Thank you for your kind words. It's a formidable process - these videos easily generate two or three pages of handwritten timestamps/chapters - but we want to make it as easy as possible for people to come back to these videos and find the bits that they were looking for. We're glad it's useful.
One of the best interviews with Mohnish, and largely due to the quality of questions and the interviewer. Thank you to both Mohnish and SumZero for this content
We don't want to overpromise and underdeliver, but we will say that we're working on some things that will definitely add value to this channel and our audience's investing knowledge.
If you have a chance to talk again to Mohnish, i would love to here more on his holdings in japan (Shinoken) and his view on the japanese market :) This was by far one of the best / detailed interviews out there :) Thank you!
Thanks retro ranger and sounds good regarding Japan. Please subscribe and look out for more interview. Check out sumzero as well. It’s a treasure trove of content like this but with much higher degrees of detail.
I totally agree…. Thank you for making this available! He only had 1 million in 1994 and turned it into 13 million in 1999. Amazing… of course the next few years were tough but look at him now.
Robby - I agree with you. Please like, share and subscribe. At SumZero, our entire goal is to get investors like yourself actionable intelligence, not simply to rehash old news. Much of Mohnish's comments in this video are forward looking, not simply retrospective.
@@BradKaellner yeah but its no fun, for Mohnish too I’m sure. I believe sometimes interviewer also don’t want to do the hard work of thinking of new, interesting and challenging questions.
I have a very important question that noone has asked before. Howe does he structure his purchases Mr. Pabrai? What I mean, is does he hold the shares in a Turkish based brokerages? And so does he open a brokerage account in Turkey with a local brokerage house? If I want to invest in a Turkish based company, so should I go ahead and open an account with a local player then start purchasing? How does it work from a legal and regulatory standpoint? Thanks a lot! if whoever has any answers to my questions, I will appreciate it a lot! I am sure it will help to many investors. thanks guys!
January 2023 Pabrai is up 13x (in USD) on Reysas in less than 4 years. And market cap is still less than 50% of liquidation. This will be another 100 bagger for guru Mohnish. Also, fidelity now offers access to Turkish exchange. I called them 6 months ago and asked for Istanbul trading and they laughed at me. As the market caps on these blue chip Turkish companies grows you will see more institutional investment.
00:37:46 How profitable has the company been over the past ten years? Don't accumulated losses eventually eat into a business liquidation value? And isn't the latest P/B over 2?
Thank you Divya for the interview. Is it REYSAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A. Ş. or REYSAŞ TAŞIMACILIK VE LOJİSTİK TİCARET A.Ş.? Just looking at the balance sheet, it seems that the latter is more expensive on a P/B basis. Both have warehouse business.
I am following the Warren buffet and Charlie Munger and John Templeton. If it worked for them maybe it would work for me. When you buy an apartment or a business you don’t get a quote on it each day. You have to buy it for less than it’s worth to make any money.
I looked at the Reysas statements from 2019 and their debt was over $1 billion not $200 million, and the ppe was $500 million, but assuming they could liquidate it for $1 billion, it still wouldnt cover their debt. Nevertheless stock was trading below earnings so that's amazing
Whoever says that backgammon is pure luck, has no idea about backgammon and doesn't know how to play it. Backgammon is the oldest board game in the history and it is the closest thing to real life (vs. chess or poker). It not only forces you to decide under uncertainty but also forces your psychology (to make the right decisions regardless of the dice/luck). Turkish people prefer backgammon because of 2 main reasons, 1) We are an extremely volatile country which brings a lot of uncertainty in every area from business to education to relations. This is why we (in time learned to) enjoy volatility and uncertainty in all aspects of life, including leisure time activities. Otherwise we wouldn't be able to excel (just like a fish that can't swim) 2) We have a social culture and backgammon is fun only when you mock and joke while playing. On the other hand chess, poker etc. these are all serious games in which you have to be silent and serious. We like talking man, that just doesn't suit us.
The political aspects are ignored in that conversation, Turkey is becoming more Islamic day after day. Which will be negative towards most businesses going forward.
