Explore every episode of the podcast Chai with Pabrai

Mohnish Pabrai's Session with Copenhagen Business School Investment Club on August 25, 2026.

(00:00:00) - Introduction

(00:01:43) - Checklist for an aspiring fund manager

(00:03:00) - Evaluating the company's management team

(00:03:56) - Micron; Oligopolistic market situations; Coke & Pepsi

(00:08:31) - The 1973-74 Nifty-Fifty crash; Walmart & The Walton Family

(00:13:57) - Investing in Turkey; Reysas

(00:24:33) - Kaspi

(00:29:00) - Portfolio concentration; The Walton Family & Bentonville, Arkansas

(00:32:59) - Constellation Software Services

(00:34:12) - Reysas Logistics & Reysas REIT

(00:39:15) - Do your own analysis; Jeff Bezos and Amazon

(00:43:45) - Learning from Charlie Munger

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mohnish Pabrai's Interview with Brandon van der Kolk at New Money on July 21, 2026.

(00:00:00) - Introduction

(00:00:35) - Investing in Berkshire Hathaway Class B shares

(00:03:02) - Berkshire Hathaway: Handling a trillion-dollar portfolio

(00:06:19) - Berkshire's investment in Google

(00:09:36) - The gold rush: Memory businesses; Micron

(00:12:36) - Kaspi

(00:16:19) - Your deepest desire is your destiny; Finding stocks on Value Investors Club

(00:22:15) - Invest in your highest conviction bets

(00:25:50) - How to decide about investing in a stock; Adobe vs. Kaspi

(00:28:44) - SpaceX; Elon Musk

(00:32:54) - The too hard pile

(00:35:59) - Evaluating the management; NVR

(00:39:55) - Focus: The most important mental model

(00:41:20) - When to exit from a position; Impact of business moats

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Professor Jiang Guohua's Students
"Compounding with the Spawners"

(00:00:00) - Introduction

(00:04:41) - Choices for an investor

(00:09:58) - The Path to Multi-Baggers

(00:13:35) - Spawners

(00:30:40) - The $50 Billion Rule

(00:33:57) - Pabrai Spawning rules

(00:36:46) - Set it and forget it

(00:42:58) - Conglomerates vs. Spawners in Emerging Markets

(00:43:52) - Fake Spawners

(01:06:27) - Core traits of Spawners

(01:19:12) - CMGI

(01:22:54) - When wealth is lost

(01:25:24) - Costco; Seritage

(01:29:18) - Entrepreneur's Advantage

(01:33:07) - Leverage and Debt

Knowledge Speakers Series
May 12, 2021

(00:00:00) - Introduction

(00:04:03) - Value vs Growth Investing

(00:29:23) - Investments in India

(00:38:25) - Learnings from Warren Buffett and Charlie Munger

(00:43:19) - Dakshana Foundation

(00:48:18) - Impact of COVID on businesses

(00:52:03) - Indian hotels business

(00:56:28) - What's a great business?

(00:58:17) - How to select Best Value Proposition?

(01:07:58) - Unicorns in India

(01:12:57) - Mohnish's schedule

(01:17:31) - Death and Rebirth business

(01:23:03) - India's growth and market

This event was sponsored by the LBS Investment Management Club and the LBS Indian Students Club

(00:00:00) - Introduction

(00:02:47) - Changes in our Economy post-COVID

(00:08:21) - Entrepreneur's Advantage

(00:15:11) - Advise to New Investors

(00:19:37) - Inner Scorecard

(00:24:09) - Evaluating Management

(00:30:42) - Investment in Graftech

(00:38:56) - Portfolio Construction

(00:43:46) - Mumbai Real Estate

(00:49:27) - Impact of Exchange Rate on Investments

(00:52:51) - Learnings from Nick Sleep

NUS MBA Finance Club, NUS Business School January 19, 2022

(00:00:00) - Introduction

(00:02:43) - Captive Finance Company

(00:13:38) - Funeral Business

(00:22:49) - Investment in IPSCO

(00:26:53) - High Uncertainty, Low risk; High returns

(00:27:32) - Silicon Valley Bank

(00:34:46) - Power of compounding

(00:36:01) - Value investing is not dead

(00:38:30) - Investing as treasure hunt

(00:42:58) - Lessons from Warren Buffett

(00:45:43) - Investment in Alibaba and China

(00:48:28) - Chuck Akre; 3-legged stool

Mohnish Pabrai's Q&A Session on Value Investing with Narsee Monjee Institute of Management Studies, Mumbai on June 16, 2022.

(00:00:00) - Introduction

(00:02:00) - Approaches to Value Investing

(00:05:07) - The Multibaggers approach

(00:08:54) - McDonald's 60+ years of compounding

(00:15:50) - Chuck Akre's Three-Legged Stool

(00:16:49) - Global Multibaggers

(00:21:11) - Choose your focus

(00:36:29) - Is Value Investing dead now?

(00:49:18) - Venture Capital Investing vs. Public Equities

(00:54:01) - Passive Index Investing

(01:00:07) - Handling Drawdowns

Prof. Jiang Guohua's Value Investing Course

"The Quest for 10-100 Baggers"

Few Bets. Big Bets. Infrequent Bets.

In his talk at the University of California at Irvine's Paul Merage School of Business, Mohnish discusses five decisions by Warren Buffett and Charlie Munger over a 20-year period (1968 – 1988) that moved the needle for Berkshire. Mohnish also talks about some of the intense difficulties that Warren Buffett and Charlie Munger faced along the way. No pain, no gain!

(00:00:00) - Introduction

(00:02:16) - S & H Green Stamps

(00:04:02) - Blue Chip Stamps

(00:09:44) - Diversified Retailing

(00:11:03) - See's Candy

(00:11:56) - Buffalo News

(00:14:30) - Wesco Financial and Freddie Mac

(00:18:08) - Wheeler Munger Partnership

(00:23:03) - Tenneco Stock

(00:26:30) - Difference in Pabrai Funds and Dhandho

(00:28:14) - Patience is like law of physics in investment

(00:31:16) - Few Bets, Big Bets, Infrequent Bets

(00:42:28) - Compounding is the 8th wonder of the world

(00:43:33) - Investing is for those who love to watch paint dry

(00:46:43) - Time spent on analysing a company's product and services

(00:50:52) - Philanthropic efforts; Dakshana Foundation

(00:55:00) - Principles of value investing on diversified businesses

(00:58:36) - Portfolio Diversification

(01:01:03) - Work life balance

(01:04:07) - Mental Models

(01:07:44) - Investment in Chinese market and Circle of competence

(01:09:46) - High uncertainty and high risk

(01:16:55) - Extreme patience with extreme decisiveness

(01:18:25) - How to network to get investment ideas

(01:21:55) - Leverage

(01:29:16) - Auto insurance

(01:38:05) - South Korea market

Mohnish Pabrai's Talk with Shaan Puri at the My First Million podcast on March 27, 2025.

