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Mohnish Pabrai is the founder and Managing Partner of Pabrai Investment Funds and the author of two amazing books – The Dhandho Investor, and Mosaic: Perspectives on Investing. He is an engineer by training and was running an IT services firm in the 1990s before starting to manage money.
Mohnish is an outlier in the world of investing given that he is a rare investor who has chucked ego out of the door as he calls himself a shameless cloner. He has in fact been quoted as saying, “I’m a shameless copycat. Everything in my life is cloned…I have no original ideas.”
One of his favourite investors is Nick Sleep of Nomad Investment Partnership who, as Mohnish has said, has transformed his investing style. In one of his letters for Nomad Capital, Sleep wrote, and I quote, “Investing is a wonderful, thoughtful, adventure but it can also be self-centered, a tendency that can be reinforced by the wealth that can follow. We think it is true that, once past X-amount, real meaning comes with reinvesting in society through charitable giving, which can also be a thoughtful, challenging, wonderful adventure, but with the added bonus that it feels like the world working properly.”
This description fits Mohnish to the tee, given that he also runs the Dakshana Foundation that provides comprehensive scholarships and support for very impoverished and very bright kids to undergo 1-2 years of intensive coaching before taking the IIT entrance exam in India. In short, he is transforming the lives of countless kids pulling them and their families out of poverty by giving them opportunities that might otherwise be unthinkable.
In today’s show, among other things, we are going to talk about the biggest lessons Mohnish has learned from the people with whom he has been the closest in life – like his father, Warren Buffett, Charlie Munger, Nick Sleep, and Guy Spier.
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