I have been investing in the Turkish for a couple years now, great returns since the index is pretty much at the all time bottom if you were to look at it with US Dollars/Euros/British Pounds. 1. Currently all of the banks are at the lowest point. Basically free money and very cheap per share. Some of the banks tickers that I like: Garan, Akbnk, Vakbn and Halkb (The bank Mohnish Pabrai was talking about) 2. Tickers with high growth rate: Logo, Vestl, Vesbe, Otkar, Bryat, Indes, Mavi and Froto. 3. Dividends are not worth it in my opinion, getting $0.03 in dividends per share should not make you want to invest in it. And majority of the companies pay once a year excluding Vestl and Vesbe this year. If you look at the charts on tradingview, make sure to type the ticker in the charts, then type in /usdtry at the end of the the ticker. If you got more questions, let me know.
Dint u meantioned in one of your talks that u would not invest in Chinese companies coz u don’t find them ethically correct ? What has changed your mind? Also, if u recommend Chinese stocks over any us companies to your viewers, I wish good luck to you and ur investors.
If only you can close your eyes and ears whenever the interviewer annoyingly interrupts, especially when Mohnish is about to develop his ideas! Otherwise, a valuable exposition from Mohnish…
@@divyanarendraofficial, I hope that you get another chance! I thought it may have been about level of independence considering he sidestepped Baidu, but I can only guess at what he knows and what he's hinting at.
Российскому народу предстоит сделать выбор. Они могут либо выступить против Путина и потребовать соблюдения своих демократических прав, либо позволить ему продолжить наступление на свободу и демократию. Выбор за вами.
Welly - Mohnish is not a crypto guy. He's a deep value investor intensely focused on downside protection. He's as far from crypto as they come and said as much in the interview.
LOL sorry but can't take this guy seriously, "short term capital gains tax should increase", oh okay, so someone who can sit on a "safe" investment with millions of dollars should be taxed less than someone trying to increase their account from a smaller base. Get real, been sleeping with warren buffet too much eh champ.
As a Turkish guy, i don't agree with you Mr .Pabrai in some of your arguments. Firstly , coke in Turkey is something you consume in your teenage years after than even secular people of Turkey switch to healthty drinks like ayran. Secondly , you may think Turkish securities are deeply discounted and it is a time buy from the dip. However, you are not aware of the fact that currently there is almost no rule of law in Turkey. You may still think it is not important as long as it doesn't affect you. But be aware, at some point in the future the government _president- may seize your assets with unbased allegations of supporting terrorism. This is the reason why even businessmen close to the current governing party invest their money into safe heavens.( check yildiz holding, dogan holding, and 5 big construction companies moving their wealth to London). If you really want downside protection, study the current political and judiciary environment in Turkey. I hope i am wrong, and you put your money in really emerging market and democratic country.
You raise very valid concerns. The risks are real. The way to mitigate them and invest prudently in such an environment is to 1) Size one's position appropriately, and 2) Pay rock bottom prices for the assets.
Looks like you either fear mongering or you’re just clueless. The guy already invested and making money and have credibility in market. Looking your ignorant comment doesn’t give me any confidence. Just you being Turkish doesn’t gives any credence.
@@danialami1866 i am pretty sure mr. Punnrabi has more knowledge than me,and he mede a decision to invest in Turkish securities. Probably ,he hired lawyers practicing international law, he assigned London courts in case of any disagreement. He has also power to give bribes to Turkish authorities. After all, he has a deep pocket. However, i still believe retail small investors should avoid Turkish securities. I just shared what most Turkish people think about the current situation in Turkey. Turkish people do not trust the lira -currency_ and the rule of law.
Whoever put in the timestamps for the different subjects covered was doing the lord's work.
Thank you for your kind words. It's a formidable process - these videos easily generate two or three pages of handwritten timestamps/chapters - but we want to make it as easy as possible for people to come back to these videos and find the bits that they were looking for. We're glad it's useful.
@@SumZeroInc Very useful this was probably the most detailed series of timestamps I've come across.
Thank you for this. Your work is appreciated.
@@keeranam4316 Thanks for noticing, seriously.
@@SumZeroInc Thanks dude. Seriously.
This is one of the best interviews with Mr. Pabrai, congrats! A lot of good stuff in here.
This is, by far, the most entertaining value investing video on the internet. So underrated.
Thank you!
So far the best conversation of Mohnish this year. Liked all the questions you asked. Very encouraging.
ı'm 18 yeard old turkish kid and watching this video helped me to understand how my country works thanks
One of the best interviews with Mohnish, and largely due to the quality of questions and the interviewer. Thank you to both Mohnish and SumZero for this content
I must have went over this video like ten times and the interviewer was spot on. As if I was asking the questions myself.
Thanks: Mohnish and Divya have a great rapport.
