Mohnish Pabrai Quotes
102 Mohnish Pabrai Quotes
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I always enjoy reverse engineering [Warren] Buffett’s investments.
Mohnish Pabrai
Invest in Businesses with Durable Moats.
Mohnish Pabrai
As my mom always said, ‘Time is the best healer!’
Mohnish Pabrai
I am very reticent to take permanent losses of capital. Buffett’s rule number one and rule number two are worth keeping front and center at all times.
Mohnish Pabrai
You go into greed mode.
Mohnish Pabrai
Warren uses a ‘mental checklist’ process.
Mohnish Pabrai
I am not Warren [Buffett], I don’t have a 300 IQ.
Mohnish Pabrai
[In December 2008 on the swap buyers projecting present conditions into infinity.] That’s just so stupid. It will never happen.
Mohnish Pabrai
Unlike brain surgery, in investing your can be wrong 40% of the time and still do fine.
Mohnish Pabrai
Buffett says, ‘I am a better investor because I am a businessman and I am a better businessman because I am a better investor.’ You need the same skills in investing as when you are an entrepreneur.
Mohnish Pabrai
The good news in investing is there are no HR problems. If there are no humans, there are no problems!
Mohnish Pabrai
All industries work with change but you should ideally be investing in businesses with a low rate of change, not a high rate of change.
Mohnish Pabrai
I was lucky that my father ran a whole bunch of businesses, started, grew and bankrupted them. Many of these businesses were very highly leveraged. My father was always optimistic and he was maximizing leverage on the business. But they would blow up because there was no stability in them.
Mohnish Pabrai
From the age of 12 or 13, my brother and I were like the board of directors. He and I would sit down, looking at details of cash flows, trying to figure out how to get past the next day, just one day, every single day.
Mohnish Pabrai
It is desirable to learn vicariously from other people’s failures, but it gets much more firmly seared in when they are your own.
Mohnish Pabrai
You have to keep things in context.
Mohnish Pabrai
There is a famous quote: if wealth is lost, nothing is lost. If health is lost, something is lost and if character is lost, everything is lost.
Mohnish Pabrai
Traditional airlines are a losing proposition because of various structural issues — your pricing is set by your dumbest competitor, your costs are subject to a duopoly of airplane manufacturers, a duopoly of engine manufacturers, and a duopoly of maintenance guys and all of them can get whatever they want from you. On top of it, your entire workforce is unionised on every front. You don’t have any leeway to control cost.
Mohnish Pabrai
I am not bouncing up and down with stock prices. I don’t even know what the markets or my stock did today. All of that is just irrelevant.
Mohnish Pabrai
[In 2013] I don’t invest in India because there are too many regulatory hurdles.
Mohnish Pabrai
John Templeton used to say that there is no investment manager who is going to be right more than two times out of three.
Mohnish Pabrai
Investing mistakes are part of the landscape.
Mohnish Pabrai
You are always better off buying a business that has a lot of future growth in it because you can hold it for a long time.
Mohnish Pabrai
We like to hold cash so we do not miss out on any long-term opportunities.
Mohnish Pabrai
[Warren] Buffett says if he could forecast Google’s revenues and cash flows at a particular price, he will consider buying it. His problem is that he can’t forecast the revenues and cash flows.
Mohnish Pabrai
[In April 2010] We will never have another Warren. I think Warren is a very unique person.
Mohnish Pabrai
I believe the best things about Warren have nothing to do with investing.
Mohnish Pabrai
I think, most of the great things I’ve taken from Warren have more to do with life than investing.
Mohnish Pabrai
Warren pays attention to intangibles, but Ben Graham was very much a tangible guy.
Mohnish Pabrai
When you look at a business, look at it in a broader context of how it fits into the world. And sometimes, if you can see it in a light that the world is not seeing it in, that can give you an edge.
Mohnish Pabrai
[On Charlie Munger saying ‘You have three choices, yes, no or too difficult.] That’s right. And 98% is too difficult.
Mohnish Pabrai
The durability of technology moats is many times an oxymoron.
Mohnish Pabrai
What you want is a business that has a deep moat with lots of piranha in it and that’s getting deeper by the day. That’s a great business.
Mohnish Pabrai
Charlie Munger likes to say that you don’t make money when you buy stocks. And you don’t make money when you sell stocks. You make money by waiting.
Mohnish Pabrai
All investment managers’ miseries stem from the inability to sit alone in a room and do nothing.
Mohnish Pabrai
I think that the way the investment business is set up, it's actually set up the wrong way. The correct way to set it up is to have gentlemen of leisure, who go about their leisurely tasks, and when the world is severely fearful is when they put their leisurely task aside and go to work. That would be the ideal way to set up the investment business.
Mohnish Pabrai
People think that entrepreneurs take risk. And they get rewarded because they take risk. In reality, entrepreneurs do everything they can to minimize risk. They are not interested in taking risk. They want free lunches and they go after free lunches.
Mohnish Pabrai
Entrepreneurs are great at dealing with uncertainty and also very good at minimizing risk. That's the classic great entrepreneur.
Mohnish Pabrai
My experiences as a businessman have very direct, long-term positive impacts on me as an investor, because when I'm looking at an investment, I now look at it like the way I looked at my first business, which is, the first thing I'm looking at is, how can I lose money on this? And can I absolutely minimize my downside? The up sides will take care of themselves. It's the downsides that one needs to worry about…
Mohnish Pabrai
[In April 2010 on short-selling] It never made any sense to me, so why go there?
Mohnish Pabrai
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