(00:00:00) - Introduction

(00:00:28) - Why the small investor has an advantage

(00:02:51) - Investing $10K to make $1 Million

(00:08:16) - Frontline

(00:17:13) - Berkshire's 12 great decisions in 58 years

(00:18:34) - Buffett's selection process: Moody's Manual

(00:23:38) - Value Investor's Club

(00:27:33) - The Japan Company Handbook

(00:28:46) - Berkshire's investment in Japan

(00:36:13) - Thou shall not use Excel

(00:40:26) - Leverage: Rick Guerin

(00:49:00) - Do not cut the flowers to water the weeds

(00:51:21) - Costco

(00:56:38) - My interactions with Charlie Munger & Warren Buffett

(00:58:23) - Risk vs. Uncertainty

(01:00:16) - Coca-Cola Icecek

(01:01:42) - Warren's "Too Hard Pile"

(01:03:01) - Circle of Competence: John Arrillaga

(01:07:03) - Sam Walton: Walmart and Sol Price

(01:12:18) - A power nap is good for productivity

(01:15:39) - My owner's manual

(01:21:52) - The Dakshana Foundation: A mathematical game

(01:23:53) - Super 30: Model cloned by Dakshana

(01:28:53) - Large inheritances cause more harm than good

(01:31:35) - Mohnish's Blackjack System

(01:37:46) - Michael Burry

(01:41:21) - Rakesh Jhunjhunwala: Titan Industries

(01:44:26) - Starting early to lengthen your runway

(01:47:02) - Macroeconomic factors

(01:47:37) - AI in investing

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai lecture to Trinity Student Managed Fund at Trinity Business School, Trinity College Dublin, in Dublin, Ireland, on February 21, 2019.

(00:00:00) - Introduction

(00:02:59) - BULL! A history of the boom and bust, 1982-2004 by Maggie Mahar

(00:03:54) - THE DOW (1896 – 2019)

(00:07:52) - Market conditions when Pabrai Funds started

(00:09:36) - Price matters

(00:12:14) - S&P 500 (1928 – 2019)

(00:12:43) - Nasdaq (1971 – 2019)

(00:13:19) - Sensex (1979 – 2019); Dax (1988 – 2019)

(00:13:58) - Property bubble to NIKKEI (1970 – 2019)

(00:16:28) - KOSPI (1980 – 2019)

(00:24:50) - Lessons from Charlie Munger and Warren Buffett

(00:30:11) - Advice on Starting a Career

(00:32:22) - Definition of Success

(00:35:06) - Hedge Fund Fee Structure

(00:43:14) - When should one start a Fund

(00:50:11) - Succession plan at Pabrai Funds

(00:51:10) - Mental Models with Philanthropy; Dakshana Foundation

(00:59:07) - Low Risk and High Uncertainty Bets

(01:05:25) - Finding your own rope during drawdowns

(01:09:35) - Thoughts on current market levels

The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

In this talk, Mohnish discusses the three basic attributes an investor should possess to effectively beat the odds. 1. Patience 2. Decisiveness and 3.Being different from the crowd.

Mohnish reviews the multiple mental models behind Berkshire's investment in Coca-Cola. Buffett's lessons from his See's Candies investment played a major role in his decision to invest in Coca-Cola.

(00:00:00) - Introduction

(00:03:36) - Traits of successful people

(00:06:52) - How do you make investment?

(00:09:52) - Buffett's See's Candies Investment

(00:15:12) - Difference between See's candies and Coke

(00:18:51) - Long runway of Coke

(00:26:36) - Coca-Cola Model

(00:34:22) - Mental Model on Branding

(00:40:21) - Coke's Management

(00:48:09) - Mental Model on How Human brains are screwed up

(00:49:54) - What not to do

(00:55:53) - Holy grail of investment

(00:57:05) - What's a great business?

(00:59:08) - What Mohnish does as value investor

(01:04:07) - Biggest mistake as an investment

(01:06:53) - Indexing investing

(01:08:22) - Key to becoming wealthy

(01:11:49) - Insurance company business

(01:13:15) - Cloning

(01:15:02) - Pabrai Fund Model

(01:16:48) - TransTech

(01:21:14) - Challenge as an investor

(01:24:34) - Dakshana Foundation

(01:27:35) - Portfolio Diversification

(01:29:06) - Cash vs. Opportunities

(01:34:17) - Businesses that Mohnish admire

(01:39:35) - Doing what you love

Distinguished Speaker Series
Professor Arvind Navaratnam
October 14, 2021

(00:00:00) - Introduction

(00:02:04) - Competition is For Losers, Peter Thiel

(00:08:25) - Rain Industries

(00:12:39) - Monopolistic business models, Amazon and Google

(00:17:14) - Redoing the Spaghetti code, AWS in business

(00:19:09) - A Whale only gets harpooned only when it surfaces, Warren Buffett

(00:20:00) - AWS, cloning by Microsoft and Google

(00:24:15) - Monopolistic characteristics of giant Chinese tech companies

(00:28:19) - Tencent (under)reporting style

(00:30:24) - Naspers business model, Koos Bekker

(00:40:58) - Better capital allocation by Amazon and Tencent

(00:43:37) - Tencent business model

(00:50:24) - The bazooka Model of Pony Ma

(00:57:33) - How I became a value investor

(01:02:22) - Chinese tech giants and political risk

(01:03:16) - Dakshana Foundation's Education Model

(01:09:01) - Evolution of my investing style

(01:12:58) - Mohnish's investing framework on start-ups

(01:17:31) - Ali Baba

(01:23:18) - Competence and edge

(01:24:54) - Change in Investment strategy due to Covid

(01:37:50) - Application of NLP (Natural Language Processing) in investing

(01:45:10) - Up and comers in the investment sector

(01:47:40) - Quality of Management

(01:50:29) - Book recommendations

Mohnish Pabrai's Interview with Shaan Puri at My First Million on May 5, 2026.

(00:00:00) - Introduction

(00:00:30) - Value investing in the US; Importance of patience in investing

(00:02:15) - Mental models: The mistress is always hotter than the wife

(00:04:58) - Introduce randomness in your life; Peter Lynch's One Up on Wall Street

(00:08:12) - Elon Musk

(00:09:42) - From admiring to executing; Sam Walton & Cloning

(00:13:24) - Tesla; Blue Origin vs. SpaceX

(00:14:10) - Randomness & Cloning; Farm Con & Kevin Van Trump to Milk road

(00:16:40) - McDonald's vs. Burger King

(00:17:05) - The Bedrock model: Take a simple idea and take it seriously; Turkey vs. Indian markets

(00:20:39) - Mental model conflicts; Circle of competence

(00:23:13) - The salad oil crisis; Buffett's stake in AmEx and Disney

(00:26:12) - Traits of great investors: Keep investing simple; Warren's Too Hard Pile