This is the best Pabrai lecture I've ever heard
Thanks!
Always gets insides from Pabrai .Also, Divya asked very interesting questions to Pabrai. Keep doing such fantastic job!!!
A great interview, really enjoyed it! It would be great if you could interview Li Lu or Seth Klarman at some point!
We don't want to overpromise and underdeliver, but we will say that we're working on some things that will definitely add value to this channel and our audience's investing knowledge.
I will probably remember every single minute of this interview for the rest of my sane life.
If you have a chance to talk again to Mohnish, i would love to here more on his holdings in japan (Shinoken) and his view on the japanese market :) This was by far one of the best / detailed interviews out there :) Thank you!
Thanks retro ranger and sounds good regarding Japan. Please subscribe and look out for more interview. Check out sumzero as well. It’s a treasure trove of content like this but with much higher degrees of detail.
Wonderful questions, majestic answers nothing could be more perfect, enjoyed every single minute
Glad you enjoyed it shah!
This is one of the best investing videos I've seen.
Thanks, that really means a lot to us. We hope you'll share it with friends and colleagues.
I totally agree…. Thank you for making this available! He only had 1 million in 1994 and turned it into 13 million in 1999. Amazing… of course the next few years were tough but look at him now.
@@patrickmccloskeycpa713 Thank you for the kind words and for watching this.
Thanks for asking some good question and getting new info out., Mohnish’s recent interviews were quite monotonous. Same questions over and over again.
Robby - I agree with you. Please like, share and subscribe. At SumZero, our entire goal is to get investors like yourself actionable intelligence, not simply to rehash old news. Much of Mohnish's comments in this video are forward looking, not simply retrospective.
Repetition is a very effective teaching tool
@@BradKaellner yeah but its no fun, for Mohnish too I’m sure. I believe sometimes interviewer also don’t want to do the hard work of thinking of new, interesting and challenging questions.
Great talk and many good questions. However interruption must be limited as it cuts off the flow of important messages that audiences are waiting for.
Intelligent questions asked!!
Thank you Rohit!
Always a pleasure to listen to Mohnish
We think so too. Here's our interview with him from last year. sumzero.com/headlines/business_services/468-mohnishprabai
@@SumZeroInc Thanks I have read and seen all of Mohnish
Awesome interview… You have a new subscriber from South Africa…
Thanks for subscribing and commenting. You might be the first subscriber from SA!
Great interview, but I think you sorta missed an opportunity to ask if he collaborated with Charlie Munger on the BABA investment.
Agreed.
This one is just too good!
I have a very important question that noone has asked before. Howe does he structure his purchases Mr. Pabrai? What I mean, is does he hold the shares in a Turkish based brokerages? And so does he open a brokerage account in Turkey with a local brokerage house? If I want to invest in a Turkish based company, so should I go ahead and open an account with a local player then start purchasing? How does it work from a legal and regulatory standpoint? Thanks a lot! if whoever has any answers to my questions, I will appreciate it a lot! I am sure it will help to many investors. thanks guys!
January 2023 Pabrai is up 13x (in USD) on Reysas in less than 4 years. And market cap is still less than 50% of liquidation. This will be another 100 bagger for guru Mohnish. Also, fidelity now offers access to Turkish exchange. I called them 6 months ago and asked for Istanbul trading and they laughed at me. As the market caps on these blue chip Turkish companies grows you will see more institutional investment.
There's a bust of Munger in the background. Lovin' it.
Great interview- i am maybe your first follower from Austria 🇦🇹
You might be right! Welcome to the channel. Hope you'll check out the site.
Wonderful interview 👍hope to see Li Lu interviewed some day 😃
Thanks: we'll see what we can do!
Josh, I forgot to mention but if you know Li Lu, feel free to intro. I'd be more than happy to interview him as I'm sure it would be fascinating.
@@divyanarendraofficial I don't know Li Lu personally but I'm sure Mohnish does 🙂
Great interview and amazing insights from Mr Pabrai !!!
Great questions..Thanks
Amazing session!!
Gonna buy some of that warehouse stock now
Thank you for the quality interview, I've subscribe for more of such content!
Thanks! We're looking forward to bringing you more interviews like this. Please check us out at www.sumzero.com/apply. Free 10-day trial.
How does one invest in the Turkish markets?
Such an amazing video. I like your content
Thanks! We will be doing more content with others as well.
Amazing interview by both!
