The Ten Commandments of Investment Management
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- čas přidán 25. 06. 2024
- Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value investing
Professor Arvind Navaratnam
00:00:00 Introduction
00:03:29 Thou shall not skim off the top
00:06:25 Thou shall not have an investing team
00:08:18 Thou shall accept that thou shall be wrong at least 1/3 of the time
00:11:00 Thou shall look for hidden P/E of 1 stocks
00:19:59 Thou shall never use Excel
00:31:20 Thou shall always hope a rope to climb out of the deepest well
00:40:33 Thou shall be singularly focused like Arjuna
00:46:07 Thou shall never short
00:48:00 Thou shall not be leveraged. Neither a lender nor a borrower be
00:53:55 Thou shall be shameless cloner
00:54:15 Where to look for investment ideas
00:59:47 Temperament during financial crises
01:04:32 Always have a rope on hand
01:12:06 Investment in Google
01:16:32 Judging Management Teams & Satyam Scam
01:21:27 Sergio Marchionne
01:28:48 Currency risk in international markets
01:39:13 Investing in Distressed companies
01:41:56 Competitive Moats that turn out to be an illusion
01:51:25 Kelly formula
01:53:17 Circle of Competence
01:57:29 Shameless Cloning
01:58:25 Zero Fee Structure
02:04:14 Investing in Protected Moats
02:08:18 When to sell an investment
02:14:35 Personal trails that contribute to a manager’s success
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.
After weeks learning from Pabrai, I realized that the amount of knowledge he has in logistics industry is many time more what I have spent 4 years of learning in university, my majors is logistics btw. Now I regret going to university. BTW thank you for your insight and knowledge, I picked up many things from those lessons.
A lot spent their OWN money sure knew university is scam with low retune… lol
hey there's no need for regret for going to university. It serves as a foundation to add onto with Monish's great knowledge
2:02:03 is great advice for anyone who wants to start their own fund one day.
Amazing, thanks Mohnish. If you don't mind I'll make a summary video of this?
I bet Mohnish wouldn't mind. I can't wait to see it on your channel!
Sven I don’t know if you are planning on looking for the cement company Mohnish mentioned for one of your videos but if you do I’ve already done a bit of legwork I've narrowed down the Turkish Cement company to either AKCANSA CIMENTO which exports 11% of its revenue, NUH CIMENTO SANAYI AS which exports 9.6% of revenue, CIMENTAS IZMIR CIMENTO FABRI exports anywhere between 5-11% depending on the year, UNYE CIMENTO SANAYII VE TICA exports between 5-11% and BATI CIMENTO which has 8.5% of revenues as exports and it has harbour operations. Cheers happy hunting!
Yup!
It will be really nice to debate.
Great idea! I am looking forward to your summary. It's quite a lengthy video :)
Please find the summary here www.chaiwithpabrai.com/blog
This man is a genius. Thank you Mohnish for teaching.
Great interview. Monish, thank you for sharing your experience and knowledge. You are giving value to people. We appreciate it.
These are pure gold. Can't thank enough to listen to them here. Thanks Mohnish
great stuff i love hearing my favorite investor everyday
Excellent! I look forward to your talks very much. Thanks for sharing!
Thank you for Sharing great commandments...
Much awaited lecture. Tnx Mohnish Ji
Great talk... Love the Gogia Pasha as well. Have a turban you will look like him.
Thank you sir. I really love listening to your insights not just about investing but how to live life in general.
Thanks~~~~< for watching_and don't forget••• to hit the like>
Thank you teacher!!! You are our Benjamin Graham.
I'm trying to learn how to invest the few money I have.
and among my superheroes you are the best
thank you
Dear Mohnish,
Thank you so much for sharing this with us!
Cheers from Brazil.
Thanks~~~~< for watching_and don't forget••• to hit the like>
These lectures just get better and better 🙏
Thad is so true
Thank you for this talk.
thank you so much for this and all u do
Solid gold. Thank you so much for being so generous in sharing your learnings. This stuff should be taught in high schools. ❤
Awesome!
