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3 Takeaways: Interview With Mohnish Pabrai (2021.03)

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  • I recently interviewed legendary value investor Mohnish Pabrai in my capacity as a healthcare portfolio manager for the Babson College Fund. 我最近以巴布森学院基金(Babson College Fund)医疗保健投资组合经理的身份采访了传奇价值投资者Mohnish Pabrai。
  • Mohnish Pabrai manages $469Mn in Pabrai Investment Funds, and has beaten the NDAQ by 400bps for the past 22 years. Mohnish Pabrai管理着469百万美元的Pabrai投资基金,并在过去22年中击败了NDAQ400个基点。
  • I share my key takeaways from one of the most disciplined value investors which should be particularly valuable in today’s volatile markets. 我分享了我从最有纪律的价值投资者之一那里得出的关键结论,这在当今动荡的市场中应该特别有价值。

I had the distinct pleasure of interviewing Mohnish Pabrai, and wanted to share his timeless wisdom. 我有幸采访了Mohnish Pabrai,并希望分享他永恒的智慧。

We discussed a range of topics including the legendary value investor’s views on value investing (is it dead?), compounders, importance of entrepreneurship, having intestinal fortitude during market sell-offs, his investment in Turkey and more! 我们讨论了一系列主题,包括传奇价值投资者对价值投资的看法(它死了吗?),复利者,企业家精神的重要性,在市场抛售期间的勇气,他在土耳其的投资等等!

Who is Mohnish Pabrai?

Mohnish is the managing partner of Pabrai Investment Funds which he started in 1999 with $1Mn after selling his IT company, TransTech, for $20Mn. As of Q3’2020 that has ballooned to $469Mn due to Mohnish’s Munger/Buffett focused value investing style (BRK.B). Mohnish是Pabrai Investment Funds的管理合伙人,他在1999年以2千万美元的价格出售了他的IT公司TransTech后,以1百万美元开始了投资基金。截至 2020年第三季度这一数字已飙升至 4.69亿美元,由于 Mohnish 的芒格/巴菲特式的价值投资风格 (BRK.B)。

In other words, his fund has had a 12% CAGR vs. the NDAQ’s (QQQ) 8% in the same time frame. Mohnish is now extensively involved in philanthropy with Dakshana Foundation where he provides educational opportunities for gifted but underprivileged children worldwide. 换句话说,他的基金年复合年增长率为12%,而NDAQ(QQQ)的复合年增长率为8%。Mohnish现在广泛参与Dakshana基金会的慈善事业,在那里他为全球有天赋但贫困的儿童提供教育机会。

I learned of Mohnish a few years ago after reading the Forbes article, “How Mohnish Pabrai Crushed The Market By 1100% Since 2000.” The article gave me my first introduction to Mohnish’s proud Buffett/Munger copy-cat styled value investing. In the article, he cites the University of Nevada study by Martin and Puthenpackal showing how merely investing alongside Warren Buffett (after information about Berkshire’s buys and sells became public through the 13Fs) managed to beat the market by 11% every year over a 31-year period. 几年前,我在读了福布斯的文章“自2000年以来Mohnish Pabrai如何以1100%的速度碾压市场”后了解到Mohnish。这篇文章让我第一次了解到莫尼什引以为豪的巴菲特/芒格模仿式的价值投资。在文章中,他引用了内华达大学马丁和普滕帕卡尔的研究,表明仅仅靠模仿沃伦巴菲特一起投资(在伯克希尔的买卖信息通过13F公开之后)如何在31年期间每年靠11%击败市场。

To say the least, I was very excited to have the opportunity to interview Mohnish and soak in his knowledge. Here are my 3 key takeaways: 至少可以说,我很高兴有机会采访Mohnish并沉浸在他的知识中。以下是我的 3 个关键要点:

1. Maintaining Intestinal Fortitude 保持下跌时的勇气

I have been analyzing the greatest investors and found a common trait: temperamental control. While investing prowess is certainly important, the nature of the investor is equally, if not more, important. 我一直在分析最伟大的投资者,发现了一个共同的特征:情绪控制。虽然勇猛当然很重要,但投资者的个性同样重要,如果不是更重要的话。

Mohnish’s fund lost 65-70% of its value during the Great Financial Crisis, and even then, as a result of maintaining his conviction and

Link:3 Takeaways: Interview With Mohnish Pabrai | Seeking Alpha

Author: Anay Gawande

I am a rising senior at Babson College, interested in the stock market. I’m also a Portfolio Manager for the Babson College Fund that manages $5Mn by conducting bottoms-up, fundamental equity我是巴布森学院(Babson College)的一名冉冉升起的大四学生,对股市感兴趣。我还是巴布森学院基金的投资组合经理,该基金通过进行自下而上的方式管理5百万美元资产。

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