Amazing Interview.....Great Insights
Glad you enjoyed it! We hope you'll subscribe and share this.
wish the interviewer would just be stop interrupting and let Mohnish speak
The host reminds me of Senator Mitt Romney of Utah. The hedge fund guy gave some interesting insights on value investing.
Why he is disclosing officially the Baba position but not the Naspers (or Prosus) one ? Aren’t the same reporting requirements or what am I missing ?
00:37:46 How profitable has the company been over the past ten years? Don't accumulated losses eventually eat into a business liquidation value? And isn't the latest P/B over 2?
Excellent stuff
I wonder how does he feel about TKC the "AT&T of Turkey"?
Great interview. Thank you for sharing
Great interview. Thanks!
Thanks for taking the time to watch and comment.
Nice interview. Great interview.
Wow. Good job Overall. Interruptions were annoying.
Thank you Divya for the interview. Is it REYSAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A. Ş. or REYSAŞ TAŞIMACILIK VE LOJİSTİK TİCARET A.Ş.? Just looking at the balance sheet, it seems that the latter is more expensive on a P/B basis. Both have warehouse business.
Lojistik owns 62% of the former, which is an REIT.
@@SumZeroInc Thank you! Appreciate the interview again, have a great day!
Where is Brad? 🧐
I know it's random, but Divya may be the handsomest finance dude on UA-cam.
Mohnish is amazing.
Great interview.
Subscribed!
Just Amazing
I am following the Warren buffet and Charlie Munger and John Templeton. If it worked for them maybe it would work for me. When you buy an apartment or a business you don’t get a quote on it each day. You have to buy it for less than it’s worth to make any money.
“The lunch was wonderful” I hope so, you paid enough!
self proclaimed 'legends', love them
greetings from turkey!
Super video thanks for sharing
Thanks for watching!
I looked at the Reysas statements from 2019 and their debt was over $1 billion not $200 million, and the ppe was $500 million, but assuming they could liquidate it for $1 billion, it still wouldnt cover their debt. Nevertheless stock was trading below earnings so that's amazing
Türkçe dil seçeneği yok, birisi özetleyebilir mi acaba
Surely Amazons cheap and fast delivery is an example of scales of economy shared. They've defined online delivery services.
Amazing timestamps
Thank you so much. We take GREAT pride in our timestamps here.
Whoever says that backgammon is pure luck, has no idea about backgammon and doesn't know how to play it. Backgammon is the oldest board game in the history and it is the closest thing to real life (vs. chess or poker). It not only forces you to decide under uncertainty but also forces your psychology (to make the right decisions regardless of the dice/luck). Turkish people prefer backgammon because of 2 main reasons,
1) We are an extremely volatile country which brings a lot of uncertainty in every area from business to education to relations. This is why we (in time learned to) enjoy volatility and uncertainty in all aspects of life, including leisure time activities. Otherwise we wouldn't be able to excel (just like a fish that can't swim)
2) We have a social culture and backgammon is fun only when you mock and joke while playing. On the other hand chess, poker etc. these are all serious games in which you have to be silent and serious. We like talking man, that just doesn't suit us.
Hated host for interrupting unnecessary at 52:42.
Any ideas anyone who to buy into turkish stocks...am living in Europe
Nikhil I'm trying to figure this out myself
The political aspects are ignored in that conversation, Turkey is becoming more Islamic day after day.
Which will be negative towards most businesses going forward.
I have been investing in the Turkish for a couple years now, great returns since the index is pretty much at the all time bottom if you were to look at it with US Dollars/Euros/British Pounds.
1. Currently all of the banks are at the lowest point. Basically free money and very cheap per share. Some of the banks tickers that I like: Garan, Akbnk, Vakbn and Halkb (The bank Mohnish Pabrai was talking about)
2. Tickers with high growth rate: Logo, Vestl, Vesbe, Otkar, Bryat, Indes, Mavi and Froto.
3. Dividends are not worth it in my opinion, getting $0.03 in dividends per share should not make you want to invest in it. And majority of the companies pay once a year excluding Vestl and Vesbe this year.
If you look at the charts on tradingview, make sure to type the ticker in the charts, then type in /usdtry at the end of the the ticker. If you got more questions, let me know.
@@mikealpert4690 I'm in the US and looking to invest in the Turkish market. What's the best way to do so?
Oh... aren't you the one of the founder of the Facebook...