(00:30:27) - Aksarben racetrack and Buffett's tickets adventure; Moody's Manual

(00:33:02) - Japanese Company Handbook; Look for needles in haystacks 

(00:34:40) - Stock market: Church with a Casino

(00:38:42) - Lunch with Warren Buffett; Leverage lesson from Rick Guerin

(00:41:39) - Inner scorecard vs. Outer scorecard

(00:43:25) - Cash and capital allocation at Berkshire Hathaway

(00:45:14) - My best investments; Investing in Turkey - Reysas & TAV Airports

(00:54:57) - Active vs. Passive investing

(00:57:22) - Business Moats; McDonald's & FICO

(00:59:25) - Investing with AI

(01:02:58) - Constellation Software Services; Mark Leonard

(01:09:45) - GLP-1

(01:10:48) - Bitcoin vs. Gold

(01:11:32) - Do not die at 25 and get buried at 75; Get your music out

(01:15:37) - Studying great investors: Ed Thorp

(01:20:45) - Ken Griffin: Citadel

(01:23:01) - Advice to listeners: Lead an aligned life - My owner's manual by Jack Skeen

(01:28:08) - Guy Spier's letter to me

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mohnish Pabrai's Interview with Kim Kiho at Knowledge Inside podcast on June 8, 2026.

(00:00:00) - Introduction

(00:01:44) - Lunch with Warren Buffett vs. Eric Schmidt; Introduction to Charlie Munger

(00:11:47) - Impact of declining population of South Korea; SK Hynix, Samsung & Micron

(00:17:19) - KOSPI 

(00:17:57) - My Investment checklist - an inspiration from the FAA; Buffett's Dexter Shoes investment

(00:25:27) - Three most important items in a checklist; IKEA & Amorepacific

(00:31:19) - Active vs. Passive investing; Look for risk-free investments

(00:35:10) - Investing in Turkey; Reysas

(00:39:24) - The Dhandho investing: Heads I win, Tails I do not lose much

(00:41:20) - Investing in AI; Do not buy shiny items

(00:43:39) - How to build wealth; The Rule of 72 & The Manhattan island deal in 1623

(00:50:24) - Giving back; The Dakshana Foundation

(00:53:52) - Advice to listeners

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mohnish Pabrai's Interview with Stig Brodersen at The Investor's Podcast on March 23, 2026.

(00:00:00) - Introduction

(00:00:41) - Berkshire Hathaway: Warren Buffett vs. Greg Abel

(00:04:39) - Greg Abel vs. Ajit Jain; Compensation at Berkshire

(00:08:15) - Investing horizon of 50-100 years; Berkshire Hathaway vs. S&P 500 index

(00:09:48) - Running my own company and team; Delegation and structuring

(00:12:34) - Pabrai Wagons ETF

(00:13:24) - Inner scorecard vs. Outer scorecard

(00:16:16) - Investing in Turkey; Micro trumps the macro

(00:18:44) - Diversification of portfolio; Walmart

(00:21:25) - Constellation Software Services; Mark Leonard

(00:25:14) - Frontline; Micheal Burry

(00:29:58) - Met coal vs. IPSCO; CONSOL Energy & AMR

(00:35:48) - Selling a stock; Walmart and Nifty 50 in 1970's

(00:39:49) - Portfolio concentration

(00:41:24) - What I Learned About Investing from Darwin by Pulak Prasad; Microsoft & Walmart

(00:44:22) - Guy Spier

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization. 

The interview host is an investor in Pabrai Funds and therefore has a financial interest in the funds' performance, which creates a potential conflict of interest. The host was not compensated for this interview. The views expressed are those of the host and Mohnish Pabrai and do not constitute investment advice or a recommendation to invest. 

Mohnish Pabrai's Q&A session with Dakshana scholars at the JNV Bangalore Urban, Karnataka, India on December 25, 2025.                       

(00:00:00) - Introduction

(00:00:31) - Charlie Munger's mental models

(00:05:40) - The Karam Yogi model; Mukesh Ambani & Jio

(00:09:45) - Books: Time travel for entrepreneurs

(00:12:01) - The Founders Podcast

(00:16:01) - Giving back through Dakshana

(00:20:29) - Upanishads: Your deepest desire is your destiny

(00:24:13) - Building Dakshana: Cloned from the Super 30 model

(00:33:32) - Follow your passion, success follows naturally

(00:35:10) - With hard work think smart

(00:36:42) - Clone smartly, compete confidently

(00:39:05) - Technology is overrated, follow your passion

(00:42:48) - Growth begins outside comfort zone; Toastmasters

(00:46:25) - Cloning Dakshana from Super 30; Anand Kumar

(00:50:36) - Human reciprocation mental model

(00:57:28) - Execution and determination make the idea successful

(01:00:29) - Life's reverses; Charlie's No self-pity mode

The contents of this audio are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at Heilbrunn Center for Graham and Dodd Investing on April 21, 2026.

(00:00:00) - Introduction

(00:02:03) - Charlie Munger's mental models

(00:03:54) - Model 1: The Bedrock model: Take a simple idea and take it seriously

(00:04:51) - Model 2: Ben Graham's three ideas on markets

(00:05:28) - Model 3: Do not overdose on Ben Graham; Poor Charlie's Almanack, Philip Fisher, and Pulak Prasad

(00:06:27) - Model 4: Buffett's lifetime 20-punch card

(00:07:15) - Model 5: Stay in the epicentre of your circle of competence; John Arrillaga

(00:09:09) - Model 6: A high error rate is guaranteed in investing

(00:09:26) - Model 7: Circle the wagons: the 4% rule

(00:10:36) - Berkshire's 12 best decisions in 60 years

(00:12:02) - Mistakes in investing: Ferrari, Progressive Insurance & Goldman Sachs

(00:12:55) - Model 8: Do not cut flowers and water weeds; The Nifty 50 crash in the 1970s & Walmart

(00:15:34) - Model 9: Be a shameless cloner; VIC & Dataroma; Gimat Gross

(00:16:43) - Model 10: History does not repeat itself; Investing in Turkey & Reysas

(00:19:50) - Model 11: Explain your investment thesis in 3-4 sentences to a 10-year old

(00:19:58) - Model 12: You always need a rope to get out of the deepest well

(00:23:14) - Model 13: Nick Sleep; Zen and the Art of Motorcycle Maintenance

(00:26:52) - Model 14: Thou shall not use Excel

(00:27:17) - Model 15: Use a pre-investment checklist

(00:28:06) - Model 16: Be singularly focused like Arjuna

(00:29:27) - Read the footnotes; Turn every page: Robert Caro

(00:31:16) - Model 17: Enjoy hunting for needles in haystacks; Buffett's childhood entrepreneurial adventures

(00:33:40) - Japanese Company Handbook; My introduction to Charlie Munger & Debbie Bozanek

(00:37:27) - Model 18: Your deepest desire is your destiny

(00:38:53) - Model 19: You should always have someone to discuss your investment ideas with; Li Lu

(00:40:45) - Model 20: The mistress is always hotter than the wife! 

