Mohnish Pabrai on Learning from Mistakes and Reinventing Yourself - The One Percent Show

In this episode, I talk to Mohnish Pabrai, the founder and Managing Partner of Pabrai Investment Funds. Among other things, we talk about the biggest lessons Mohnish has learned from the people with whom he has been the closest in life - his father, Warren Buffett, Charlie Munger, Nick Sleep, and Guy Spier.
To know more about this initiative, check out www.vishalkhandelwal.com/
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0:00 Introduction
3:30 What makes Mohnish feel most alive
6:30 Lesson from Warren Buffett on saying no
9:45 How to deal with FOMO (fear of missing out)
11:28 Rediscovering lessons from Nick Sleep
13:29 Paying up for great businesses is not easy
14:09 Successful people go down the rabbit hole
15:05 Mohnish’s evolution as an investor and lessons learned
21:56 Mixing long-term compounders with the Graham approach
22:49 Investing in Turkey - compounding machine at Graham prices
25:55 Maintaining sanity while investing in the current times
27:03 Are we in a massive bubble?
32:48 Best part about the business of investing
33:34 How to assess a business in five minutes
37:30 Assessing business durability is harder
39:45 Lessons from Mohnish’s biggest investing mistake
45:31 Failure, not success, helps us grow
46:08 Letter to Warren Buffett to work for free
48:37 Biggest non-obvious learnings from Warren Buffett
54:21 Lessons from Guy Spier
57:30 Lessons for youngsters to lead a good life
1:05:47 Early lessons from Mohnish’s father on running a business
1:13:40 Best advice Mohnish ever got
1:15:04 Designing our personal owner’s manual

[@deepankargoswami8636]

Vishal is an extremely good host. The calmness with which he listens and questions are thorough. I find most podcasters try to show themselves knowledgeable but Vishal is an exceptional host. Love every interview he does.

[@brijbhatt2113]

Take a bow Guru Pabrai and Guru Khandelwal 🙏

[@satyanveshi1939]

The best interview of Mohnish out in KZbin. Like In a movie the quality largely depends on the way director makes the film, in an interview it is the interviewer and his amazing questions which make the talk so interesting. Thx so much for putting this amazing content .

[@yogeshtrivedi4878]

Wonderful, insightful interview. My takeaway (1) What makes you most alive? (2) "Having a cake and eat it too." Thank you Vishal.!

[@avinashingle7268]

Thanks Vishal and Mohnish for such a insightful session

[@rajathpandey1354]

The most interesting part of the show is the questions. Hats off and thank you Vishal for bringing such an awesome show for the norm public like us. The amount of time and research you do to frame these questions is fantabulous. Thank you Mohnish for your insights and for sharing your experience.

[@AshuSinghIN]

It's always wonderful to hear Pabrai Sir

[@ravinderkhakharu2251]

Khandelwal u were against pabrai few years ago and u even commented also not to follow someone Sitting in california and now u have joined dakshna and got interview with him.i caught your comment right away. Hats off to mohnish for doing it for you. I sincerely wish u reply to this comment and clarify and comment.

[@tansa19]

Thanks on guru purnima u have given the interview of guru

[@TheVishalzxc]

Both these guys are so humble and down to earth !!! It is treat to ears to listen to them !!!

[@BradKaellner]

Mohnish - Please find us more compounders at Graham prices that we can clone ;)

[@vivekshivdasani9521]

Pabrai grew up in Bombay. I cannot think of a more harsh and brutal environment to learn about life and earning your livelihood. That’s why he’s such a good investor.

[@RamYadav-nb6zt]

Pabrai sir is first one who openly and proudly accepts that he is shameless cloner and infact preaches it to others to. That reflects the amount of respect and humbleness he carries for others in business.

[@sohebsomani6225]

So So Insightful. Please continue doing it, Vishal. It looks like a conversation and not like an interview and what amazing questions!

[@adarshkumar37]

Thanks a million ..This is profoundly insightful and life changing 🏵️🏵️

[@prolificinvestor4925]

These talks are a treasure trove, Thanks for all the effort you are putting in to bring these great minds closer to us! We owe you Vishal..

[@prajneshjain4836]

Awesome thank you for such an insightful session 🙏. Mohanish has an obvious understanding of many things that makes him talk without even thinking much words just come naturally.

[@ims7865]

thank you for your wisdom, Mohnish!

[@mukeshgarg9169]

Mohnish's every talk is a complete book in itself..great fan of him..thanks Vishal for bringing him up

[@shridhargune4021]

Thank you very much Vishal and Monish for wonderful discussion on simple but very important aspects of life.

