Mohnish Pabrai

Businessman

1964-06-12

Quotes by Mohnish Pabrai

• What is John Arriaga's circle of competence? Is it real estate? No! Is it U.S. real estate? No! Is it California real estate? No! Northern California real estate? No! Only real estate around Stanford. His circle of competence is this small.

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• You don't make money when you buy stocks. And you don't make money when you sell stocks. You make money by waiting.

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• We have to do what I would call anomalies: we have to look for strange things that show up once in a while. They don't show up all the time. We have to be scanning the horizon, and doing that, once in a while something will show up that makes a lot of sense, and then you act on it.

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• Talking to people is beneficial if you can identify the right people to share ideas and discuss decisions because everyone has blind spots, and others can sometimes catch yours. I think an investment team is a bad idea, but it is a good idea to talk to trustworthy individuals who do not have biases or interests.

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• Entrepreneurs are great at dealing with uncertainty and also very good at minimizing risk. That's the classic great entrepreneur.

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• Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.

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• Before starting my own investment funds, the only models I was aware of were those of Warren Buffett and Charlie Munger. Their models made a lot of sense to me, so I cloned them.

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