(00:41:12) - Model 21: Neither a short-term borrower nor a long-term lender be

(00:41:33) - Model 22: Introduce randomness into your life; Peter Lynch's One up on Wall Street

(00:43:11) - Model 23: Be a Swiss Army knife

(00:43:24) - Model 24-26: Focus on spin-offs, uber cannibals & spawners; Alpha-Metallurgical Resources

(00:44:02) - Model 27: Arbitrage is wonderful; Transocean vs. Valaris

(00:44:17) - Model 28: Heads I win, Tails I don't lose much!; IPSCO and CONSOL Energy

(00:46:10) - Model 29: Focus on low-risk; high uncertainty bets

(00:46:45) - Model 30: Do not skim off the top

(00:47:23) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent advice for living

(00:47:41) - Investing in Turkish vs. Indian markets

(00:50:17) - Follow your passion 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The University of Nebraska, Omaha on May 1, 2026.

(00:00:00) - Introduction

(00:02:11) - Charlie Munger's mental models

(00:03:43) - Model 1: The Bedrock: Take a simple idea and take it seriously

(00:04:06) - Model 2: Ben Graham's Fundamentals

(00:04:59) - Model 3: Do not overdose on Ben Graham; Poor Charlie's Almanack, Philip Fisher, and Pulak Prasad

(00:05:16) - Model 4: Buffett's lifetime 20-punch card

(00:06:05) - Model 5: Stay in the epicentre of your circle of competence; John Arrillaga

(00:07:52) - Model 6: A high error rate is guaranteed in investing

(00:08:06) - Model 7: Circle the wagons: the 4% rule

(00:08:44) - Berkshire's 12 best decisions in 60 years

(00:09:41) - Mistakes in investing: Ferrari, Progressive Insurance & Goldman Sachs

(00:12:10) - Model 8: Do not cut flowers and water weeds

(00:13:02) - Model 9: Be a shameless cloner; VIC; Dataroma & SumZero

(00:15:11) - Model 10: History does not repeat itself - but it does rhyme

(00:16:16) - Model 11: Explain your investment thesis to a 10-year old in 3-4 sentences

(00:16:41) - Model 12: You always need a rope to get out of the deepest well

(00:20:50) - Model 13: Pursue quality intensely; Nick Sleep, Zen and the Art of Motorcycle Maintenance

(00:25:31) - Model 14: Thou shall not use Excel

(00:25:52) - Model 15: Develop and use a pre-investment checklist

(00:27:54) - Model 16: Be singularly focused like Arjuna

(00:29:31) - Read the footnotes; Turn every page: Robert Caro

(00:31:44) - Model 17: Enjoy hunting for needles in haystacks; Buffett's childhood entrepreneurial adventures

(00:33:41) - Japanese Company Handbook; My introduction to Charlie Munger & Debbie Bozanek

(00:38:02) - Model 18: Your deepest desire is your destiny

(00:41:15) - Model 19: You should always have someone to discuss your investment ideas with; Li Lu

(00:42:53) - Model 20: The mistress always looks hotter than the wife! 

(00:43:30) - Model 21: Neither a short-term borrower nor a long-term lender be

(00:43:54) - Model 22: Introduce randomness into your life; Peter Lynch's One up on Wall Street

(00:46:28) - Model 23: Be a Swiss Army knife

(00:46:36) - Model 24-26: Focus on spin-offs, uber cannibals & spawners

(00:47:18) - Model 27: Arbitrage is wonderful; Rupert Murdoch

(00:48:26) - Model 28: Heads I win, Tails I don't lose much!; IPSCO and CONSOL Energy

(00:51:43) - Model 29: Focus on low-risk; high uncertainty bets

(00:52:56) - Model 30: Do not skim off the top

(00:53:37) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent advice for living

(00:54:48) - Importance of the Bedrock model

(00:55:30) - Finding great businesses

(00:58:11) - Focusing on my deepest desire

(00:59:23) - Berkshire Hathaway A-shares

(01:00:35) - Intrinsic value of a company

(01:02:17) - The Founders Podcast & Value Investors Club

(01:05:34) - Pursue your passion

(01:07:49) - Making of a Great American Capitalist by Lowenstein

(01:09:05) - Family-run businesses; Walmart

(01:10:24) - The Dakshana Foundation & Giving back

(01:12:45) - Micron

(01:13:43) - Warren's Too Hard pile & Charlie's pie-counter trips

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mental Models for Running Startups and Businesses, SXSW 2026 on March 16, 2026.

(00:00:00) - Introduction 

(00:00:28) - Charlie Munger's mental models 

(00:01:52) - Model 1: The Bedrock model: Take a simple idea and take it seriously 

(00:02:31) - Model 2: Truth vs. Trust; David Hawkins: Power vs. Force 

(00:05:43) - Costco 

(00:07:56) - Model 3: Your deepest desire is your destiny 

(00:09:40) - Model 4: Heads I win; Tails I don't lose much; Jeff Bezos 

(00:10:36) - How to start a business without capital 

(00:12:44) - Model 5: Be a shameless cloner; Sam Walton & Walmart and Bill Gates & Microsoft 

(00:14:49) - Model 6: Use hacks to improve yourself; Be a harsh grader 

(00:16:02) - Model 7: Hire slow fire fast 

(00:16:53) - Model 8: Incentives are more powerful than you think 

(00:17:51) - Model 10: Pursue quality intensely; Zen and the art of motorcycle maintenance by Robert Pirsig 

(00:18:50) - Model 11: Focus on durable moats 

(00:19:16) - Model 12: The purpose of business is not to make money 

(00:19:45) - Model 13: Outsourcing smaller tasks 

(00:20:39) - The latticework of mental models; Listen to your customer 

(00:24:07) - Focus on taking larger market share 

(00:25:19) - Model 14: Go all-in on no-brainers; Founders Podcast, Business Breakdowns & Acquired podcasts 

(00:28:54) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent Advice for Living 

(00:29:27) - Duan Yongping: Fast is slow 

(00:30:56) - Lifetime ban at a casino in Vegas; Blackjack 

(00:33:09) - Exponential effect of implementing the models together 

(00:34:24) - Benefit of mental models to non-venture backed businesses 

(00:35:12) - El Cortez casino in Las Vegas; Blackjack

(00:41:49) - Mental models for creative professionals; Seinfeld's Is This Anything?

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Thumbnail Photo credit: Nick Piacente

Mohnish Pabrai's Q&A session with Dakshana scholars at JNV Pune, Maharashtra, India on December 25, 2025 

(00:00:00) – Introduction  

(00:01:09) - Charlie's mental models: Take a simple idea and take it seriously  
 
(00:03:13) - Be a Karam Yogi  
 
(00:07:12) - Focus at improving human lives: Narayana Healthcare Systems  
 
(00:10:52) - Purpose over profit always wins  
 
(00:13:47) - Inner scorecard beats outer approval  
 
(00:16:06) - Cloning: Anand Kumar and Super 30  
 
(00:19:56) - Learn to build from zero: The Origin and Evolution of New Businesses  
 
(00:23:02) - The Founders Podcast  
 
(00:28:40) - Singular focus: Dronacharya & Arjuna - eye of the bird  
 
(00:32:18) - Your Deepest Desire Is Destiny  
 
(00:34:10) - Adversity is part of life  
 
00:36:30) – Toastmasters  
 
(00:37:46) - Usain Bolt from Jamaica; Illustrated Weekly of India: Khushwant Singh  
 
(00:44:00) - Take a decision and move forward  
 
(00:45:18) - Be the change you wish to see  
 
(00:47:03) - Principles create advantage in life; The Founders Podcast  
 
(00:50:12) - Focus on relevant things in life  
 
(00:56:35) - Rule of 72  
 
(01:00:04) - The wealth creation paradox 
 
 

The contents of this audio are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.  

