Video

Intro music slaps

It would be great if you would do a talk about ideas or investments that didn't work out for you. I believe that would also hold lot of insights for everybody to learn from.

The Indian biriyani and curry is the best thing about India. Also the sweets are great. Peda, Barfi, Gulab Jamun and lots of other nice things. Things I dislike is the chaos, heat, mosquitoes and other diseases/poverty

Love u pabrai.. Thanks for your wisdom

baba crushed this dude

I wish I could have lunch with Mr. Mohnish Pabrai!

I am stunned by the perfection of the moderator’s english.

Vivekanada quote is where I am right now Only one idea compundit

"I have want to ask you how many of you are value investors?"...the interviewer is absolutely clueless...

I didn't understand the fools part. What did he really mean by that?

Great interview! So many Jewels in this episode... 📈

The first 25-30 minute intro is very deep. Not sure many can appreciate it. Mohnish is incredibly generous as usual. Thank you.

Great insights monish sir.

28:07 Wait a minute, wasn't the CEO of Coca Cola at the time Warren Buffett's neighbor or something?

Investing in this economy is a hell at times for the average person that wants full control of their finances. Even investing in ETF stocks can be risky.

love you pabrai, thanks for your wisdom

I know Coke has become very powerful but I'm wondering how their brand has been impacted by supporting Israel. I know a lot of countries have boycotted Starbucks McDonald's and Coke. I imagine things won't look good in the long run If this trend continues

Does anyone have a link to the Ken Langone interview he talks about?

Rich kids don't need any more money for free from the government

What is hanging around his neck? Is that a camera or something?

The audio and video quality of this video is miles above the rest. Hope we get more of this! (Also, so many scamming bots in the comments😢)

Thank You

Good talk, thanks - not the same things repeated.

Hi Monish: Interesting talk, you might want to look at Karl Marx's distinction between use value and exchange value.

Why are there so many chinese people in Omaha Nebraska ?

The chinese moderator speaks perfect english. So perfect.

Mohnish usually has very severe diarrhea. Sometimes he sprays his diarrhea as a defense mechanism.

Where can i find Charlie's movie.

They couldnt choose a moderator with worse english, could they?

@mohnishpabrai 53:10 Love all your interviews, Mr. Pabrai! Thank you for all that you do to share your philosophy. In the Q&A session here you mentioned that Chipotle had no clones yet. While that may be true in terms of size, I believe that Chipotle is actually a clone of a smaller chain Freebirds World Burrito. I’d be fascinated to know if you think Chipotle actually benefitted from being a highly motivated (and likely well heeled) second mover rather than a true innovator. Thank you!

Is this woman seriously a professor there? She can barely speak, or read, English written down for her, and butchered the introduction!!! God help her students!

Thungela Resources limited

Perfect

30:00 Thanks Mohnish, I remember this conversation, you mentioned this university student edge to a Black girl in an online session you had a few months ago

A great video this time. There were a few slightly new things.

Bill Ackman said that Chipotle can't be cloned, don't remember the rational, but something about their relationships with farmers or supply chain, like the unbreakable moat.

By YouSum Live 00:00:22 Introduction to Mones Poite and investment philosophy 00:03:00 Importance of holding onto great businesses 00:04:00 Warren Buffett's approach to intrinsic value 00:10:00 Significance of loyalty and inactivity in investing 00:20:10 Evolution of Warren Buffett's investment decisions 00:22:56 Deep learning from Seas Candy purchase influenced investments 00:23:33 Warren Buffett controlled pricing strategy for Seas Candy 00:24:02 Price increases at Seas Candy exceeded inflation rates 00:25:58 Limitations in expanding Seas Candy geographically 00:26:01 Comparison of Coke's global expansion potential to Seas Candy 00:26:45 Transition from Seas Candy to Coca-Cola investment rationale 00:28:02 Importance of independent research over insider information 00:29:33 Advantages of public information for individual investors 00:30:58 College students' advantage in spotting emerging trends 00:35:00 Transition from engineering to investment based on observations 00:39:33 Reflecting on missed opportunities with Charlie Munger 00:42:50 Lessons learned from Charlie Munger's attitude towards life 00:43:43 Emulating Charlie Munger's ethos of being useful 00:44:08 Learning from Munger's dedication to education and youth 00:45:53 Applying the "cloning" strategy in investing 00:49:24 Importance of downside protection in investing 00:57:52 Value in ignoring undervalued stocks for investors 01:00:33 Focusing on the microeconomics of individual businesses 01:03:40 Transferring values to children through actions, not words 01:03:52 Impact of observing behavior on children's values 01:05:59 Entrepreneurs minimize risk to maximize returns 01:07:12 Loss aversion principle: creativity within risk management 01:09:11 Importance of businesses operating with zero debt 01:09:59 Building resilience in businesses for long-term survival 01:11:00 Identifying good investment managers vs. investments 01:13:26 Understanding the mispricing advantage in investments 01:17:05 AI's potential in investment analysis and decision-making By YouSum Live

THANK YOU MOHNISH PABRAI.

