Mohnish Pabrai Lecture at Boston College (Carroll School of Mgmt) - October 8, 2020

Distinguished Speaker Series
Applied Fundamental Analysis & Worldly Value investing
Professor Arvind Navaratnam
00:00:00 Introduction
00:01:34 Bull! A history of boom and bust, 1982-2004
00:02:15 The Dow (1896-2020)
00:15:25 NASDAQ (1971-2020)
00:19:20 Nikkei (1970-2020)
00:21:06 Kospi (1980-2020)
00:22:58 “Old too soon, wise too late”- Charlie Munger
00:26:08 NVR business
00:28:00 Nick Sleep
00:33:14 Extreme undervaluation to extreme overvaluation
00:34:38 Great compounder or great carnival
00:36:15 Investing failures
00:39:00 Valuating a company
00:46:26 Retails
00:59:24 Where to start?
01:06:34 Managing portfolio during pandemic
01:11:40 Value investing is not dead
01:13:00 Optionality in a business
01:18:40 Long runway
01:22:11 Identifying moats
01:27:00 Opportunity cost
01:33:07 Shameless Cloning
01:39:11 Pre-investment checklist
01:43:15 Investment in IPSCO and Turkey
01:49:14 Kelly formula
01:54:03 Quality of management team
01:58:21 Advise for students
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.

[@InvestingwithTom]

One of the highlights of the investing year is the Boston College lecture coming out!

[@LearningWithAnishSrinivas]

Cannot agree more :)

[@alexinvests]

100%

[@BradKaellner]

And now we get to chip in a little bit by watching ads! I hope he's taking those proceeds to Vegas

[@ramprasaddeshpande6302]

I watch youre youtube channel too... Good going

[@akashcast]

@Tom.Thank you for cash in portfolio video. I saw yours and then Mohnish s video. I’m following that now .

[@sivakumarkandasamy8828]

Entry at 50c and exit at 90c works really well with me especially mining & construction (my circle of competence). The only changes I made few years back was after owning a stock we will come to know the business very well. when I do see a moat and extended runway with my preowned stocks, I never sell them. I have three stocks in my 10 stocks portfolio, I never sell those three unless there is fundamental changes. the current dividends I get from those stocks are 12 to 18% of my initial investments so happy to hold for long. My task for next two decades is to replace the remainder 7 stocks with long time compounders with 12 to 20% on investment.

[@algifford4067]

Had to smile at how animated he got over the "Really, Really Hot mistress" Great talk thanks for posting!

[@homeintheozarks]

Thanks for publishing, Mohnish! Appreciate you being a teacher just like Warren.

[@WeLoveValue]

All his lessons are pure gold

[@sivakumarkandasamy8828]

I have watched your videos more than 100 times, finally the new one is out. Thanks Mohnish

[@voicuioanpaul6975]

The “mistress is always hotter that the wife” comment made my day! 😂 Also deeply resonates with my daily struggles ad a retail investor..😅 Thanks Mohnish for sharing and your wisdom

[@ernestngu613]

Thank you so much for this wonderful sharing. The last advices you gave : "We should think of what we want to do and just go for it. The world is willing to pay quite a bit for your services. Many times the world is more willing to pay more for your services than you WOULD make if you pursue your passion. Focus on the pursue of passion and do what really excites you" was really the one that hit me straight at my heart. Thank you so much.

[@jennifertheofilos7432]

So so much wisdom in one video. Already have watched 3 times. Thank you for sharing.

[@WeLoveValue]

His lessons are pure gold :)

[@mwaikul]

Definitely a talk thats going to need revisits.

[@naveenncn]

Your talks are so measured and enlightening, Manish. Please keep them coming!

[@amirjon]

I missed this talk! It's been awhile, thanks for revisiting

[@TheArtofValue]

So much knowledge to soak up every time you post, thanks for doing so.

[@AmitSingh-re4te]

Thank You, Mohnish. I have been waiting for this content.

[@alexinvests]

1:58:30 till the end is really great advice for younger audience. Thanks Monish!

[@varunjain5789]

This was due for a long time. Was looking forward to it

[@akashcast]

Desperately needed some insight in the current market scenario and here came his video. Feel relieved 😅

[@mostaphakhh]

Finaly a new video! Thanks M.Pabrai for always sharing your knowledge and your wisdom.

