Mohnish Pabrai Q&A at Harvard Business School Investment Conference - April 4, 2022

Mohnish Pabrai speaks at the HBS Investment Conference on Sunday, April 3, 2022. It’s an hour-long fireside chat moderated by an HBS professor. The Investment Conference is one of the biggest conferences arranged by HBS students each year. It is attended by 400+ students across MBA programs who have a background or interest in the investment management industry.
00:00:00 Introduction
00:04:00 Ben Graham; Warren Buffett’s teacher
00:09:50 All intelligent investing is Value Investing
00:13:26 Holding above intrinsic value
00:19:20 Micro vs. Marco in Turkish economy
00:25:05 Macro events affecting US economy
00:34:44 Investment checklist
00:39:24 Investing in Seritage
00:42:55 Shameless Cloning
00:47:50 New Fund Managers
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.

[@desiinvestor70s]

It is hard to believe this is coming out of Harvard, The Moderator is completely lost here, she interrupts Mohnish and seems she doesn’t like or believe in Mohnish ! It could be better to have a Moderator with Finance, Investing background for future sessions.

[@alexandershaw]

That’s Ivy League now. They really mean nothing in terms of an elite education. Best thing you can do to self teach.

[@danny100d]

I second your comment. Amazing.

[@johnmeyers2476]

From the first question about cars, it was clear she didn't have a clue

[@eunseokshin4239]

hah well said

[@gomba0322]

Banner says "black investment club" About the 3rd question is "What does intransic value mean?

[@Orsettoassassino]

No offense to anybody, but the lady has a strong character interrupting Mohnish continuously and not understanding anything about the investing world. Terrible moderator, terrible questions, the topic were all already spoken in recent-past interviews. Still, thanks Mohnish for sharing your wisdom :-)

[@gabisammut]

100% agreed

[@joerokodoko66]

The old woman is really unbearable, by several orders of magnitude, almost to infinity

[@Zezimh1]

At least she's trying

[@YugalJindle]

Harvard Business school

[@eduardoribeiro4401]

I knew this would be the 1st comment. Totally agreed!

[@jamesmaduabuchi6100]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[@henryclinton9317]

Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.

[@jamesmaduabuchi6100]

you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos

[@jamesmaduabuchi6100]

now its a different ball game for me because I was lucky to have met TERESA JENSEN WHITE, a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.

[@dorissteve912]

Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?

[@jamesmaduabuchi6100]

search her name on the internet to reach her

[@carlosfernandezea]

the most important quality for an investor is patience. thank you Mr Pabrai for displaying this skill.

[@sathyapranesh788]

I get what you’re implying

[@agungh.wijaya5322]

HAHAHAHAHA !!! TRUE !!

[@jfdvv4]

I think I agree with the general sentiment re the interviewer. It's a little disrespectful that she hadn't read up on Monish prior especially given his large online prescence. However, this interview ends up being a gem because of exactly that, we get to see the difference in thought process between the value community and the general investing public (albeit highly educated). We also get some questions that the value community may have assumed the answer to. Very interesting interview, thank you mr Pabrai and mrs. Lietz!

[@ibreakkidslegs]

Very true. Made me realize how far ahead we are compared to these Harvard muppets in their ivory tower. Did you notice the man say "Guy Spyer" ? Lmao

[@webentwicklungmitrobinspan6935]

i like your perspective. i started with the stock market game because value investing felt fullfilling and i felt lost after developing quant ai only to produce a little bit of alpha and mostly to sound fancy. value investing is a way of living and the "regular" finance is a sure way to hell

[@brent5495]

This lady appears to have zero investing experience. The questions from the students were much better. Thank you Mohnish!!

[@tannys]

This video tells us more about the lack of imagination in Harvard students and prof than what Mohnish said (which of course is great but known).

[@hawtwax]

I believe Monish has said before that management were net buyers of the shares. Perhaps accumulating personal holdings rather than the company buy back stock and push the price up

[@PayPal68]

You know, the students questions were very good I think. Asking about his checklist principles, investment process, new managers to look at, etc. The moderators questions in the beginning I found to be of lesser value

[@ujjawalpanchal]

Terrible moderator. No respect for Monish. Cut him off in a minute for a question about Graham, which he already answered in short. In doing that, she diverged him from making his point. How hard would it be for her to wait for Mohnish to finish before asking about Benjamin Graham? Still, thanks Mohnish for sticking to the point!

