Mohnish Pabrai on Learning from Mistakes and Reinventing Yourself - The One Percent Show

In this episode, I talk to Mohnish Pabrai, the founder and Managing Partner of Pabrai Investment Funds. Among other things, we talk about the biggest lessons Mohnish has learned from the people with whom he has been the closest in life – his father, Warren Buffett, Charlie Munger, Nick Sleep, and Guy Spier. To know more about this initiative, check out https://www.vishalkhandelwal.com/ Subscribe to The One Percent Show on - Spotify - https://open.spotify.com/show/1iLAoxJ... Google Podcasts - https://podcasts.google.com/feed/aHR0... Apple Podcasts - https://podcasts.apple.com/us/podcast... Amazon Music - https://music.amazon.in/podcasts/d09a... 0:00 Introduction 3:30 What makes Mohnish feel most alive 6:30 Lesson from Warren Buffett on saying no 9:45 How to deal with FOMO (fear of missing out) 11:28 Rediscovering lessons from Nick Sleep 13:29 Paying up for great businesses is not easy 14:09 Successful people go down the rabbit hole 15:05 Mohnish’s evolution as an investor and lessons learned 21:56 Mixing long-term compounders with the Graham approach 22:49 Investing in Turkey – compounding machine at Graham prices 25:55 Maintaining sanity while investing in the current times 27:03 Are we in a massive bubble? 32:48 Best part about the business of investing 33:34 How to assess a business in five minutes 37:30 Assessing business durability is harder 39:45 Lessons from Mohnish’s biggest investing mistake 45:31 Failure, not success, helps us grow 46:08 Letter to Warren Buffett to work for free 48:37 Biggest non-obvious learnings from Warren Buffett 54:21 Lessons from Guy Spier 57:30 Lessons for youngsters to lead a good life 1:05:47 Early lessons from Mohnish’s father on running a business 1:13:40 Best advice Mohnish ever got 1:15:04 Designing our personal owner’s manual