I have this idea of “extrinsic value”. That encapsulates the potential to gain higher future cashflow that is not obvious or not inherent in its current existing business and has more to do with synergy, scalability, innovation, growth of customers, referral rates, increasing the value acquired per customer, number of customers or some cyclical reversion to the mean on profit margins or asset values or a change in the underlying economics. Apple had extrinsic value in their capacity to innovate new products and multiply their earnings by their loyal customer base and then multiply their existing products and future products by new products. So if you look at intrinsic value of an early Amazon as a used book store you wouldn’t value its ability to scale into an “everything store” and that the cost for scaling went down once it had its operational infrustructure. But if you did it was all theoretical and speculative. There’s nothing wrong with this just as Buffett saw that a company delivering a return on tangible assets gave a company a value not inherent in the book value and that by predicting the companies with moats and the ability to hold onto their advantages he could improve upon Graham’s framework with less focus on cigar butts and more focus on future value that he could identify through qualitative metrics and even quantitative measurements such as companies balance sheet and income growth and maybe it’s close to paying off a debt burden adt which point its profitability will increase and net income will grow or its ability to finance future projects… but that’s a pivot to extrinsic, because in the Great Depression earnings vanished overnight due to a debt deflation vortex and Graham’s framework of buying companies worth more dead than alive were based on being risk adverse to that possibility. Buffett grew up mostly just seeing stocks go straight up after the Great Depression and would trend to more and more extrinsic investments. I mean he was doing “work-outs” and “control” situations and cigar butts and all these super conservative things where he would be content making half the decline on the way down and 3/4ths of the upside on the way up. And he may have had Investments like Geico that he bought at a single digit multiple that he ended up holding but those were no brainers that were priced below book value discounting recent growth of customers and discounting future cash flows on those customers let alone future growth. And there is also “implied extrinsic value”. The implied extrinsic value is the price difference between the tangible values on the book and the price per share. In other words that is the intrinsic value the market is giving the stock and whatever other premium the market gives it… or in some cases it is giving a negative valuation which means the market is pricing it as if it will lose value or Mr market thinks that the tangible book value isn’t worth what you’ve calculated. Or that Mr Market doesn’t think it’s worth tying up capital for 3 years in hopes some white knight comes along to fire management borrows money to buy more shares at depressed prices and then liquidate the assets and return the value to more shareholders. So if you have a stock at a net tangible book value of $30 per share, if it is priced at $20 per share the implied extrinsic value is -$10 a share. If it is priced at $10000 per share the implied extrinsic value is $9970. You aren’t just looking for intrinsic value you are looking for Mr Market underpricing extrinsic value (future earnings) I know many people say future earnings per share discounted gives you a value that you can then calculate intrinsic value but to me that is a lot more extrinsic than tangible book value per share. That earning power can vanish in empire decline, depressions, transformation and obsolescence of industries it’s just an assumption. I think the removal of the gold standard in 1974 moved us into extrinsic territory. Because money is no longer linked to a finite asset. So if you attempt to quantify future earnings of the global economy in dollars, it’s unlimited. In 30 years there will be wealth that couldn’t exist that can buy products that don’t exist to do things that can’t be done yet. That’s unlimited prosperity and when you try to price it in dollars that can expand, maybe there is a realistic assumption as to how much the monetary limit expands to in 5 years or 10 years, but as you expand that out to 50 times 100 years it seems any business that can survive until then is going to be worth so much more than any “multiple” you could give it. I think that is the Charlie point of inversion where if you can just get a company to survive 40 years like Coca Cola, it will inhereit more than its fair share of the future prosperity that when you apply a multiple to it 40 years from now it will be worth so much more than you can even attempt to try to price.

Wow..the honesty..the clarity of thought. Learnt a lot guruji🙏

Love his book dhando investor. He’s so clear and smart

thanks for uploading this. wonderful interview

Mohnish is a CZcams personality. Not a real investor. The ulterior motive is publicity.

Right question was asked by the team... atlast an hungry team to learn.

🙏🤝❤

Thank you for sharing Mohnish 🥳

From last 2 days , multiple videos are getting uploaded and getting deleted as soon as I click on them ....please clarify when you will be uploading like before on regular basis ?

Hi Samson, 🇵🇬 good to see your back!😊

Very well conducted interview

HAVE A AWESOME INVESTMENT. LETS SUPPLY INDIA WITH TOILETS AND CLEAN WATER AND PROPER INFER STRUCTURE? THERE, A TRILLION DOLLAR DEAL.