[@ujjawalpanchal]

@♜ 𝘗𝘪𝘯𝘯𝘦𝘥 𝘣𝘺 mohnish if Mohnish really was free enough to run an investing class, do you feel his 'Whatsapp group' would have any free space? It would be filled within seconds and the last thing Mohnish would do would be to reply to KZbin comments to fill out those spaces.

[@AmeyChaudhary]

This is the real difference Between academicians and practitioners. Academicians has liberty to sit in silos and make all the jargaon, theories & definitions and practitioners have to go to real world make real time, dynamic judgments with their neck on the line.

[@harrycheverlyinvesting7737]

Great comment

[@mooham1388]

This woman is completely full of herself. Reminds me of that old saying, ""Those who can, do; those who can't, teach."

[@AnkurParikh81]

… those who can’t, teach at Harvard.

[@laudermarauder]

@@AnkurParikh81 Those who can't teach at Harvard, teach at Harvard Business School.

[@madhav6852]

Can we have better questions please? Didn’t expect the moderator would be more interested in Mohnish’s cars lol.

[@beep149]

video was uploaded 29 min ago, you commented 24 min ago. when did you watch it or are you one of those 😃

[@beep149]

well, listened to some of Noris questions.... you are absolutely right!

[@madhav6852]

@@beep149 I usually walk through the questions quickly before watching the entire piece

[@beep149]

@@madhav6852 makes sense. Especially, when Mohnish's talks have become so repetitive.

[@beep149]

Madhav, why don't you put down some questions here? Here are my 2 cents. 1. Why are you so active (churn etc) these days ?. 2. How is your "Nick Sleep" investor shift coming along ?. Wouldn't it be difficult since it is not something natural to you. 3. If you like Alibaba at $200+.... wouldn't you like it at $80 ?. 4. Why are you selective when talking about current holdings?. Intention is to have others discover them ?. Reysas? 5. Do you think you get carried away by the narratives you come up with for the businesses you own ?

[@nelly2780]

Thank u Mohnish for sharing your insights and being so calm and patient while answering some of the ridiculous questions!!!

[@dhakahossen457]

May God give her some wisdom about investing.

[@sourishsaha8067]

This interview reminds me of Mohnish's story about Harvard students being rude to him during peak of bubble and then got humbled during recession 🤣😂

[@wahlverwandt]

I Experted a certain Quality at Harvard, i was disappointed. Specialy Form the Lady!

[@Kilaueaorph4n]

Of all the things Mohnish talked about, I can’t believe that the final question was really “what car you do drive ?”. It made me ran to the kitchen and make myself a coffee so I could spew it upon playing back the question.

[@knowyourdrugs]

Moderator should be patient and if you do not know just keep quiet. We are here to listen to Mohnish. Thanks Mohnish for your words of wisdom

[@MrSixpack96]

First half of this was painful, the lady clearly didn’t know who Monish was. Student Q&A’s were far better - perhaps next time we should have the students asking the questions?

[@py8130]

yes, without that lady will make the video more enjoyable.

[@mohamedmadkour6926]

Super interview as usual from Mohnish but I am shocked about the quality of the lady, is she is really a professor at Harvard!!!!

[@finanzferdinand9874]

I thought that too however sometimes interviewers deliberately dumb down for the sake of the audience

[@fernandob676]

Thank you for providing your teaching classes.

[@JustInvestToday]

Yess! Classic Mohnish pabrai

[@dzonipitbull]

Once again Mohnish is reminding us all that there are basic fundamentals that accompany great investors. Another master class thank you 🙏

[@LearningWithAnishSrinivas]

Thank you Mohnish.

[@HighHopesAndDreamsWill]

Yes

[@introinvest3543]

I hope some one from her class asks the prof to read the comments posted in the video and get some feedback on how to take an interview. Thanks Monish for sharing your wisdom. Still cannot believe it is from Harvard Business school

[@py8130]

so disgraceful

[@iffatnana]

I was her student in HBS. I wasn't terribly surprised to see this tbh

[@anilvarmas]

Well great knowledge from the legend. And now I understood that passion towards investing makes you a great investor not a degree from the big institution.

