Turning $1M Into $1B+: A Masterclass From The Indian Warren Buffett | Mohnish Pabrai Interview
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Published 2024-05-17
Shaan Puri sits down with Mohnish Pabrai for a rare interview about value investing.
Mohnish is sometimes called the "Indian Warren Buffett" for his track record of value investing. In this podcast they talk about how founders can become great investors, how to avoid big mistakes, and lessons learned from Buffett & Munger.
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Show Notes:
(0:00) Intro
(1:41) Why entrepreneurs make the best investors
(4:40) How Warren Buffett’s pre-paid for his college education
(9:56) Becoming Ben Graham’s Protege
(13:57) What Buffett learned about branding from See’s Candies
(17:53) Buffett’s failed play to be a candy mogul
(20:54) Identifying offering gaps
(21:47) Getting an MBA at age 14 as the son of an entrepreneur
(26:12) The 3 tells of a future millionaire
(28:49) Mohnish builds his first product with maxed out credit cards at 24
(31:21) The 168 hour framework
(33:56) “Entrepreneurs do not take risks”
(36:10) How Richard Branson launches Virgin Atlantic with no money
(39:09) How 0.1 percent of the population owns 70 percent of all the motels in America
(43:45) The unfair advantage of being a low-cost producer
(44:49) How Mohnish turned his first million into $13M in 5 years
(48:18) Pabrai Funds grows to $600M in assets in less than 10 years
(49:42) What Mohnish knows about fundraising that we don’t
(55:46) Pivoting from tech investments in 1999 to value investments
(58:50) $2M lunch with Warren Buffett
(1:04:15) Be a harsh grader of people
(1:08:09) The Givers, The Takers, and The Matchers
(1:11:30) “Heads I win, tails I don’t lose much”
(1:16:41) Private markets v public auctions
(1:21:15) The #1 trait that makes a great investor
(1:22:50) What people of Reddit think of Mohnish Pabrai
(1:24:26) Starting capital, annual rate of return, length of runway
(1:25:04) The rule of 72
(1:26:03) “The most important rule in life is how long something takes to double”
(1:30:21) Circle the Wagons Philosophy
(1:32:14) Losing $3B in one unfortunate event
(1:37:34) Be fearful when the world is greedy; Be greedy when the world is fearful
(1:38:34) What a value investor thinks of bitcoin
(1:39:50) Nick Sleep bets
(1:52:49) The Best Of: Capital Allocators
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Links:
• The Intelligent Investor - tinyurl.com/3jmpjrmc
• The Dhandho Investor - tinyurl.com/53p9bhfv
• Mohnish on Twitter - twitter.com/MohnishPabrai
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Check Out Shaan's Stuff:
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My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
All Comments (21)
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These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market. ......
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l know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
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Recently, I've been pondering retirement. I've also want to put $300K into the stock market but i need an approach that will align with my risk tolerance and financial goals to secure our future..
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Don't really understand much from the video but I made my first million very recently and I can offer the following tips. 1. Have multiple streams of income, especially passive income... It's harder to grow income when it's coming from just a source. . 2. Invest wisely... Money sitting in the bank does not grow, money not invested well is a waste. 3. Work harder and smarter, you don't improve without putting in work...
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Recently, I've been pondering retirement. I've also want to put $300K into the stock market but i need an approach that will align with my risk tolerance and financial goals to secure our future
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Investing changed for me when I stopped following guru advice. Starting late meant I couldn't just rely on compound interest from index funds. But with some dedicated research, I was pleasantly surprised by the results. After the first 23 months, I reached $1 million in returns
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I don't think we realize how lucky we are to have this podcast interview with Mohnish.
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I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
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Unreal, this video is easily the best yet. Monish is a next level mind! The first 10 minutes around children was a life changing paradigm shift
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The greatest episode ever. Wisdom, psychology of money, how to start, how to grow, how to execute, how to invest, how to be rich and how to give. Just wow.
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Consistency matters a lot when it comes to online investment.
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I appreciate that Shaan lets him speak without interruption.
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Most valuable interview yet. Wisdom about starting, not just expanding existing wealth.
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One of the most insightful discussions I've ever heard which just changed my life. Thks for interviewing Mr. Mohnish.
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This is episode of the year hands down. Watch all your videos and love them all, but this is on another level. Mohnish is an incredible mind and guest.
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Was looking forward to this one since you mentioned it a month ago. Thank you so much for bringing Mohnish on. Love this guy! At this point, maybe I should do a documentary about him :D
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Meeting Mohnish earlier this month at the Berkshire Hathaway event was a highlight of my week! When I mentioned the upcoming MGM episode with Sean, his enthusiasm was infectious. He's truly a giant in the field ( and physically), yet incredibly gracious. Not only did he chat with me, but he also signed his book, "The Dhandho Investor," making the encounter even more memorable. This episode is unreal—I keep thinking it can't get better, but Sean, Sam, and the MFM team keep exceeding expectations!
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Best intro by far. I love that narrative style
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Having multiple streams of income is a game-changer for stability. Relying solely on a job may not provide enough financial security due to high rates of tax, it is important to explore additional investment opportunities to surpass one"s expectation
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I had never heard of Mohnish before Shaan mentioned him a couple weeks ago, but seriously I think this guy a gem of a find.. he seems so genuine and he’s not trying to push some agenda.. just sharing his thoughts and lessons.. he seems chill and really values his life and time.. I hope to keep these thoughts in mind throughout my life so that I can try to craft a life similar (at much less magnitude) to his! Awesome conversation