Mohnish Pabrai's Q&A Session with Dakshana Scholars at Dakshana Valley, Pune, Maharashtra, India on December 26, 2025.                             

(00:00:00) - Introduction 

(00:00:37) -  Breaking the question pattern 

(00:03:22) - Overcoming hardships through learning; YouTube & Muskan Soni 

(00:05:41) - Mental models - take a simple idea and take it seriously; Lyndon Johnson 

(00:09:57) - Upanishads - Your deepest desire is your destiny 

(00:13:43) - Belief comes before capability; Elon Musk & the reuse of rockets 

(00:18:18) - Dakshana: Cloned from Anand Kumar's Super 30

(00:30:47) - Robert Caro's books on Lyndon Johnson

(00:37:44) - Be a harsh grader while choosing your circle

(00:40:46) - Mistakes are a blessing

(00:44:04) - Attraction towards the opposite gender is natural

(00:47:30) - World changes if you have a burning desire 

(00:48:21) - Karam Yogi: You cannot make money if you want to make money

(00:51:16) – Google

The contents of this podcast are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Interview at the Investor's Podcast on April 25, 2023

(00:00:00) - Introduction

(00:00:54) - Poor Charlie's Almanack; handling biases

(00:02:55) - Investing in Turkey

(00:06:12) - Circle the wagons

(00:08:54) - Nifty 50 in 1970's

(00:11:51) - Rakesh Jhunjhunwala

(00:13:57) - Naspers

(00:19:09) - Shinoken; share buybacks

(00:24:08) - How has my investing changed over the years

(00:26:07) - Stock based compensation

(00:29:17) - Constellation: Mark Leonard

(00:36:43) - Handling investment mistakes

(00:40:32) - The importance of truth

(00:45:55) - Being open to discuss finances

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

The interview host is an investor in Pabrai Funds and therefore has a financial interest in the funds' performance, which creates a potential conflict of interest. The host was not compensated for this interview. The views expressed are those of the host and Mohnish Pabrai and do not constitute investment advice or a recommendation to invest.

Mohnish Pabrai's Session at The Investor's Podcast on April 1, 2024

(00:00:00) - Introduction

(00:01:44) - TransTech 

(00:03:39) - Managing other people's money 

(00:08:54) - My journey in investing 

(00:11:51) - The happiness equation 

(00:17:12) - Learnings from Buffett; Be a harsh grader 

(00:22:06) - The importance of truth and candor 

(00:24:06) - Bridge vs. Poker 

(00:28:59) - Infinite games 

(00:30:56) - McDonalds 

(00:34:02) - Boeing 

(00:36:12) - Processing information from books 

(00:40:24) - Pabrai Fund's track record 

(00:45:25) - The game of investing 

(00:49:20) - The Dakshana Foundation; Philanthropy


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

The interview host is an investor in Pabrai Funds and therefore has a financial interest in the funds' performance, which creates a potential conflict of interest. The host was not compensated for this interview. The views expressed are those of the host and Mohnish Pabrai and do not constitute investment advice or a recommendation to invest.

Mohnish Pabrai's Interview with Stig Broderson at the Investors Podcast on April 15, 2025.              

(00:00:00) - Introduction

(00:00:59) - Opportunity Cost

(00:03:23) - Nifty-50 in early 70's; Walmart

(00:06:54) - Advice to 40-year-olds; Long runway 

(00:12:44) - Stoic philosophy by Marcus Aurelius: Adversity is a blessing

(00:14:01) - Money vs happiness relationship 

(00:19:47) - My mathematical game: The Dakshana Foundation; Chuck Feeney

(00:25:25) - Dakshana's selection criteria

(00:29:20) - Dakshana's operational model

(00:34:22) - Business moats

(00:36:24) - Circle of competence

(00:37:50) - Warren's "Too Hard Pile"

(00:41:33) - Selecting an investment manager

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

The interview host is an investor in Pabrai Funds and therefore has a financial interest in the funds' performance, which creates a potential conflict of interest. The host was not compensated for this interview. The views expressed are those of the host and Mohnish Pabrai and do not constitute investment advice or a recommendation to invest.

Mohnish Pabrai's Fireside chat with Ben Graham Centre at the 5th European Value Investing Conference on October 14, 2025.

(00:00:00) - Introduction

(00:00:58) - Cloning is the best mental model

(00:02:14) - Human aversion to cloning

(00:04:00) - Simplicity: Highest level of intellect

(00:05:35) - Cloning the Buffett Partnerships

(00:09:38) - Learnings from Buffett and Munger: Portfolio concentration

(00:14:49) - Asymmetry in investing: Amazon

(00:16:41) - Power vs. Force: David Hawkins

(00:21:26) - The Dakshana Foundation: Cloned from Super 30

(00:27:06) - Success rate of the Dakshana Foundation

(00:29:36) - If you can happily watch paint dry, you can be a good investor!


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. 

Q&A session with Nisaba Godrej & Omar Momin and Dakshana Scholars at Dakshana Valley on July 25, 2025 

(00:00:00) – Introduction

(00:00:49) - How youth can build a developed nation 

(00:02:48) - Grow together, Rise together, Win together 

(00:04:57) - Excellence with character changes the world 

(00:07:51) - Big impact starts with small actions 

(00:09:47) - Private innovation for public good; Arvind Eye Care & Infinite Vision 

(00:16:26) - Listen to your inner voice 

(00:17:35) - Curiosity over curriculum 

(00:20:01) - Integrity above everything 

(00:22:08) - Better schools for brighter future 

The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Interview session with Steven Bartlett at The Diary of a CEO on July 13, 2025.                                                        