[@nikunj150188]

Amazing session. Reinforces many ideas again and the ending note is just great!

[@flevianfargose9915]

Finally the wait is over...nice insights

[@AdamJMeadTheOraclesClassroom]

Kudos to the students for asking such great questions! Well done Mohnish and Arvind!

[@thewarrenbuffettspreadsheet]

Always looking forward to this

[@johnjohnston8098]

Another generous discussion, thank you Mohnish.

[@binoybhatt]

It's nice to see a new video from you... I wish you post a few more videos every year.

[@dhariwalnaturals]

Great one Mohnish ji. Really eager to listen more from you and waiting for the next one. Keep posting

[@karanahavan]

Thanks for sharing this valuable knowledge!! always love to listen your lectures and learn investing !!

[@AuditorInvestor]

Enjoyed the opening chart - the upcoming stagnant period is precisely when 'value' stocks do well. It corresponds nicely with the 1965-1980 period, and also the 1926-1956 period when Ben Graham was operating successfully.

[@esbenmm]

Thank you for sharing your insights, Mohnish.

[@watchdog3640]

Excellent stuff. Very useful insights and inspiring thoughts especially for retail investors. Thank you for sharing.

[@Elsa-qy9hr]

This guy is gonna make me a multi millionaire😂👍but most importantly will be the winning!!! Thank-you Mohnish

[@amitb1589]

Superb man ! Very mature answers.. coz u took action on all your beliefs and got the experience & exposure to reach here. Keep enlightening us. Stay blessed !

[@raphaelraphael311]

Thanks for sharing, Mohnish. Always an amazing lecture.

[@allfusionx]

Amazing set of ideas and knowledge. Great advice. Thank you 🙏

[@biswadebbhunya4999]

Thank you.. Mohnish sir for sharing your thoughts.

[@omj8307]

Such amazing, wonderful content all the time really enjoyed it. He's such a humble guy for the tremendous success he's had, it really gives us small investors (or rather nubie investors) hope to accomplish even just a fraction of that.

[@anonymous007007007]

U r a Gurudeva for many ekalavyas,Thank u very much for the wisdom Sir🙏🏽🙇🏽‍♂️

[@RetroRanger]

Thank you for sharing! Just love those talks, so much to gain from. The mistress / wife comparism was hilarious.

[@aksjefokus3821]

Top quality, thank you so much!

[@YAPSS]

Awesome! Thanks for sharing :)

[@cleideborges9204]

Muito boa sua aula!! Obrigada!

[@abhiisfab]

Mohnish have unreal kinda network..best of the best investment managers count as his inner circle

[@thewarrenbuffettspreadsheet]

This time it was very good questions asked

[@AverageAngel]

great one to listen to

[@kelleydavis7970]

Thank you for a wonderful early Diwali gift...

[@Xyz19781i]

Outstanding insight: do not make switches if 60/40; make the switch hurdle really high

[@franktaber]

I might need to make another Mohnish video after this one!

[@marioheiss]

my favorite annual talk.

[@alextitaus]

Great! Thank you!

[@Utop87502]

Love Mohnish's humour. The more fun the party, more extreme the hangover 😂. It's absolutely true tho. Im seeing all your content Mohnish. Im onto you.

[@vijaykiran6638]

I think He is changing his investment philosophy from value to moat and growth investing.

[@JessieOpportunityCostInvesting]

"The more fun the party, the more extreme the hangover" lol

[@watchdog3640]

And "The train has left the station." - Apparently applying to many stocks these days.

[@mikeb6476]

Yeh banda great hai 👌👌👌👌👌👌❤️❤️❤️❤️❤️

[@Serious_Eater]

Awesome Content !

[@ConvergenceTrader]

Love from Bihar, India ❤💛

[@AuditorInvestor]

Another great talk by Mohnish. But he makes it sound so easy! It's remarkable how successful he is despite being concentrated and having some stocks go to zero. He's dead smart at analyzing business models - it is not a common talent!

[@amirjon]

Was really hoping someone would ask about his Graftech investment and his decision to exit at what I'm assuming was a significant loss.

[@AuditorInvestor]

@@amirjon Interesting. I never follow stock tips, even by experts. I do my own work.