Thanks for valuable lecture
Thanks Sir 🙏🙏🙏, these days I am continuously watching your videos, every video is great
Monish thank you a lot, great investor and great teacher!
Great ..learn^t a lot.Excellent style of explaining the topic with example.Thanks a lot.
God bless you Mohnish! :)
1:42:16 - Mohnish is sitting in the audience with his hands crossed...
this comment is underappreciated.
Thanks for the video Mohnish
As always highly enlightening. Every year I wait for this video post .
Thanks Mohnish 🙏🏻
Love from Bihar,india 💛
As always you are the best at cutting threw the BS on Wall St! Thank you so much sir for giving back :)
Forget the noise, focus on the business like Arjun (mahabharata epic).
The real trick is to find the company that is trading at 100 times earnings that in reality is a 1 PE.
Mk
And which companies are those 🤔
@@yourstruly5706 If I told you, it wouldn't be a secret. Remember, when you find buried treasure, you loot it first and then you advertise what you've found. When Warren finds a worthy investment, neither he nor Charlie ever talk about it. That investment strategy has made all the difference for his shareholders. Cheers!
Thank you Mohnish!
outstanding.. the deep well part
also the model of arjuna = focus
Thank you.
Hi I have enjoyed your lecture and you have mentioned about the PE less than one
I can’t stop listening to Mohnish.
I feel in few years Credit card business will be history thanks to all the innovation in fintech
Maybe I didn't quite understand the part about the DCF model, but if the discount rate is 8 and the growth rate is 10, the price is infinite. Therefore, you have to have a discount rate greater than the long term growth rate, otherwise your future cash flow does not converge to 0, and you get an infinite price. I think the DCF model is useful when you use an appropriate discount rate, say 8, and compare the price you get with the market price. If you then get a theoretical price that is two or three times the market price, you can consider buying. If there's a market correction, you'll get a return of well over 8, and even more if the stock becomes overvalued. But I agree that you don't need the model to see good opportunities. Thanks for sharing your experience!
nice sir
Super extraordinary Indian
Tesla actually got me into investing in individual companies. In 2018 I was reading a marketing book called The 22 Immutable Laws of Marketing. I saw the similarities between Tesla and Coca Cola. Coca Cola introduced soft drinks, Tesla were introducing electric cars. So I put a quarter of my months salary in Tesla and basically forgot about it, then thought there was a mistake when i checked it a couple of years later. Quickly sold half my shares at a 17 x and now im kind of still in it, along for the ride but not emotionally invested.
Tesla was on the edge of bankruptcy in 2019.. Tesla was a huge gamble for investors whereas coca cola a rock solid company. How can you compare them?
@@maxjames00077 Purely marketing-wise as I've stated above
@@stevenjohntait4035 I understand
@@stevenjohntait4035 Out of curiosity, which similarities did you see and what was the mistake you made?
@@maxjames00077 I read a few marketing books like The 22 Immutable Laws of Marketing, Ogilvy on Advertising, and more. To my knowledge, Coca Cola was the first softdrink company, so when you think of softdrinks you think of Coca Cola. Same with Tesla for EVs. Tesla was first to it. They even have the same colours - red and white. One difference is that Tesla has relied on word of mouth instead of advertising. Regardless, I didn't think too much on it. I just thought, the future is EVs and Tesla are the first.
As for mistakes, I could have made a mistake by selling now 40 shares. Or maybe I'm making a mistake by holding 20. I'm not emotionally invested, because I've already cashed in a return that I'd never have imagined when I invested in them.
Another session to appreciate. Thank you for posting it!
Great to see you on all mohnish videos, one of the few Indians to follow him.
PWC was the auditor of Satyam then, not Deloitte.
Thanks Mohnish!
Thx guru… ur teaching is like gum never lost the favor and the favor always change whenever u chew again!