(00:00:26) - Cloning as a mental model; Bill Gates and Sam Walton

(00:05:11) - Entrepreneurs do not take risk

(00:09:23) - Focus on offering gaps 

(00:13:11) - Understand customer requirement; Google Glass vs. Meta

(00:16:20) - Make your business cost-effective; Walmart & LVMH

(00:18:24) - Getting your music out; Bill Gates & Paul Allen

(00:21:40) - Find the calling in your life

(00:23:54) - My Owner's Manual

(00:29:04) - Capital investment in start-ups; Sir Richard Branson

(00:36:59) - Successfully reaching out to stakeholders

(00:41:16) - My family startups in the childhood; Cold calling

(00:46:21) - Adam Grant: Givers, takers and matchers

(00:48:26) - Recruiting the right people; Elon Musk & Steve Jobs

(00:50:43) - Fire fast, Hire slow

(00:51:54) - The three pillars of investing

(00:53:01) - Sale of Manhattan by Indians in 1623 & Rule of 72

(00:58:07) - Rules of investing; Saving the first dollar; Index investing

(01:01:52) - The Dhandho Investor; Minimising risk with intact returns

(01:06:20) - Heads I win, Tails I don't lose too much

(01:07:15) - Offering gaps

(01:11:30) - Business moat

(01:12:29) - Apple

(01:14:07) - Traits of great founders; IKEA

(01:16:49) - Fewer, bigger and infrequent bets; Venture businesses vs. Stock markets

(01:19:07) - Day trade

(01:19:34) - Circle the wagons

(01:22:00) - Learning from mistakes; Fiat Chrysler's Ferrari

(01:24:31) - Golf

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mohnish Pabrai's Session with Divya Narendra at SumZero on June 10, 2025.                                                      

(00:00:00) - Introduction

(00:00:57) - Berkshire Hathaway: Greg Abel 

(00:07:59) - Mag 7

(00:11:16) - Microsoft: Dinner with Bill Gates

(00:16:45) - Investing in commodities

(00:18:59) - Met Coal & Berkshire's investment in Burlington Northern Railroads

(00:23:44) - Thermal Coal vs. Metallurgical Coal

(00:26:28) - Learning from mistakes; Selling a stock

(00:28:51) - Shipping and Offshore oil drilling businesses; Nobel & Valaris

(00:32:09) - Challenges for the coal industry

(00:36:11) - Investment in Turkiye -TAV Airports; Laguardia

(00:38:25) - Indian Energy Exchange & National Stock Exchange

(00:39:28) - Macroeconomic factors and impact on the portfolio

(00:43:54) - Book recommendation; Buffett and Munger Unscripted

(00:45:08) - Investing in global markets

(00:46:06) - Portfolio concentration; Walmart & the Walton family

(00:47:59) - Geopolitics


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Sessions at University of Nebraska Omaha on May 2, 2025 and Heilbrunn Center for Graham and Dodd Investing at Columbia Business School on March 25, 2025.

(00:00:00) - Introduction

(00:02:20) - Walmart vs The Nifty-Fifty

(00:05:18) - Berkshire's 12 best decisions in 58 years; Ajit Jain

(00:08:05) - Nick Sleep

(00:12:06) - Learning from mistakes; Ferrari & Frontline

(00:13:30) - Rules of becoming rich

(00:16:15) - Walmart & the Walton Family

(00:17:51) - Microsoft; Steve Balmer

(00:23:21) - Coca-Cola

(00:25:32) - Evolution of strategies

(00:26:52) - Investment checklist 

(00:30:36) - Circle of competence

(00:33:28) - Macroeconomic factors; Saudi Aramco & Ferrari

(00:40:47) - Learnings from Warren and Charlie

(00:43:02) - Golf vs. Investing

(00:44:50) - Identifying opportunities; Moody's Manual and The Japan Company Handbook

(00:50:33) - Duan Yongping: Oppo & Vivo

(00:53:53) - Economic moats

(00:55:51) - Impact of leverage; The Founder's Podcast: IKEA

(00:58:51) - Capitalism in investing; Amazon

(01:00:33) - Value investing for technology businesses: Amazon

(01:05:40) - Index investing

(01:07:38) - Microsoft vs. Apple; Bill Gates

(01:13:01) - When to exit an investment

(01:19:31) - Selecting a stock

(01:20:41) - Circle of competence; John Arrillaga

(01:23:50) - Investing in Turkiye; Reysas & TAV Airports

(01:28:02) - Investing in coal businesses

(01:31:58) - You can identify great businesses only after you own them

(01:33:42) - Portfolio concentration

(01:39:26) - Investing is watching the paint dry

(01:42:17) - Coca-Cola; Hetty Green from The Founder's podcast

(01:47:36) - Hedging an investment

(01:48:45) - Investing in commodities 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025.

(00:00:00) - Introduction

(00:00:47) - Charlie Munger's mental models; Poor Charlie's Almanack

(00:07:38) - Cloning is the best mental model

(00:08:45) - Sam Walton & Family; Walmart

(00:10:36) - Microsoft

(00:13:31) - Bridge

(00:14:51) - Pabrai Funds: Cloned model from the Buffett Partnerships

(00:17:41) - Selecting a stock

(00:19:12) - Macro-economic factors; D-Mart & Shrimp farming in India

(00:23:32) - Circle of competence; John Arrillaga

(00:24:38) - Commodity producers; Saudi Aramco

(00:27:26) - Look for anomalies, Investing in Turkiye & Reysas

(00:33:54) - Learning from mistakes; Satyam Computers

(00:39:35) - Nifty-50 in the 1970s; Walmart


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Interview at The Money Mindset with Sonia Shenoy on February 15, 2025.

(00:00:00) - Introduction

(00:01:20) - I am a single-player game player

(00:03:01) - My friendship with Buffett and Munger

(00:04:52) - Lunch with Warren Buffett

(00:10:39) - Rick Guerrin

(00:13:29) - Lessons learnt from Warren; The Inner scorecard

(00:18:12) - Marcus Aurelius; The stoic philosophy

(00:22:06) - Wealth is lost, nothing is lost; Health is lost, something is lost; Character is lost, everything is lost

(00:26:05) - Index Funds

(00:29:23) - Nifty-50; Walmart

(00:32:53) - Patience is the best skill in investing; Infosys & Microsoft

(00:36:04) - Separate a signal from the noise

(00:37:52) - Selecting a stock; Warren's too-hard pile

(00:41:14) - Investing in Turkiye; Reysas

(00:46:39) - Look for illusionary smoke in the market

(00:50:46) - Follow your passion in life

(00:52:43) - Give meaning to life

(00:55:34) - Money doesn't bring happiness

(00:59:28) - Key lessons in life

(01:05:54) - Good parenting is a key responsibility 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Q&A session with Dakshana Scholars at Dakshana Valley, Pune on December 26, 2024.

 

(00:00:00) – Introduction

(00:00:33) - Starting Without All Answers; Super 30 Model

(00:05:08) - Dakshana's breakthrough with NVS

(00:09:19) - Helping Millions Through Innovation

(00:13:38) - Infinite Vision: Arvind Eye Care

(00:20:53) - Trust builds unbeatable business models; Costco & DMart

(00:26:43) - Your deepest desire is destiny

(00:29:59) - Cloning and trustworthiness are the best mental models

(00:35:45) - Power of compounding

(00:41:39) - Think small, scale later effectively

(00:44:03) - Great entrepreneurs start with nothing

(00:44:50) - Honesty is the most lucrative policy 

 
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.  

Mohnish Pabrai's Q&A session with Dakshana Scholars at JNV Lucknow on July 14, 2024.


