Turning $1M Into $1B+: A Masterclass From The Indian Warren Buffett
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- Опубліковано 1 чер 2024
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Shaan Puri sits down with Mohnish Pabrai for a rare interview about value investing.
Mohnish is sometimes called the "Indian Warren Buffett" for his track record of value investing. In this podcast they talk about how founders can become great investors, how to avoid big mistakes, and lessons learned from Buffett & Munger.
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Show Notes:
(0:00) Intro
(1:41) Why entrepreneurs make the best investors
(4:40) How Warren Buffett’s pre-paid for his college education
(9:56) Becoming Ben Graham’s Protege
(13:57) What Buffett learned about branding from See’s Candies
(17:53) Buffett’s failed play to be a candy mogul
(20:54) Identifying offering gaps
(21:47) Getting an MBA at age 14 as the son of an entrepreneur
(26:12) The 3 tells of a future millionaire
(28:49) Mohnish builds his first product with maxed out credit cards at 24
(31:21) The 168 hour framework
(33:56) “Entrepreneurs do not take risks”
(36:10) How Richard Branson launches Virgin Atlantic with no money
(39:09) How 0.1 percent of the population owns 70 percent of all the motels in America
(43:45) The unfair advantage of being a low-cost producer
(44:49) How Mohnish turned his first million into $13M in 5 years
(48:18) Pabrai Funds grows to $600M in assets in less than 10 years
(49:42) What Mohnish knows about fundraising that we don’t
(55:46) Pivoting from tech investments in 1999 to value investments
(58:50) $2M lunch with Warren Buffett
(1:04:15) Be a harsh grader of people
(1:08:09) The Givers, The Takers, and The Matchers
(1:11:30) “Heads I win, tails I don’t lose much”
(1:16:41) Private markets v public auctions
(1:21:15) The #1 trait that makes a great investor
(1:22:50) What people of Reddit think of Mohnish Pabrai
(1:24:26) Starting capital, annual rate of return, length of runway
(1:25:04) The rule of 72
(1:26:03) “The most important rule in life is how long something takes to double”
(1:30:21) Circle the Wagons Philosophy
(1:32:14) Losing $3B in one unfortunate event
(1:37:34) Be fearful when the world is greedy; Be greedy when the world is fearful
(1:38:34) What a value investor thinks of bitcoin
(1:39:50) Nick Sleep bets
(1:52:49) The Best Of: Capital Allocators
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Links:
• The Intelligent Investor - tinyurl.com/3jmpjrmc
• The Dhandho Investor - tinyurl.com/53p9bhfv
• Mohnish on Twitter - / mohnishpabrai
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Check Out Shaan's Stuff:
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My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
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The absence of stock investments has left me with a sense of remorse, albeit I'm appreciative of my decision to maintain funds in the money market. With roughly $200k nearing maturity, I'm gearing up to step into the stock market. Could you advise me on suitable stocks for a beginner looking to steadily increase their capital?
diversifying your investments is the safest way to handle it. One way to lessen the effects of a market crisis is to distribute investments over a variety of asset classes, such as international equities, bonds, and real estate. It's critical to look for expert advice.
The significance of advisors often goes unrecognized until emotions cloud judgment. I remember a couple of summers ago, during a challenging divorce, when I needed significant assistance to sustain my business. Turning to licensed advisors, I discovered someone highly qualified. Despite inflation, she played a crucial role in boosting my reserves from $275k to $850k.
What strategies can I employ to pursue this opportunity? I am wholeheartedly dedicated to securing my financial future and am enthusiastic about getting involved.
The licensed advisor I've chosen is Laurelyn Gross Pohlmeier. It's wise to research her name to obtain the pertinent information required for scheduling a meeting.
I searched for her complete name on the internet and located her page. I then sent an email and scheduled a meeting to converse with her; now, I'm awaiting her response.
Amazing. “ITS TIME TO BE RICH, DO THIS”
The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.
Get to her
*Elizabethgreena*
Everyone’s been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every UA-cam video saying BUY BUY! But when and how do I sell for profit at the right time?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
Exactly, I used to undermine the efficiency of a financial advisor until my wife company assigned her an investment adviser back in 2020 and tbh, it’s been the best financial decision I’ve made.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
As the guest of the podcast said that for 99% of the people it is the index. Just buy it and leave it for compounding. You should only need to take out or sell your stock for money only when you require it. It is entirely up to you.