Sir i am very impressed by your style of investment.. you have given lot of insight . I want to follow same style with very less capital i have
Ok I've narrowed down the Turkish Cement company to AKCANSA CIMENTO which exports 11% of its revenue, NUH CIMENTO SANAYI AS which exports 9.6% of revenue, CIMENTAS IZMIR CIMENTO FABRI exports anywhere between 5-11% depending on the year, UNYE CIMENTO SANAYII VE TICA exports between 5-11% and BATI CIMENTO which has 8.5% of revenues as exports and it has harbour operations! Anyone fancy a treasure hunt?
Luzion protocol is the best project 2022
Almost everyday i watch one of your video, learn a lot.
Whenever i figure out one nice company and i go check the stock price company is already trading 10-15 times the book value, how do i plan to invest in such cases in India.
I think you can’t invest in those. Either invest in a index fund or 2 -3 companies with your research. WB says that in your whole life it is enough if you invest in 10 companies
Welp, MMM is divorced now.
Also, what about leverage not in margin for equities but for real estate investment? I believe Buffett's share in real estate near NYU stays leveraged.
A lot of common sense here
Hello sir ,
amazing lecture !!!
who's statue behind you ?
Charlie Munger
Hi sir,
Once you mentioned a company while your seminar at Google, which makes a raw material, which is used in making radial tires, situated in South Korea and India. That time you said you are buying but now could you please throw some light to do treasure hunt.. I'm pretty much sure about the company but One or two more clues would get me to the treasure.. Thanks..
It was Rain Industries probably
Mohnish sir, any views about sinking KRBL stock ?
It isnt sinking.... it has bottomed at 300
mohnish.....what so u have to say about ocean Shipping now
he says "toh" so many times. thats how you know he is from india.
"toh" means "so" in english
@5:45, I still keep wondering how we can consistently get 15 to 20% on capital for beginners
Work out what you would need to pay, to get 15-20% and then pay 20-50% less than those numbers (margin of safety). Rinse and repeat. It isn't much harder than that. People make this so much more complicated than it should be, they outsmart themselves.
What is the website to track portfolio?
Dataroma
Why rain industries down?
He bought at 30..still 3 times return..he sold half..holding at 408.he is in profit..u made loss
what website did he use to look up investments of other investment managers?
Marnix Troudes. Dataroma.com
How to get details for Indian investments?
Why does he look and act like an Indian Dr. Phil? I thought we were asking pointless questions?
@@knsivam Thanks~~~~< for watching_and don't forget••• to hit the like>
How does he make money from the investors if he doesn't take fees?
Can you make a mathematical software for normal people to invest in the stock market as you do? I am referring something like betterment but you will make the suggestion and will also take your cut once money has been gained. Let's raise a fund from normal people and invest for a long-term but they will not be able to touch the money until a certain period as buffet did for his partners in earlier days. Normal people will be benefitted from it. Credited investors already have money but not credited people need to have which they do not have. however, hope I did not just ruin your time! I liked your talks. I have seen all of them. Thank you!
Commandment no 5
Satyam was Audited by PWC
sound level on the questions are useless
At first I the pic on the side was of the last supper.
Whats the Indian credit rating company name?
CARE
It's CRISIL, not CARE
@mohnish Mr. MM did get divorced LOL .....
Is he talking abt PE of 1 ?? Or what ? I couldn't hear him clearly can anyone please help me know what exactly he speaks ?? Thx..
hidden pe of 1
Gogia pasha the magician...i see you copied his moustache sir ☺️
If investing required high-brow mathematics, I'd be out of business. Who said that?
Thanks~~~~< for watching_and don't forget••• to hit the like>
You are mixing Mahabharata with Ramayana
Ccola
I came here from the terribletrader
Monish, too many adverts in your videos...
Who is this thou?
Shobha Ram Gurjar “You”
The arrogance! Constantly begging for multiple baggers but wont give any of his own stock choices other than publicly available Chrysler crap🤮
He is quite boring sorry. Can someone put the 10 commandments here. Nothing rocket science but may be to see what his beliefs are.
I listened at 2x speed.... interesting
@@joezawinulreviewsandreacti2509 Wow! I never knew how good this tip works!