(00:00:00) – Introduction

(00:00:32) - Adam Smith and David Ricardo 

(00:04:03) - Success story of India's shrimp industry 

(00:09:24) - MSP and farm laws; India vs USA

(00:14:37) - Japan's rapid post-war development

(00:20:01) - Givers, Takers, Matchers & Dakshana

(00:26:13) - Rule of 72

(00:31:53) - Robert Caro: Relentless research, unrivalled narrative

(00:33:35) - Dakshana's Mission: Empowering Underprivileged Students

(00:37:31) - Secret to success: Focus

(00:41:42) - Upanishads on true desire 

 
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.  

Mohnish Pabrai's Interview at the Capital Compounders Show on February 25, 2025.

(00:00:00) - Introduction

(00:00:53) - Move to Austin, Texas

(00:09:52) - Age is just a number

(00:11:27) - The Dakshana Foundation: A math game

(00:15:57) - My 4 games – Bridge, Dakshana, Compounding & Golf

(00:17:11) - Bridge with Warren & Charlie

(00:21:46) - Bridge teaches probabilistic thinking

(00:23:48) - Mosaic: Perspectives of Investing

(00:24:44) - Cloning is the best mental model: Sam Walton & Bill Gates

(00:31:29) - Sam Walton & Walmart

(00:33:23) - Compounding 

(00:35:16) - The crash of Nifty-Fifty in 1973-74; Walmart

(00:37:02) - Fiat Chrysler

(00:38:09) - The Waltons' ownership in Walmart

(00:42:18) - Frontline & Reysas

(00:46:11) - Portfolio concentration; Steve Ballmer at Microsoft

(00:49:39) - Uber Cannibals

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Guest Lecture at Microsoft on November 15, 2024.

(00:00:00) - Introduction 

(00:01:49) - Microsoft; Bill Gates

(00:03:19) - The future of AI

(00:04:27) - Value vs. Growth investing

(00:08:58) - IPSCO 

(00:13:13) - Reysas

(00:15:47) - Starting with value investing

(00:19:37) - My journey in investing; Introduction to Warren Buffett

(00:22:45) - Cloning ideas: Walmart & Microsoft 

(00:24:35) - Microsoft: Vijay Vashi

(00:31:51) - Find out your passion: Poor Charlie's Almanac

(00:35:42) - The Dakshana Foundation

(00:40:12) - Bill Gates' introduction to Warren Buffett

(00:44:15) - Reliability and Trust

(00:47:33) - Somasegar at Microsoft 


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Interview with John Mihaljevic at MOI Global on January 21, 2025.

(00:00:00) - Introduction

(00:01:47) - Industrial Real Estate: First Industrial

(00:06:38) - Boom and bust cycle - Oil & shipping businesses

(00:09:14) - CONSOL Energy

(00:12:08) - Coal businesses

(00:21:08) - Frontline

(00:26:03) - Micron

(00:27:48) - Portfolio concentration

(00:30:17) - Reysas

(00:31:56) - Investing in Turkiye 

(00:34:21) - Evolution in investing style

(00:35:40) - Evaluating the company's management

(00:37:48) - Capital allocation for coal companies

(00:40:55) - Risk vs. Uncertainty

(00:42:36) - Circle of competence: John Arrillaga

(00:44:32) - Look for anomalies in the market

(00:48:42) - Book recommendation: The Joy of Costco 


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's session with Cambridge Investment Banking Society at University of Cambridge on January 31, 2025.

(00:00:00) - Introduction

(00:01:38) - Marcus Aurelius: Stoic philosophy

(00:04:28) - Learning from mistakes

(00:09:01) - Ignore Macroeconomic factors

(00:11:57) - Value vs growth investing

(00:14:58) - Investing in Turkey: Reysas

(00:19:22) - Venture Capital: Bill Gurley

(00:23:06) - Handling the 2008 financial crisis

(00:24:12) - Skills for value investing

(00:27:02) - Look for undiscovered opportunities; Warren's Swiss Army knife approach

(00:30:22) - Handling the portfolio concentration and risks

(00:33:49) - Sam Walton

(00:36:31) - All knowledge is cumulative

(00:38:43) - Nick Sleep

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Talk with GreenHaven Road Partners Fund on October 29, 2024.

(00:00:00) - Introduction

(00:02:08) - Public Charity status of the Dakshana Foundation

(00:04:04) - Feedback loops in Capitalism and Philanthropy

(00:09:27) - The Dakshana Foundation model: The inversion impact

(00:12:09) - Indian Institute of Technology (IIT)

(00:14:13) - Ashok T Kumar: Dakshana Scholar who ranked 63 at IIT

(00:18:36) - Operating Mechanics of the Dakshana Foundation

(00:19:55) - All India Institutes of Medical Sciences (AIIMS)

(00:21:13) - The Dakshana journey

(00:23:56) - Dakshana's success rate

(00:27:14) - Success Academy

(00:29:10) - Stay focused on the cause

(00:31:11) - Micro is more relevant than macro

(00:34:33) - Error rate in investing


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Guest Lecture at University of Nebraska, Omaha on October 15, 2024.

(00:00:00) - Introduction

(00:02:02) - Charlie Munger: Costco

(00:05:35) - Warren's rejection of opportunities on moral grounds

(00:08:27) - Conwood Chewing Tobacco

(00:13:52) - Valeant Pharmaceuticals

(00:18:10) - Credit Acceptance

(00:23:58) - TransDigm

(00:30:23) - Berkshire's investment in Gen Re

(00:32:38) - Charlie Munger is irreplaceable

(00:36:18) - Berkshire Hathaway after Warren Buffett

(00:37:44) - Early start to investing journey

(00:40:17) - My daughter's introduction to compounding and investing

(00:45:01) - Blackstone

(00:45:59) - My journey to investing

(00:51:15) - Poor Charlie's Almanack

(00:53:13) - Advice for beginners; Be a harsh grader 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Podcast with Kevin (Age 10) and Justin (Age 6) on September 24, 2024.

(00:00:00) - Introduction

(00:02:37) - Start investing at a young age; Bill Gates

(00:06:38) - Invest in what interests you; Warren Buffett

(00:10:26) - The best purchase I've ever made

(00:12:16) - Bridge

(00:14:16) - Compounding - 8th wonder of the world

(00:21:02) - Rule of 72

(00:25:38) - Warren Buffett: Compounding since early years

(00:34:49) - Key to wealth and a long life

(00:40:25) - Value investing

(00:44:56) - My journey as a value investor

(00:46:47) - Knowledge is cumulative

(00:48:15) - My real-life heroes

(00:49:52) - Advice for beginners

(00:50:47) - Great entrepreneurs of this age


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

(00:00:00) - Introduction

(00:01:14) - Philanthropy

(00:03:40) - The Dakshana Foundation; Anand Kumar's Super 30

(00:07:42) - Philanthropy in India

(00:12:14) - My inspiration for philanthropy

(00:14:13) - Jawahar Navodaya Vidyalaya

(00:16:30) - Social ROI; Bills & Melinda Gates Foundation

(00:18:22) - Entrepreneurship vs. Philanthropy

(00:20:00) - The importance of feedback loops in philanthropy


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's keynote address at TiECON Southwest on November 9, 2013.