An index fund is your friend, set and forget.. your job will produce your day to day income, your investment will set you up for later in life with very little work 👍🏼
Opinions on the market diverge; some claim overvaluation due to rapid gains, while others cite strong economic fundamentals justifying high valuations. Raises concern for my $600K equities going 8% up and 20% down. Should i hold on or sell off my positions and hold cash?
In fact, markets have incorrectly priced in such a pivot six times over the last two years, according to Deutsche Bank, which sounded cautious about this seventh time. Still showing us why pointers from market experts are essential.
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1M in returns on investments.
That's incredible! What did you invest in? I'm really interested in this, because I'm in a similar position at the moment. more info needed please
’Melissa Jean Taligdan’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call
I don't think we realize how lucky we are to have this podcast interview with Mohnish.
🤣😂😂 Mohnish is just talk. He has no record of achieving anything at all.
Imagine a prospective PE firm offers you a position and subsequently comes across this comment. I’d rescind that offer.
i had the same thought. Basing it on tbe Hindu way of life, I would say Mohnish, Warren,Charlie and such thinkers can be called Saints of Capitalism though it might sound weird. I want to live my life like these people
I hope we realize though, that everyone won't be nearly as lucky as Pabrai if you practice a strategy like that.
Sure he made billions doing nothing. People on the internet are funny
Watching Mohish speak is always an inspiration, I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
MICHELE KATHERINE SINGH is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Unreal, this video is easily the best yet. Monish is a next level mind! The first 10 minutes around children was a life changing paradigm shift
The GOATED episode of the Pod
Many thanks for the video. Everybody needs financial freedom. Let this be a thread for some more simple, reproductible approach from anyone who have build wealth. I have saved up $190k to get started.
First thing i would say is; don't get discouraged just because you can "only" invest like $100 per month. It can compound to tremendous wealth over the course of decades. The important thing is that you keep going!
Compounding effect is the best. it took me 8 years to grow my retirement fund from $0 to $100k, yet only 4 years from $100k to $200k.
@@gagnepaingilly I sincerely believe people often underestimate financial advisors' importance too. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
@@gagnepaingilly I sincerely believe people often underestimate financial advisors' importance too....Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
@gagnepaingilly I sincerely believe people often underestimate financial advisors' importance too. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
What do you think sets AMS120X apart from other projects? It seems to be dominating discussions lately
I appreciate that Shaan lets him speak without interruption.
Exactly
Yes agree,too much interruption. Actually he wants to speak much not the guest😂
that's a real podcaster do I believe whi h shaan did
Unlike Sam
Unlike L Howes
The greatest episode ever. Wisdom, psychology of money, how to start, how to grow, how to execute, how to invest, how to be rich and how to give. Just wow.
Excellent video Today I reached $200K I'm really grateful 🙏 for all the knowledge and information you gave given me in the last few months. I started with $25K last week ❤🎉
Wow this looks great please how can you earn the amount you buy a wait
Buy and hold is risky because no one knows what the market will be like in the future so it's better to invest rather than buy and hold because in the process of buy/hold you can loss everything when the price falls against your expectations
Yes it's over and that's what many investors don't know especially newbies
Thank you Mr Lee davis for the gift of life and blessings to me and my family $14, 120.47 weekly profit Our lord Jesus have lifted up my Life!!! A. V
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
Was looking forward to this one since you mentioned it a month ago. Thank you so much for bringing Mohnish on. Love this guy! At this point, maybe I should do a documentary about him :D
One of my heroes.
@@lennard3204зддддд😊😊йййййпйй❤❤й❤ййиййс ❤й
Doooooo it!!!
Yes!
Felt like this could have been a 5 hr long conversation and would have still felt too short! Never have listened to something 2 hrs long and felt what a gem but sad it's over so quickly
Can anyone explain AMS120X?
Yea it's a scamcoin that bots post in youtube comments about.
You’re telling that to a bot
Most valuable interview yet. Wisdom about starting, not just expanding existing wealth.
Meeting Mohnish earlier this month at the Berkshire Hathaway event was a highlight of my week!
When I mentioned the upcoming MGM episode with Sean, his enthusiasm was infectious.
He's truly a giant in the field ( and physically), yet incredibly gracious.