[@KzLollapalooza]

Thank you for the interview

[@JuanYoga]

Powerful questions and very interesting answers. Thanks Vishal and Mohnish. :-)

[@devilsadvocate1590]

One of the best talks with Mohnish out there. Loved your questions, nicely researched and presented. Great work Vishal!

[@sohit535]

thanks a lot sir love you both ..... two legends in the same frame .....

[@krishnarajv5175]

The most distinctive interview of Mohnish I have listened to! There are lots of new and bold questions - thank you Vishal!

[@RavindraSingh-xn4wd]

Thank you so much Vishal and Mohnish sir.

[@prashanthmn]

Thanks Vishal. You just ask the right questions. 👍. Looking forward to more such insightful interviews.

[@afsalyusuf6701]

Great.Thank you for bringing Mohnish Pabrai.

[@jaibholanath955]

Thank you for sharing so insightful knowledge

[@SaintSaint]

I had to take some breaks to jump up and down and flap my hands. Just so much excellent information!

[@harshjain449]

Loved the talk . Very insightful. Thanks Vishal sir and Mohnish Sir.

[@tanmayasahu5171]

Thanks Vishal, philosophy is what keeps our mind awake

[@rajeevgupta6134]

Thanks visual ji

[@akshaygupta8723]

Perfect gift for Guru Purnima thank you both of you for being so humble. Have learnt a lot from you ❤️😊

[@BibinBCherian]

Good one - thanks for sharing.

[@muditgoel1027]

Thanks Vishal sir for organising One Percent Podcast, and i have listened each one of them. Lots of learnings. Sir i have planned to gift Sketchbook of Wisdom book to my sister this Rakhi, little costly for my purse right now but great value for money. Thanks sir , for writing this book. It can change coutless lives if properly digested.

[@ChristianSoschner]

Great show. Thanks for sharing this valuable episode

[@sayyedfarhan6396]

Was waiting for this, since Mohnish had tweeted about this interview.

[@nafasm]

Thanks much Vishal and Mohnish

[@sreenivasv9206]

Candid interview... 🙏Thanks for sharing your views

[@nistalasuresh5837]

Thank you Vishal sir for hosting such a great show with my favorite Mohnish pabrai Sir... The quality of questions are very good and so the answers from Pabrai.

[@shyamsmenon]

Thanks once again for an insightful interview.!

[@financial_wizard_india8263]

Great video Vishal sir. Especially the rapid fire questions.

[@apoorvsingh_ASR]

Vishal , good one. I must say Mohnish Pabrai made it easy for you.

[@harekala]

thank you sir.... for a perfect gift of Guru Purnima

[@arshnarula3772]

Thanks mohnish sir for your valuable experience ☺

[@ketannaghera5961]

It's really a fantastic show....Worth knowledgeable and full of wisdom

[@angadsingh3267]

Brilliant 👏🏻

[@amitkinhikar]

Thank you Vishal !

[@cococountry774]

best talks i ever heard online.

[@pankajsali9749]

Vishal bhai…. As usual great contents & great learning. Thanks 🙏 a lot

[@munchandmull]

Namaste Vishalji. 🙏🙏 Have always loved reading your pennings, which are full of wisdom. Such an interesting name,The one percent show 👍👍👍👍 Yes,being Human,is all about growing to understand ourselves and our surroundings. Thanks a ton for guiding us, Vishalji. Thanks to this video,got to know Mohnishji. Such a beautiful question,which was answered beautifully. What's that one thing that makes you feel alive??? 😀🙏. These videos and newsletters of Vishalji are not only about finances but also about the subtler aspects of life,that make life worthwhile 😀😀 Regards Sujata from Munch and Mull 🙏🙏

[@jai8174]

One of the great conversation, thanks Vishal for making this... that too with guru Purnima .. 🙏🙏

[@ravikalluri710]

Yet another good show !!

[@abhijeet_vatts]

This is goldmine👌🏼

[@nkpanjiyar]

Great start of video

[@defguy319]

Great interview

[@nayangoswami2309]

Vishal looks like Pabrai's younger brother 😀

[@AmitGupta-by3kr]

This comment made me laugh loud...super

[@arnabbhattacharya6579]

@@AmitGupta-by3kr yes. ...bigger taklu and bigger moustache

[@tonyalex162]

Thank you Vishal

[@luisbarahona3773]

Great conversation!

[@SandipPatil-km3mr]

Thanks Vishal bhai for the value you give to the common investor like me 🙏🙏🙏

[@akashgaonkar31]

Sir. I humble request. Can you do one more video on how to analyses the balance sheet with new case study. Will be helpfull

[@ganprasad9653]

Thanks Vishal😊

[@venkatasaikumardudigam5034]

Great Session Sir

[@sundeepsingla2299]

Nice. Thanks

[@althafyoosuf7945]

Thank you Mohnish 🌷🙏🏻

[@ayyanagoud8076]

very nice programme sir.