[@kunfuucyuz]

Thank you for wonderful insights. I'm an investor at Rysas and I think I know the another Turkish company you mentioned from the BIST which is a juice maker & importer. I was an investor there too but I sold it with nothing before it's up-movement began and bought other companies' stocks but I knew it's a value but there are many to catch. But when you said it, I was little bit OMG and sorry for my impatience :) You explained it well with Euros and TLs like telling to a five years old child. No brainer.

[@maxschoon2470]

Hey Mohnish, love that you share your wisdom with us. I found two lng/lpg shipping companies that, like Reysas, are selling below the liquidation value you may be interested in. The names are Hoegh and Exmar they have a relatively small market cap but might be worthwhile to look into.

[@corprist]

Amazing explain video Sir 👍

[@jeremynewell9903]

Thanks Monish

[@AndrewLetendre]

“I’m not even sure I understand what Intrinsic Value is” 🤦‍♂️

[@py8130]

do your homework first before the interview, dummy!

[@jasoncloner4816]

refreshing interview

[@kevins4815]

Well done monish.... Good job.... very nice 👌

[@kiranvrao9714]

Thanks

[@evanwilliamson3602]

Namaste, sir. 🙏🏼. Greetings from Britain. Thanks for your video :)

[@guCCI-sy5de]

That Maserati "confession" in the end got me.

[@anandshah71]

Very nice talk learnt a few good points. Thank you

[@andrewcarper9970]

Anyone find it ironic how Mohnish had to give Ben Graham's background/ideology to the HBS?

[@yankeedoodle6293]

I’m invested in Raysas as well, 1000 shares 😂. I’m down 55% Definitely not losing sleep over this one

[@appliedmonks7184]

How do you buy Turkey stocks, which brokerage?

[@lenraake4964]

Truly a shameless cloner if he doesn’t even know how to write Reysas correctly 😂

[@ConvergenceTrader]

Love from Bihar , India 💛

[@jingtek]

There is always someone out there, that old too soon and wise to late

[@peanutbutterkong9362]

gg on the individual Turkey company investments. Think that can work out well.

[@joshrog6535]

I actually am offended for Mohnish with this interview 🤣. I’d of loved to speak with him after it to see what he said about that woman off air 🤣

[@py8130]

he has no extra time for her to waste in real life.

[@iirolenkkari9564]

Mohnish Pabrai mentions he currently can't find obvious investments in the US. Any thoughts from anyone about homebuilders such as Dr Horton and Lennar? The numbers seem good for both companies (growing EPS, growing revenue, growing book value, low debt, low P/E compared to long term average). In my understanding, rents and home prices are way up in the US. There is a need for new homes according to officials. The price increases seem to be due to insufficient supply compared to demand. Wouldn't there be a large market for these big homebuilders to fill that gap of homes desperately needed? I imagine this would lower rents as well as home prices. If so, price per unit sold would be lower, but the quantity sold would make up for it, causing top line and bottom line growth.

[@MrYufu221]

Haha, Bing stands for "but its not Google". So Funny!

[@hgft274]

is this really the standard of Harvard?

[@jarrettrobinson6424]

I'm hoping someone can help me answer this question, in the case of Reysas with such a rediculus valuation of 20million and the managers being large shareholders( family business) and thus having a good idea of the intrinsic value was at the time why did they not buy back shares? It's made even stranger when you think that there was clearly a lot of liquidity seeing as Mohnish was able to buy a third of the business.

[@iirolenkkari9564]

Interesting question. Some thoughts. Perhaps the current shareholders do not have any excess liquidity. I mean once all their assets are categorized into groups, there is no excess money. Something has to be sold or rainy day money (waiting for a bust etc.) would have to be used. In that case, it's a matter of asset allocation, diversification and that sort of stuff. For example, if you're preparing for a bust and you want to have cash when it happens, then you have to hold on to cash. Another thought that came to mind was that when you hold 1/3 of the stocks and add more, you're getting closer to the point at which you have to make an offer for the whole company. Although I'm not at all sure about the sensibility of this point. If true though, then it might be that none of the current shareholders want to add their position because of these issues.

