TIP550: MASTERCLASS

W/ MOHNISH PABRAI

06 May 2023

On today’s show, Stig Brodersen talks with legend investor Mohnish Pabrai. In the interview, Mohnish Pabrai generously shares his investment framework and touches on various stocks, including Alibaba, Constellation Software, Reysas Logistics, and Shinoken. Disclaimer: Stig Brodersen is invested in Pabrai Funds.

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IN THIS EPISODE, YOU’LL LEARN:

  • How to stay objective when you get advice from someone you admire and like.
  • Why the Turkey stock market is attractive.
  • Mohnish Pabrai’s four steps to read annual reports.
  • What happened to Shinoken, one of Mohnish Pabrai’s previous holdings.
  • Mohnish Pabrai’s thoughts on Constellation Software and Mark Leonard.
  • Mohnish Pabrai’s thoughts on Alibaba.
  • How to live a truthful life.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:02] Stig Brodersen: Since its inception in 2000, today’s guest, Mohnish Pabrai has returned 989% to its investors net a fee in his flagship fund. This is compared to only 401% for the S and P 500. In today’s conversation, Mohnish Pabrai generously shares his thoughts on various stocks including Alibaba, Constellation Software, Reysas Logistics, and Shinoken.

[00:00:25] Stig Brodersen: However, more important than the stocks we discuss. I hope you appreciate how thoughtful Mohnish Pabrai is and how important it is to understand the process and separate the signal from the noise. I hope you enjoy the conversation with legend investor, Mohnish Pabrai, as much as I did. Here we go.

[00:00:46] Intro: You are listening to The Investor’s Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.

[00:01:06] Stig Brodersen: Welcome to the Investor’s Podcast. I’m your host Stig Brodersen and its Berkshire Weekend! At least it’s Berkshire weekend whenever you’re listening to this and I’m thrilled to have invited no other than Mohnish Pabrai to join us today. Mohnish, thank you so much for taking the time to speak with us today.

[00:01:21] Mohnish Pabrai: Stig, it’s always a pleasure at this time of the year just before the Woodstock for Capitalists gets hung, gets underway. So, it’s like our tradition, right? This is the kind of the pre-game tailgate party.

[00:01:35] Stig Brodersen: Well said, I don’t think I can beat that Mohnish so I’m going to go right into to the first question here. So, I’ve been, which is also a tradition, I guess I’ve been reading Munger’s, I guess it’s just wonderful book, Poor Charlie’s Almanac but especially the Psychology of Human Misjudgment is just amazing and I’ve heard you say that you always learn something new whenever you read the book. And I feel I do the same thing, but specifically for that speech, it really makes me humble because I feel I’m susceptible to so many biases and I thought of you as I was reading it.

[00:02:09] Stig Brodersen: Full disclosure, I’m an investor in Pabrai Funds and I can say that since I joined it, I’ve been very happy about it. I hope I don’t make you sad by saying so much, but it’s been a wonderful experience and I’ve started to wonder and worry if I like you a bit too much Mohnish and I am a bit worried in its own way because I have all these associations with you in terms of compounding my net worth and like all these warm, fuzzy feelings, right? So I kind of feel whenever I read something from you, whenever I watch a video with you or whatnot, I kind of feel, I fight myself filtering the information differently and that worries me.

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