[@amirjon]

@@AuditorInvestor You certainly must. I love getting ideas from others and I do clone but not without my own research. The interesting thing is that the Graftech investment would probably have done ok if it wasn't for the pandemic.

[@jungleman6086]

Thanku for Dakshina foundation

[@robwolfe6120]

Thank you for posting, Mohnish! What a time we live in that these are free lectures.

[@holdened]

Amazing lecture as usual from Pabrai, anyone got like lecture notes or summary for reference?

[@alishertlebaldyyev]

Why nobody asked about GrafTech? Mr. Pabrai, could you share some light on trade regarding EAF, please?

[@ayanahmedhussain4022]

In 2016 lecture, he also said that he will be talking about J&KBANK.. the stock is down around 60-70% from then

[@Dociy]

Thanks dada

[@ghalibkhan80]

does anyone know when is the 2021 edition coming up?

[@l4k]

Mohnish, did you read Competition Demystified?

[@thewarrenbuffettspreadsheet]

I could not completely grasp mr Mohnish point at the en of his introduction. Did he say that he kind of believes that the market is not close to a top and that we can see a bull run that will last several years more? And that the overvaluation of the tech stock is likely to continue untill we see even more extreme eufhoria?

[@shaunjoseph1370]

How do you find a value of a company can you make a video

[@KaranMGurnani]

New video yaay

[@WeLoveValue]

Always looking forward to his lessons as well

[@MTTSLL9249]

What was the name of the builder/developer? MBR? Can’t find the ticker symbol

[@VassiliBykov]

NVR

[@tulipmania4923]

Monish has evolved

[@sirz99]

What mano porque esse vídeo está na playlist do primo rico?

[@wellingtonzolini]

queria entender também kkkkkk

[@murilomeira9186]

Pq esse vídeo tá na playlist do primo rico do salário mínimo ao milhão?

[@renanfazenda9902]

Ent

[@user-ql3ws5uz1d]

Where can we get the charts plz?

[@stevenoliver9728]

I remember when David Katz said on TV that the NASDAQ was headed for 11000 and instead it fell to 1000.

[@stevenoliver9728]

I also remember Jim Cramer saying in January 2000 that his favorite stock was Internet Capital Group at over $200 per share. That stock went to zero along with many others.

[@Monopolist91]

aren't we already at a peak now? high CAPE, high debt/GDP

[@Northstar2000]

Heads i win tails i dont lose much

[@_art_of_trading]

Naval??

[@BradKaellner]

This guy should have more subscribers than PewDiePie, but lucky for us he doesn't ;)

[@JayBuff19]

well played!

[@gongojorge]

Hi. I'm assuming you're familiar with his fund's performances in the past. Can you share it? If not, can you suggest where I could see it myself?

[@BradKaellner]

@@gongojorge That's a tough number to pin down. If you can get hold of his letters to shareholders, I believe performance data is in there.

[@gongojorge]

@@BradKaellner Thanks for the tip. I got the data I wanted.

[@drhunterp7399]

@@gongojorge can u share the link?

[@GTSTkz]

Quem veio ver esse vídeo porque está na playlist do Primo Rico?

[@Alphaseja]

✌🏽

[@alexinvests]

This is going to be 2 hours well spent

[@sumitar2]

Great videos but his portfolio has underperformed peers pretty much every year since the start. I like Marcellus Investment Managers better

[@gdsouza2379]

His insights and thought process is not suited for Indian markets.

[@sumitar2]

@@gdsouza2379 agreed, 90% of the public companies in have shoddy accounting.

[@allaboutcricket958]

Saurabh Mukherjea is my favourite.

[@drhunterp7399]

So what? Short term returns dont matter much. Buffet says u have to be willing to look stupid to be a good investor. Anyway the knowledge pabrai is sharing is invaluable. U can apply the principles yourself, regardless of his returns, the advice is solid.

[@sumitar2]

@@drhunterp7399 5yrs is not short term, other fund managers have doubled the portfolio in last 5yrs. I can give my money to those fund managers who also follow buffet and generate good yearly returns

[@venusharris187]

JewelsbyChicGemzs

[@oldschool8213]

first hand knowledge straight from horse's mouth

[@magalengo]

Always good to attend another cult meeting.

[@cristianosousavaz5515]

Kkkkk

[@crunchycho]

except cooking. don't go into cooking. dont' become a chef.