MOHNISH PABRAI 00:07
You know, Charlie Munger Buffett's partner says that you can be a very, very successful investor. If you live in some small town in the USA Peoria, Illinois or something.
And you just bought for example, the McDonald's franchise in that town. You bought the best apartment building in the town. You could have bought the best office building in that town. And let's say you bought the Ford dealership of that town. And those are the four assets you owned.
Okay and when I said bought – Let's say you could even buy fractions of them, you know, might owned 10% McDonald's for example. And so if you constructed a portfolio which had those four assets.
And another thing in Peoria, Illinois. It could be Aurangabad in Maharashtra, for example, you could do the same thing there. So someone looking at portfolio outside would say this is not diversify, it's all in the same geography. That's true, it's the same geography.
But the odd are very, very high if a person bought those four assets and he bought them at reasonable price. And he never touch them in term of selling them or anything. Overall, it can do extremely well.
So and if you look at competence, circle of competence where investors like that, it's this small. They invested in something just in their geography, just four assets classes and very basic assets classes.
You know, and so you don't need to do everything to do well as investor. I think simplicity is very powerful and keeping it simple, it's really – really I think, informed. So next question?