Sushant, that depends on which side of the debate you fall under ;)
Mohnish said Tencent is 50% discounted? or i didn't hear right?:))
No he was saying that when you buy naspers you hold tencent with 50% discount
@@thenon-gaapbillionaire3306 oh, ok
beautiful beard Div. Pabrai looks like my dad, so cute nice man.
It's funny that you say that: we were just talking about him keeping the beard for all future interviews.
ha! I'm not sure my mother would agree. But I appreciate the kind words!
I just call him the Indian Santa Claus
Dint u meantioned in one of your talks that u would not invest in Chinese companies coz u don’t find them ethically correct ? What has changed your mind?
Also, if u recommend Chinese stocks over any us companies to your viewers, I wish good luck to you and ur investors.
Data is the big advantage of China and Baba is one of the main gateway for this data.
In summary, buy baba and Tencent 😊
"Ideas are like assholes everyone has one"
If only you can close your eyes and ears whenever the interviewer annoyingly interrupts, especially when Mohnish is about to develop his ideas! Otherwise, a valuable exposition from Mohnish…
Since publishing this talk, Mohnish Pabrai has since closed out of BABA fully, at a massive loss...
There's something worthy of contemplation behind the "unusual cultures and DNA" comment.
Agreed. I should have delved into this deeper. Probably something to do with ingrained drive towards growth. Never being complacent.
@@divyanarendraofficial, I hope that you get another chance! I thought it may have been about level of independence considering he sidestepped Baidu, but I can only guess at what he knows and what he's hinting at.
Monish is funny too.... so he has Nasper not tencent directly.... makes sense.... even if it is forced to delist in usa , nasper is undisturbed!!
Российскому народу предстоит сделать выбор. Они могут либо выступить против Путина и потребовать соблюдения своих демократических прав, либо позволить ему продолжить наступление на свободу и демократию. Выбор за вами.
Isn't this the guy who was with the Winklevoss twins and outsourced the coding of Harvard Facebook to Zuckerberg?
You didn’t ask about Bitcoin! Why not.
Check out the 00:59:07 mark for the beginning of the discussion of Bitcoin and cryptocurrency in general.
Welly - Mohnish is not a crypto guy. He's a deep value investor intensely focused on downside protection. He's as far from crypto as they come and said as much in the interview.
LOL sorry but can't take this guy seriously, "short term capital gains tax should increase", oh okay, so someone who can sit on a "safe" investment with millions of dollars should be taxed less than someone trying to increase their account from a smaller base. Get real, been sleeping with warren buffet too much eh champ.
Well said Addy
Value is dead, watch disruption bankrupt all these value traps
Which disruption will bankrupt alibaba
As a Turkish guy, i don't agree with you Mr .Pabrai in some of your arguments. Firstly , coke in Turkey is something you consume in your teenage years after than even secular people of Turkey switch to healthty drinks like ayran. Secondly , you may think Turkish securities are deeply discounted and it is a time buy from the dip. However, you are not aware of the fact that currently there is almost no rule of law in Turkey. You may still think it is not important as long as it doesn't affect you. But be aware, at some point in the future the government _president- may seize your assets with unbased allegations of supporting terrorism. This is the reason why even businessmen close to the current governing party invest their money into safe heavens.( check yildiz holding, dogan holding, and 5 big construction companies moving their wealth to London). If you really want downside protection, study the current political and judiciary environment in Turkey. I hope i am wrong, and you put your money in really emerging market and democratic country.
You raise very valid concerns. The risks are real. The way to mitigate them and invest prudently in such an environment is to 1) Size one's position appropriately, and 2) Pay rock bottom prices for the assets.
Looks like you either fear mongering or you’re just clueless. The guy already invested and making money and have credibility in market. Looking your ignorant comment doesn’t give me any confidence. Just you being Turkish doesn’t gives any credence.
@@danialami1866 i am pretty sure mr. Punnrabi has more knowledge than me,and he mede a decision to invest in Turkish securities. Probably ,he hired lawyers practicing international law, he assigned London courts in case of any disagreement. He has also power to give bribes to Turkish authorities. After all, he has a deep pocket. However, i still believe retail small investors should avoid Turkish securities. I just shared what most Turkish people think about the current situation in Turkey. Turkish people do not trust the lira -currency_ and the rule of law.
What secret sauce does Divya have to get Mohnish to talk his positions?!? 🥸🤯
haha Brad, that's a very good question. I can only speculate but he's an avid reader on SumZero. He's also naturally professorial.
@@divyanarendraofficial giving back to the community 💯