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I very much enjoyed this joint Q&A session that Motilal Oswal founder Raamdeo Agrawal and I had with Dakshana Scholars at JNV Bengaluru Urban on Oct. 26, 2017. We discussed compounding, being a learning machine and the importance of learning from your failures in investing. Enjoy! https://www.youtube.com/watch?v=_4WRC5W92k8 
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I very much enjoyed my chat with Niraj Shah of Bloomberg Quint for Alpha Moguls. We discussed the importance of sticking to one’s circle of competence, the advantage of auction-driven stock market investing and the prospects of investing in the real estate sector in Mumbai. Enjoy! https://www.youtube.com/watch?v=XBY6aLezago&app=desktop  I very much enjoyed speaking with Shai Dardashti of MOI Global for their Best Ideas 2018 session. We discussed philanthropy, the Dakshana Foundation and the influence that Buffett had on my founding Dakshana. Here is the link to the recording: https://www.youtube.com/watch?v=S6fUDLa1Dq0 If you prefer to read, here is the transcript of the interview: https://moiglobal.com/mohnish-pabrai-philanthropy/ Enjoy!  I very much enjoyed my discussion with Prof. Arvind Navaratnam’s class on Value Investing at the Carroll School of Management (Boston College). It was my seventh year in a row! The talk covers the magic of compounding, cloning Buffett, the zero fee structure and moats in the investment business. Enjoy! https://www.youtube.com/watch?v=_1aGen3q2_g&feature=youtu.be  I co-authored an article in Forbes about The “Free Lunch” Portfolio, which combines the power of Uber Cannibals, Shameless Cloning and Spinoffs. The Free Lunch Portfolio is a 15-stock, 12-month “set it and forget it” approach that beats the pants off the S&P 500 with lower volatility than its individual 5-stock sub-strategies. You can view the article here: https://www.forbes.com/sites/janetnovack/2017/12/15/the-free-lunch-15-stock-portfolio/#1706edc76b38 Here are the 2018 constituents for The Free Lunch Portfolio: Uber Cannibals
Shameless Cloning
Spinoffs
Investing in The Free Lunch Portfolio is simple. Invest equally across the 15 companies. When we publish the new Uber Cannibals in April, sell the Ubers that are no longer on the new list and invest the proceeds equally across the new Uber Cannibal picks. In January, 2019, when we publish the updated Shameless Cloning and Spinoffs, sell the companies that do not make the New Year’s picks and invest the proceeds equally in the new kids on the block across the two strategies combined. I co-wrote the article with Fahad Missmar, CFO of Dhandho Funds. Enjoy! Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.  I co-wrote an article in Forbes on a 5-stock investment strategy focused on spin-offs, or companies that have recently spun off from their parents. The Spinoff Portfolio is a “set it and forget it for a year” strategy that selects five young spinoffs on January 1st of each year. The full strategy rules are laid out at the end of the Forbes article. For 2018, our algorithm has selected these 5 spinoffs:
Investing in The Spinoff Portfolio is simple. Just buy the 2018 constituents in early January, putting 20% of the pie in each of the five names. I’d suggest not putting more than 10%-20% of your net worth in this strategy. Like the Uber Cannibals and Shameless Cloning Portfolio, we set it and forget it (for a year). I will publish The Spinoff Portfolio for a particular year on my blog by January 1st each year. This strategy only makes sense if you intend to follow it for at least a decade or longer. The ideal home for this strategy is your IRA. That way, there are no realized gains to worry about. You can view the article here: https://www.forbes.com/sites/janetnovack/2017/11/21/spin-gold-from-spinoffs-a-portfolio-of-5-castoffs-trounces-the-sp-500/#25e3db5b3e44 I co-wrote the article with Jaya Bharath Velicherla, a talented quant at Dhandho Funds. Enjoy! Note, anyone who invests in any strategy needs to do their own research/due diligence and are themselves fully responsible for the outcome.  I celebrated Diwali this year with the viewers of ET Now discussing my favorite topics: compounding and the Rule of 72. We also discussed my thoughts on a few investment ideas in India, as well as my aversion to IPOs. Here are the links to the interview: Part 1: https://www.youtube.com/watch?v=VEWKHbuRPCo&feature=youtu.be Part 2: https://www.youtube.com/watch?v=rZQSXX8vrhM You may also enjoy these articles ET published about the interview here: https://economictimes.indiatimes.com/markets/expert-view/of-margin-of-safety-compounding-and-why-investors-can-avoid-ipos-mohnish-pabrai/articleshow/61148962.cms https://economictimes.indiatimes.com/markets/expert-view/follow-this-mantra-never-ever-invest-in-any-ipo-mohnish-pabrai/articleshow/61064733.cms And this article by Financial Express Online that covered the interview here: http://www.financialexpress.com/market/not-investing-at-all-is-still-better-than-investing-in-ipos-mohnish-pabrai/893304/ Enjoy!  I thoroughly enjoyed going back to the University of California, Irvine to give my 2nd annual UCI lecture entitled, “Few Bets. Big Bets. Infrequent Bets.” I discussed five decisions by Warren Buffett and Charlie Munger made over a 20-year period (1968 – 1988) that moved the needle for Berkshire. I also delved into the intense difficulties that Charlie Munger faced along the way. No pain, no gain. The presentation was followed by a rich Q&A on a diverse range of topics. Enjoy! https://www.youtube.com/watch?v=bLjoL5zhBxA  I very much enjoyed being back in the Googleplex to give my talk "Intensive Stock Research Can Be Injurious to Your Financial Health." My talk covered the impact of commitment and consistency biases on one’s ability to pick stocks. People tend to love the stocks they spend the most time on, and that can be quite harmful to their financial health. There are a few hacks that I’ve found useful to overcome the powerful effects of these biases, and I covered them in the talk as well. Here is the link to the video: https://www.youtube.com/watch?v=kNAuELYN5X4 Enjoy!  I very much enjoyed speaking again with Steve Pomeranz for his “Great Investors” podcast series. We discussed the fundamental traits of a value investor and the importance of focusing on individual companies and ignoring the market. I also gave my thoughts on the investing environment today and how it is similar to the period when I started Pabrai Funds in 1999. And we discussed Warren Buffett’s comments on Amazon and Google during the Berkshire Hathaway Annual Meeting this year and whether the FAANGS are overpriced. It is a two-part podcast. The podcast and the transcript can be accessed at: Part1: http://www.stevepomeranz.com/mohnish-pabrai/ Part2: http://www.stevepomeranz.com/mohnish-pabrai-2/ Enjoy!  |
Mohnish PabraiMohnish Pabrai is the founder and Managing Partner of the Archives
June 2018
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