Video Link: https://youtu.be/Dfb4ky44UfI
In this episode, Mohnish Pabrai talks about the most basic requirement to be a decent investor and how he clone David Einhorn & Company?
In this episode, you’ll learn:
What is the most basic requirement to be a decent investor?
Mohnish Pabrai the Shameless Cloner.
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MOHNISH PABRAI 00:00
Well yeah, I mean I think that independence of thought is one of the most fundamental things in investing.
I think that you know, I call myself the shameless cloner and cloning is a very good thing, it's good to borrow ideas from Einhorn & Company especially since they're free.
But I think that you know, that's the starting point and after that you have to basically run it through a set of very independent filters in terms of – you know, things like is it within your circle of competence? Do you understand the business? What is it worth? What are the risk factors? You know, run the checklist and so on.
I have found it useful to have conversations with Guy Spier, so we do that as well. And so – yeah, I think you have to have a strong conviction, you have to have independence of thought and that's just, you know, I think just a most basic requirement for being a decent investor.
Did I answer your question?
AUDIENCE MEMBER 01:20
Yes. And I was actually – I was more heading on the internal idea generation. So you mentioned with Guy Spier, so just how you bound ideas around? Or do you come ideas along and then will go and talk about it?
MOHNISH PABRAI 01:37
You know by the time we get done with this talk, you're going to have a relatively low impression of me. I have no internal ideas. I'm only focused on ideas generated by Einhorn & Company. Please make sure you mention that today with him next time and thank him for me.
So I haven't had an original idea for a very long time. And I did have an original idea a few years back which is called Horsehead Holdings, but we'll discuss that another time.