MOHNISH PABRAI 00:07
I think you need to be if you are in the investment business, you know, it helps to be a curious person.
It helps to be a person who's a voracious reader and it helps to be a person who's very interested in businesses in general and very curious about how different businesses run and make money and all of that.
And if those types of traits are present in you. Then by definition your circle which expand over time. But I don't think you need to particularly focus effort towards expanding the circle, it will happen naturally.
But also it's important to remember that we have the [Inaudible] who have a single asset class. That's all they've invested in and they've done extremely well on that.
So – so it's really you know, of course it's useful to have larger circles. But it's not – It's not that important. I think that this is a business that you're better off being an inch wide and a mile deep versus a mile wide and an inch deep.
So if you start off being an inch wide and 200 feet deep then you know, I would say put more energy behind going deeper versus going wider first.
1. To be a successful investor, you need to be:
a. A voracious reader
b. Be very curious about businesses; how they are being run and make money, etc.
2. In term of circle of competence; focus on going deeper versus going wider first.