[@sunilhemnani6255]

Really enjoyed it

[@rajguleria3862]

As always , great watch ....fascinating story of how your kids emulate what you actually do & not what you tell them to do ......great nuggets of information in this ....Mohnish & Vishal.....thanks for sharing your interaction ......You guys rocks !!

[@thewarrenbuffettspreadsheet]

Thank you so much for the value you give to the value investing community

[@peacefulinvestor396]

Thanks a ton...great learnings

[@fagunbeta]

i always wait 4 his new ideas

[@cricbuzz1123]

Great interview Vishal. One percent show is turning out to be 100 percent show :-)

[@pareshpatel2642]

Monish do you think Warren would hire you now , not that you need the money. I really appreciate you sharing your life experience so humbly.

[@donelgeorge9189]

Thanks Vishal :)

[@obrYo]

"Buffett is a Swiss Army knife." An important observation.

[@rocking1313]

Buffett has a very large circle of competence gained from a lifetime of focus on learning about businesses and managing them. Yet he is so humble in his opinions. What a role model for future generations and one Mr. Pabrai chose wisely to emulate successfully...

[@ankitroy7]

I've listened all the episodes on Spotify.

[@tinytales.productions]

Then also check out "my money universe" channel. They even show their full stock portfolio openly

[@padmanabhanr4242]

Running a facility in India without paying a bribe is very great..

[@MASH6666]

Thanx Vishal for this interview. Pls invite Mr Warren Buffet one day.

[@shravyasurajofficial]

Aisa lagta hai ki sunte hi rahein. Bhut kam time ka hai podcast.

[@PaxGamingHD]

Which broker do you use to hold indian stocks and are they available in a currency hedged format??

[@rohandeshmukh3418]

Hello Vishal sir . I want to meet u once . How can I get your appointment at Belapur ofc ? What day u r available

[@krapdivad]

Mohnish: find things that resonate with you and go deeper into that Me: this resonates with me

[@govindrudrawar2540]

its 3.00 am for me to finish this. The time went without my realisation.

[@RS-ir1pe]

That tshirt u got after donating to dhakshana

[@SuperRockstar007]

those headphones

[@raorajeshm]

Most of the stocks you purchased moved up after you sold out. Are you not holding long enough ? Is there a reason why ou sell out just before they take off ?

[@terrallcoscarelli7002]

Would u recommend buying something like QQQ over buying anyone of these individually?

[@terrallcoscarelli7002]

I’m 17 and I’ve been dca’ing in VOO and I’m thinking of starting to go 70% VOO 30% Nvidia or 60% VOO, 30% QQQ and 10% Nvidia

[@terrallcoscarelli7002]

Thanks so much I was able to find her page and I already leave her a message.

[@buellkhasimai8931]

I haven't seen much from this guy but my impression is he is one of the guys promoting hype. When it comes to individual stocks, I listen to a high quality analysis from Everything Money, Sven Carlin, and Monish Pabrai, just to name a few. Most of the KZbin gurus don't know what they are talking about, so finding good examples to follow is the first challenge. The second one is to not follow blindly because even the best investors will make some mistakes as they themselves admit and then thirdly I think you should consider working with an advisor too, like Teresa Jensen white. It will boost your learning process

[@manishchandak5019]

11:00

[@stockcharts7076]

make a video with rk damani sir

[@binoybhatt]

👍👍👍👍

[@olivierpolgari9451]

Love the talk. Only his opinion on gamestop is wrong big time. Will go to 10 miilions/share.

[@apoorvsingh_ASR]

What is Graham price?

[@thewarrenbuffettspreadsheet]

Statistically cheap stock, usually lower quality business, but investable because of their cheapness vs intrinsic value

[@smuuftv]

Cut the Intro maybe Vishal sir 🙂

[@knowledge_seeker_]

Vishal, you have done such a commendable job in Manish's introduction. You have won me with this podcast. Subscribing straight away! I have been following Manish from a quiet some time now, yet each of his video brings something new. Thanks alot for this video! :)

[@BuildingWealthWithRajeev]

tesla -a bubble? is that what we are hearing here ..?

[@pk8949]

BOTH MASTRO LOOK ALIKE.

[@vineetak7064]

sir u need to improve on ur interviewing skills

[@bhushanvarma1]

The faridabad power bribe story for a hostel, its cruel...

[@clarenceboddicker7708]

Baba vs Amazon. Who will win? Baba made my wife leave me for richer man. I do not have money to buy women either. My life is hell. Baba needs to 10x so I can buy another wife.