Mohnish Pabrai on Learning from Mistakes and Reinventing Yourself - The One Percent Show

In this episode, I talk to Mohnish Pabrai, the founder and Managing Partner of Pabrai Investment Funds. Among other things, we talk about the biggest lessons Mohnish has learned from the people with whom he has been the closest in life – his father, Warren Buffett, Charlie Munger, Nick Sleep, and Guy Spier.

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0:00 Introduction
3:30 What makes Mohnish feel most alive
6:30 Lesson from Warren Buffett on saying no
9:45 How to deal with FOMO (fear of missing out)
11:28 Rediscovering lessons from Nick Sleep
13:29 Paying up for great businesses is not easy
14:09 Successful people go down the rabbit hole
15:05 Mohnish’s evolution as an investor and lessons learned
21:56 Mixing long-term compounders with the Graham approach
22:49 Investing in Turkey – compounding machine at Graham prices
25:55 Maintaining sanity while investing in the current times
27:03 Are we in a massive bubble?
32:48 Best part about the business of investing
33:34 How to assess a business in five minutes
37:30 Assessing business durability is harder
39:45 Lessons from Mohnish’s biggest investing mistake
45:31 Failure, not success, helps us grow
46:08 Letter to Warren Buffett to work for free
48:37 Biggest non-obvious learnings from Warren Buffett
54:21 Lessons from Guy Spier
57:30 Lessons for youngsters to lead a good life
1:05:47 Early lessons from Mohnish’s father on running a business
1:13:40 Best advice Mohnish ever got
1:15:04 Designing our personal owner’s manual