[@milansheth535]

maybe they did not have the cash on the balance sheet to buy back shares, or instead of buying back shares, maybe they wanted to invest in other areas they believed would give them greater returns (i think mohnish mentioned this a bit in that they are expanding into solar businesses and other stuff)

[@webentwicklungmitrobinspan6935]

i remember monish talking about this a while ago. the reason it got so undervalued in the first place is that the owners dont care about the valuation on the market. they are surely 20 companys who did the same thing as reysas should have done. the reason why we hear about this one case is because they happend to be the one black sheep who didnt.

[@isabelvelez1105]

Monish is your list public ?

[@VikasSahu1984]

"Value investing or whatever that means" "Intrinsic value or whatever that means" Harvard Karen

[@BradKaellner]

RIP SRG

[@benixmaximus]

Looking forward to your video response to SRG :)

[@m.eminzumrut-emeraldvp4172]

Brad, looking forward to your video, apart from the content please say a few things about the moderator also :)

[@mrgyani]

I don't get why the interviewer is getting so much hate. Not everybody comes from an investing background. Her questions are great for those who don't come from an investment background..

[@Ynot533]

Because most of what she covered has been covered at least three times over in past interviews. She should have done more research to find questions that are more relevant and not interrupt as much

[@leavemyponyalone5681]

Let the man talk. Why interrupt every 3 minutes?

[@py8130]

she needs attention.

[@ilmigliorfabbro1]

The female moderator is absolutely awful. The positive thing is that the wise and patient Monish seems to be a little bit in tension, and takes out so many statements, thoughts, information and ideas in this video, that it is really a great pleasure to learn so much from him. Very pleasant the guy that -with a great and wise- modesty asks the questions in the latter part of the video. Please take back home the female moderator because is not at the high level she should be and show.

[@marcusfolk4325]

Is there any way to get a copy of Mohnish's 170 question checklist?

[@davidsewell9721]

Professors and teachers have a switch in the head that makes it impossible to learn anything. That last was unbelievable.SMH

[@vikasgupta9052]

REYSAS firing up 🔥🔥 with all engines. Almost doubled in last 15 days.

[@user-fb5mp4tb7s]

Wait, did a Harvard professor say she doesn’t know what intrinsic value means?

[@bri4njeff3rs0n]

44:05

[@kidze31]

your mic seems to lower when you talk lower.

[@Monopolist91]

Hopefully theres some Harvard MBA drop outs after this.. How the heck is the interviewer in such a position

[@Jake-qy3xv]

This interviewer is tough to listen to

[@joshrog6535]

If this doesn’t prove that a business degree means literally nothing in the world of stocks and investing I really don’t know what will. The professor knew less than me. I am 21 and have been studying Mohnish, Warren, Munger, Lynch and many like them for only 4 years and this so called business professor knows less than me. I can’t begin to think what Mohnish thought after the first 3 questions 🤣. She is obviously an idiot saying things like “so called Intrinsic Value” like it’s something he has just made up 🤣. After that introduction buy that other guy I’d of stopped the interview and said hang in you’re meant to be this big business woman who is so knowledgeable but you don’t know what Intrinsic value means and you don’t know who Ben Graham is just exactly what tin pot organisation were you the head of if you don’t know such basic facts as these 🤣🤣. Never the less I love listening to Mohnish I just try and block her out 🤣🤣.

[@funnyguyinlondon]

Don't think the professor has first hand experience in investing

[@anooshs6689]

Professor Nori is probably the most opinionated mutual fund manager without an actual mutual fund xD

[@JohnSmith-wg6fy]

Thx Mohnish for your patience with this lady 🤔. Don't think she is from Harvard . We can see from a mile she Don't have a clue what's doing 🤣🤣🤣.

[@amitkrstyle]

Moderator is really lost, she doesn't have a clue she is talking about.

[@JoshBellWilson]

Keep the questions to the audience lol

[@ibreakkidslegs]

Also... these folks look a little too non-black for the black investment club lol

[@tempioxavo]

This lady is trying to flex on Monnish ahahah poor teacher

[@justinbeghly1435]

Ha ha ha, glad Harvard wouldn’t take me after that spectacle.

