:37.1	Part of what fascinates me about Monish is that he treats everything in life as a game.
0:41.6	His strategy is basically to study the people who are the very best at whatever game he's
0:45.8	trying to win.
0:46.8	He reverse engineers their winning approach and then replicates it with really ferocious
0:52.0	attention to detail.
0:54.1	When it came to investing, Monish started by studying Warren Buffett and then Charlie
0:58.2	Munger, which makes a lot of sense given that they're the most successful investment team
1:02.4	that ever lived.
1:04.0	But what I think Monish never imagined is that Buffett and Munger would actually become
1:08.0	friends of his and would take him under their wing.
1:11.5	Munger in particular has become a really close friend and mentor to Monish.
1:16.2	I think actually it says a lot about Monish's intellectual brilliance and also the quality
1:20.1	of his character that Munger saw something special in him and welcomed him into his inner
	...

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