Collection: Mohnish Pabrai - #158 'When Life Gets Hard, Find Your Rope'



[Transcript]

ARVIND NAVARATNAM 00:00

Mohnish actually on that subject, you talked about the rope in the well and Excel on the professional front. You mentioned the personal front too, do you have a rope in that scenario?


MOHNISH PABRAI 00:14

So I think we have to understand that present circumstances never last, you know, if you’re having really a good time in life that's probably not gonna last and if you’re having really bad time in life that’s also not gonna last.


So one is you have to have confidence that when you’re at the absolute bottom in life that it is going to get better, it’s just a nature of life, it’s going to get better.


And so once you have that basic confidence that life changes, I mean, you know we have this, you know, number of people kill themselves right? I mean we have suicide where people just take their lives and such.


I was reading somewhere that – I don’t know if I got the numbers right – but they’ve been like more than a thousand people who’ve jumped off the Golden Gate Bridge and I think they’re like something like 30 of them who survived who didn’t die. And those 30, 100% of them regret the decision to jump.


Okay, so basically if we have a sample size of 30 out of – I mean, we can’t talk to the people who jumped and actually died but we do have these few people who came back from the dead if you will. And if a 100% of people who came back from the dead are saying it was a big mistake to do it, probably the odds are that if we could talk to all thousand-plus of them, the overwhelming number would say it was a mistake.


And so then why did they jump?


Well, I think they jumped because at that point they were at the bottom of the well without a rope. Right? So that’s a very sad situation but they for whatever reason did not have the confidence.


And this is why you know a certain percentage of humans – you know, a large number of humans attempt suicide, a relatively small number are successful, thankfully. That’s one thing good about not a large number of successful. But I think that – I think people get to bottoms and don't know how to get out of the bottoms. Right?


And I think that the only thing I can say is that one has to have faith that tomorrow will be better than today and that whatever circumstances we are facing are not permanent. And once we have – so it could be finding Buddhism, it could be finding a friend, it could be finding a loved one to talk to, it could be – there’re hundred different kinds of ropes one can have.


I mean I think in the case of a large number of people, their spouses are going to be the rope. You know, many times I have issues which I’m just kind of concerned about whatever else, I’ll just talk to my wife about it and almost always I’m feeling a lot better after that talk.


So I think we can always find the people around us, I think definitely if you reach out to friends and family when you are at the bottom of the well, it is only going to help you.


(Source: https://youtu.be/9tGjXPhnp-s)

 

[YAPSS Takeaway]

Understand that present circumstances never last whether it is good or bad.

Have faith, have confidence, tomorrow will be better.