[@qaisurrehman]

just skip to 34:44 , thank me later...

[@nitishbhatia25]

Harvard business school don't know about Ben Graham 😂😂😂😂

[@chrisb236]

Wow...interrupt much

[@davorsostaric]

I was reading the coment section before watching the video and was expecting a bloodbath from that women. Honestly, after watching the video I think you guys are to sensitive couse she wasnt as bad as you all wrote she was...maybe just 10-15% of that ;) Anyway. Still a great video from Mohnish

[@khizarqureshi8840]

Need better moderator next time

[@calvinsiawira1247]

Nori Gerardo Lietz. Probably the worst moderator ever. How can she be picked to moderate this interview????

[@willmichael4033]

It shocks me that people trust the moderator to run money...

[@larrypage1824]

Maotai.

[@cccccuy]

Reysas is a loss making company. Apparent profits come from asset appreciation in a now 60% inflation environment. Liquidation value is not 0.8 billion according to their financials, far from it. And even if it was, this is not the US to force liquidation by shareholder vote, it would never happen. Book value is irrelevant just like in China. So, negative profits, zero dividend and the father son duo is milking it dry by paying themselves hefty salaries and options. I am beginning to think that Pabrai is a fake guru.

[@ryanjohnson3530]

This is THE Harvard? Hah

[@humanbeing8855]

Funny moustache 😁

[@milansheth535]

bruh who is this girl, let him speak

[@webentwicklungmitrobinspan6935]

so i am happy that i have chosen a different path in my life, the lady is unbearable. You might excuse her because she was trying but i expect better form the elite school of america.

[@py8130]

the tuition is not cheap; the resources received are not little. expect better.

[@webentwicklungmitrobinspan6935]

@♜ 𝘗𝘪𝘯𝘯𝘦𝘥 𝘣𝘺 mohnish yeah ofc.. because monish would ever do this. look for a different channel you wont have any sucess by annoying us

[@finanzferdinand9874]

My question : Did she deliberately dumb down for the audience or was she for real

[@sanjaykale6235]

I am glad you are awake now..mohnish killed her ..she doesnt know a thing..cmon harward..take me in

[@ranjitgill307]

Lol this women spoilt it... She ovs has a problem accepting her place as a intellectual.... If buffet was talking you would not over talk him

[@AnkurParikh81]

LIttle brained Monish versus big brained Harvard academic

[@evanwilliamson3602]

It’s hard to compare this dude to Buffett when he’s only got 1 stock in the States. If you invested like a particular renowned investor, wouldn’t you see yourself investing in similar companies as that particular investor? I think Istanbul is speculative and wouldn’t call it value investing at all.

[@shahbazyusuf1190]

2 guys and a dog ....hilarious

[@hasantarek6521]

HBS our expectation is higher from you. Please find a better moderator.

[@thebattiman905]

Terrible moderation. Amazing to see such a mediocrely moderated interview coming out of the Harvard Investment community.

[@Starcraft2Sonic]

What a god awful moderator - why does she keep interrupting the guest speaker and taking over the show. The students were more open and had a much better attitude towards MOhnish. Perhaps skip this moderator next time. I love Mohnish's advice and investing philosophy - but it's tough watching the first half of this!

[@py8130]

The so-called "authoritative financial expert educator" really needs to quench her arrogance and improve on her skills - both business and interview skills before talking so loud. Damn! Just so annoying.

[@vincentwong3156]

That moderator is rude and honestly, not that educated.

[@nina-dc9wk]

This shows the poor quality and pure arrogance of Harvard. I mean the Lady is not even qualified to talk anything about investing....Who is recruiting such BS ?..Larry Summers ?

[@saskabush133]

This lady ruined this whole interview

[@ibreakkidslegs]

lol this broad

[@sofeabian1372]

what is wrong with the interviewer? disrespectful n didnt do her homework...

[@adityasinghania9611]

Such a terrible Moderator!! Harvard's educated fool. She keeps interrupting and does not let a wise man speak.

[@user-pl5zx4sp5c]

Perhaps the worst interview with Mohnish !