Not only did he chat with me, but he also signed his book, "The Dhandho Investor," making the encounter even more memorable. This episode is unreal-I keep thinking it can't get better, but Sean, Sam, and the MFM team keep exceeding expectations!
Is he part of Berkshire Hathaway?
@@jetpark3743 No. He's a Shareholder but also friends with the Chairman - Warren Buffett
@@MONEYWISEDOCTOR At 1:36:53 Mohnish says "we".
I had never heard of Mohnish before Shaan mentioned him a couple weeks ago, but seriously I think this guy a gem of a find.. he seems so genuine and he’s not trying to push some agenda.. just sharing his thoughts and lessons.. he seems chill and really values his life and time.. I hope to keep these thoughts in mind throughout my life so that I can try to craft a life similar (at much less magnitude) to his! Awesome conversation
One of the most insightful discussions I've ever heard which just changed my life. Thks for interviewing Mr. Mohnish.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
This seems like the worst period.Even the markets are very unpredictable.started investing recently when the market prices were a bit high,today i am more than 60% down
Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
I began my investment journey at the age of 38, primarily through hard work and dedication. Now at the age of 40, I am thrilled to share that my passive income exceeded $100k in a single year for the first time. This success reinforces the importance of the advicmonth e mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Fantastic! Can you share more details?
was guided tho..Julia Hope Marble. walked me through the ropes majestically i'ts my ultimate pleasure.
I haven’t even watched yet but I think this is early candidate for episode of the year.
I just started listening and I caught myself thinking - this podcast is my favorite piece of content out there
This is episode of the year hands down. Watch all your videos and love them all, but this is on another level. Mohnish is an incredible mind and guest.
Podcast introduction…. Beautifully done
Best intro by far. I love that narrative style
This might be episode of the year - if you haven’t listened yet, make sure you have your note pad. It took me 3.5 hours to finish because I kept rewinding and taking notes 🔥🔥🔥🔥
thats the sign of a great ep
Sell those notes buddy!
@@MyFirstMillionPodsell those notes buddy
@@eastkailash7037 🤣🤣
I’m trying to apply these notes to my OF business 🤔
This is definitely one of your best podcasts yet. Thank you.
Very impactful session. Can’t remember the last time I completed a full interview on UA-cam. Thanks for the interview.
I am sure that AMS120X will go 100x just like you said
?
Scam
I always say " Entrepreneurs take risks" but i got corrected today.. thank you sir! "Entrepreneurs minimize risk" . Learned a lot from this interview!
2 hours of pure gold!
Phenomenal mind, and great ability to explain things in a digestible way. One of my favorites on MFM
This was such an incredible interview, thank you so much!
This is by far THE BEST mohnish interiew I saw. The interviewer was GREAT and had excellent scope of questions. Mohnish was focused and mentioned the most important attributes of an investor and shared great stories. THANK YOU !!! 🌹🌺🌻🌼🌷
The insights from Mohnish are pure gold.
Thank you both so much for taking the time to do this. Amazing conversation!
Great Episode! Thank you Shaan.
What a pod ? All this wealth of information for free...unbelievable..sincere thanks Shaan and Sam for bringing us nothing short of the best
At any party everyone will gather around him and listen to his stories for hours without ever getting bored. This alone is an incredible talent.
Correct
Have seen many interviews with Monish, but this one is different. Shaan gets the best out of his podcast guest. Thank you! I am pumped to continue pursuing asymmetry
Superb video. Thanks Shaan for having Mohnish on podcast!!!
Incredible episode one of your top 10 for sure!
This was absolutely fantastic!
Thanks a lot, Shaan! I especially liked the idea of finding something hated and unloved. You can often find a lot of mispricing in things that are disliked or hated.
Such an amazing interview! I think I could watch it many more times and still keep pulling out nuggets.
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
Wow, this is excellent! As a beginner, keeping up with all this information can be challenging. How do you stay informed? Are you an experienced investor?
I stopped trying to predict market outcomes based on chart studying after 5 years of uncertainty. Not having a mentor caused me 5 years of pain. I learned to follow the market's direction and keep it simple with discipline.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
Finding financial advisors like Sharon Ann Meny who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
This the only podcast I have seen fully….. 2hrs of my time inside a library…. Worth it
So many gems in this. Great podcast
Extraordinary interview. A life’s worth of knowledge (actually, multiple lives). Thank you.
You guys nailed this one.The best podcast yet. A bucket of nuggets.