(00:00:00) - Introduction

(00:02:02) - The IndUS Entrepreneurs

(00:04:49) - Non-venture-backed start ups

(00:06:26) - My first startup: Non-venture-backed

(00:09:04) - Philanthropy: Focus on a specific cause for maximum returns

(00:12:36) - The Dakshana Foundation: Cloned from Anand Kumar's Super 30

(00:18:44) - Dakshana's goal: 2020 in 2020

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Session with YPO Delhi Chapter on July 9, 2024

(00:00:00) - Introduction

(00:03:56) - Manhattan deal by American Indians in 1626; The Rule of 72

(00:08:45) - My daughter's introduction to compounding

(00:11:04) - The Three pillars of compounding

(00:13:11) - Berkshire's dozen truly great decisions

(00:15:34) - See's Candies vs. Coca-Cola

(00:19:38) - Rakesh Jhunjhunwala

(00:22:43) - ROI on tech businesses

(00:24:56) - Reysas

(00:28:05) - Coke's global bottling businesses; Varun Beverages

(00:33:36) - Growth vs ROCE

(00:35:37) - Investing in index funds

(00:36:41) - Be fearful when the world is greedy, be greedy when the world is fearful

(00:43:31) - Investing in Coal

(00:48:50) - Investing Lessons from Robert Caro

(00:52:47) - Selling a stock

(00:56:30) - Heinz, See's Candies & Coke


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Session with CFA Society, United Kingdom on June 12, 2024

(00:00:00) - Introduction

(00:01:49) - My grandfather Gogia Pasha

(00:10:00) - My journey as an investor

(00:14:31) - Anomalies in stock market

(00:18:11) - Early years of Pabrai Funds

(00:21:47) - Value vs. Growth

(00:23:48) - Investing is an opportunistic business

(00:26:10) - Coal is not a four lettered word!

(00:32:45) - Investing in Turkey

(00:36:09) - Handling macro-economic risks

(00:37:33) - Mistakes are stepping stones to success; Investment checklist

(00:43:32) - Building an asset management business

(00:52:57) - TAV Airports

(00:57:27) - Coca-Cola Icecek 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Session with Rotary Bangalore DownTown and Fellowship of Wealth Creators on June 19, 2024.

(00:00:00) - Introduction

(00:01:07) - Esther Duflo and Abhijit Banerjee

(00:02:12) - Philanthropy: Social return on invested capital

(00:10:36) - Framework of Non-profit organisations; The Dakshana Foundation

(00:17:03) - Dakshana scholar: Rajiv Kumar

(00:19:49) - Dakshana model

(00:25:41) - Jawahar Navodaya Vidyalaya

(00:30:01) - Dakshana's selection process

(00:34:09) - Warren Buffett's philanthropic approach

(00:41:49) - Chuck Feeney

(00:44:01) - Akshaya Patra Foundation


The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Session at The University of Nebraska, Omaha on May 3, 2024.

(00:00:00) - Introduction

(00:02:53) - Circle the Wagons

(00:08:18) - Intrinsic Value vs. Owners' Intrinsic Value

(00:16:47) - Starbucks

(00:17:34) - Ken Langone: Home Depot

(00:20:13) - Berkshire's 12 best decisions in 58 years; See's Candies vs Coca Cola

(00:27:22) - Evaluating the management team

(00:32:23) - Advice for young investors

(00:33:48) - My educational journey

(00:38:19) - Memories of Charlie

(00:43:24) - Learnings from Charlie Munger

(00:45:54) - Cloning is the best model; Chipotle

(00:49:25) - Heads I win; Tails I don't lose much

(00:51:46) - CONSOL Energy vs. IPSCO

(00:57:01) - Value investing

(00:59:05) - Impact of macro-economic factors

(01:01:13) - Passing on value system to your kids

(01:05:01) - Loss aversion: Minimizing risk

(01:07:35) - Debt-free businesses are best

(01:10:32) - Index investing

(01:11:55) - Cryptocurrency

(01:12:49) - Knowledge is cumulative 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Q&A session with Dakshana Scholars at the JNV Pune on December 25, 2023

(00:00:00) - Introduction 

(00:00:51) - One of Dakshana's best alums: T. Ashok Kumar 

(00:05:00) - Public speaking, lifelong advantage: Toastmasters 

(00:08:27) - Education system in India vs. US 

(00:17:48) - Merit over Money 

(00:23:39) - Rule of 72 

(00:34:12) - Maximizing Social Impact 

(00:35:49) - Don't Worry About Low Scores 

(00:41:39) - Marcus Aurelius: Failure is the key to Success 

(00:44:38) - Clone Great Ideas 

(00:53:09) - Pursue Happiness

The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Interview at My First Million Podcast on April 4, 2024.

(00:00:00) - Introduction

(00:00:34) - Why entrepreneurs make the best investors 

(00:03:09) - Buffett's early entrepreneurial adventures 

(00:08:13) - Buffett's introduction to Ben Graham 

(00:11:39) - See's Candies 

(00:17:59) - My entrepreneurial journey 

(00:30:25) - Entrepreneurs don't take risks 

(00:32:36) - Richard Branson: Virgin Atlantic 

(00:36:19) - The Patels' motels business in the US 

(00:41:16) - Introduction to Warren Buffett 

(00:46:12) - Pabrai Funds 

(00:54:37) - Lunch with Warren Buffett 

(00:59:16) - Learnings from Buffett: Be a harsh grader 

(01:05:32) - Dhandho Investing: Heads I win, Tails I don't lose too much 

(01:07:21) - IPSCO 

(01:09:09) - Investing in coal 

(01:10:12) - Private vs. Public auction-driven markets 

(01:12:53) - Index funds 

(01:14:20) - What Puddy (of Seinfeld) can teach us about investing! 

(01:17:21) - Compounding; The rule of 72 

(01:22:40) - Berkshire's 12 best decisions; Ajit Jain 

(01:29:02) - John Templeton: Trouble is opportunity 

(01:29:56) - Cryptocurrency 

(01:31:01) - Nick Sleep; Amazon 

(01:36:21) - The Walton's Family; Walmart 

(01:37:13) - Reysas 

(01:42:26) - Capital allocation: Meta 

(01:44:13) - Elon Musk 

(01:46:11) - Learnings from Charlie

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mohnish Pabrai's Q&A session with Dakshana scholars at the JNV Bangalore Urban on December 24, 2023

(00:00:00) - Introduction 

(00:00:29) - Cloning Super 30 

(00:03:50) - Rule of 72 

(00:09:15) - Ultra-high Social Return on Invested Capital 

(00:17:16) - Integrity in Philanthropy 

(00:22:38) - Akshaya Patra: The best of the best! 
 

The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.