Haydar Acun at Marmara Capital was who showed Mohnish Pabrai the companies in Turkiye. I hadn't known this nugget before this interview.
Just watched the full 2 hours non-stop! Amazing interview leaving space for Monish to speak and asking beautiful questions. Monish is unique. Thank you!
This easily made my top 3 MFM ep! Mohnish appears to be such a humble gentlemen! I enjoyed all his stories.
Profoundly inspirational and deep video. Super on point.
What a great conversation ... wholesome .... and Mohnish, humble and generous. I have made my living from teaching Kushti - inspired by some wonderful men on a few early trips to India - I thought it would be impossible to make a living that way, let along a great living - and yet, my wife and I managed to do it. There is always a way - passion plus innovation and education will do the trick. We've never thought of our journey as a 'business journey' ... and yet ... Lastly - just wonderful tribute to Charlie Monger. Thank you Shaan and Mohnish.
Thank you so much. Such a great interview with Monish and so much I could learn from him
One of the best podcasts I've watched on Finance.
Wow... One of my favorite episodes. So many notes... Definitely coming back to this one
Thank you for the great talk. Worth the time.
Truly a masterclass! Goes to my watch again and again playlist.
Great interview! Thank you!
Thank you for this interview! This was great!
Thank you very much for this highly qualitative interview!
Stopped listening to your podcast but just happened to see this. Great job. I’m back.
🔥🔥🔥 quality of guests lately. Unreal
One of the best podcasts i came across ❤
Very much appreciated, thank you. 🙏
What a legend & pure wisdom conversation, Thank you guys 🙏
Great info - thanks for sharing!
Thank you for making this video. Very valuable information
Thoroughly enjoyed every bit of the conversation. Thanks :)
Brilliant Interview. Entertaining and insightful.
This podcast felt like 5 minutes!!
Great words of wisdom!! Easy to listen too!! And great questions
Great conversation and amazing lessons!
Aside from the "lemonade stand theory", which is complete nonsense xD.
Some skills take decades to master, and many lessons are learned through the journey of life. Many people only find the real motivation to do something more than work for someone else later in life. That's why the average age of a US successful startup founder is in their 40s, and it's not just me saying it, but data.
Sometimes it's a bit of luck, timing, and motivation, sometimes opportunities appeal later.
Thank you for sharing this amazing content.
What an episode. Amazing
What a video. I learned so much from Mohnish and all the details.
Had a great time listening to Mohnish. Thank you for the insightful podcast.
My goodness...the value in this episode is remarkable
He's in the right country at the right time. India is on the upswing.
First time I come to your channel, but what an introduction. Amazing interview! Thanks for being a “Giver”!
Pure Gold Podcast, Monish and his brillance.
I loved the interview. Lot of learnings .
Thanks for this terrific episode, Shaan! Been hugely into MFM and this is undoubtedly among the best episodes so far. A boatload of wisdom that can be useful to anyone, esp. those in the investing world. Mohnish was tremendously generous!
Amazing Masterclass. Thanks!
I flew to Toronto in April just to tell him thank you. He changed my life.
Okay bot
One of the best podcast that I have ever seen 👏
One of the best podcast on UA-cam for the young ones.😊
Wow. This is so insightful and at the same time simplistice to its core.
What an Episode! So many takeaways. Time well spent
Ultimate talk ,love to watch ,very learning ,thank you Mohnish
This is absolutely AMAZING!! 👏👏👏
So humble and wise, Time well spent listening to Mohnish absolute legend
Amazing interview. Mohnish exudes wisdom- an extremely intelligent, talented, generous human being. Always so humble too. And what a story teller. Thank you both.
A great interview - very insightful. Thanks Mohnish for sharing your experience and various tips. You’re a great human being.
Wow. This is a very insightful podcast with a wealth of knowledge.
I really enjoyed the interview. You guys keep hitting hard with the value! Outstanding ss aways. BRAVO GENTLEMEN!!
I appreciate Monish's insights during the interview. His perspective added a lot of value to the discussion.
you can really hear the influence from Charlie and Buffet in his takes. thanks for introducing me to Mohnish
Well done guys..
Value overloaded
Many thanks to Shaan for this great interview and to Monnish. The interview is so fluent, funny and informative, thanks a lot many times.
Great interview! This is an extra push for myself to go out there and have no fear of failure.