Mohnish Pabrai Quotes

102 Mohnish Pabrai Quotes

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The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.
Mohnish Pabrai

If you understand the business, you understand what they're worth. And that's the only reason you are to buy a stock.
Mohnish Pabrai

[In April 2010] The average Chinese company has three sets of [accounting] books. You know, one for the government and one for the owner's wife and one for the owner's mistress. And so the problem you have is you don't know which set of books you're looking at.
Mohnish Pabrai

[On not needing to meeting company CEO’s.] Not being mesmerized by charisma will probably help you.
Mohnish Pabrai

[In April 2010] I have an eye out on the markets, but there's just not a whole lot of value presently. But value can show up tomorrow, for example. So we're not in a hurry. Happy to have a leisurely lifestyle and wait for the game to come to us.
Mohnish Pabrai

You have to make sure that your losers are few and far between.
Mohnish Pabrai

Are you looking at normalized earnings or are you looking at boom earnings?
Mohnish Pabrai

[In May 2009] There are lots of opportunities out there right now. I’d love to see Warren give us some color on things like where they have been active in the debt markets.
Mohnish Pabrai

[In May 2009] There could be some real tailwinds in some of the insurance lines.
Mohnish Pabrai

[In April 2006 on Sears Holding/Edward Lampert] Investors are betting on his ability to convert assets into cash and to convert cash into a lot more cash. From my perspective, the hedge fund and the company are the same. [He had not bought any Sears shares yet believing they were overpriced.]
Mohnish Pabrai



[In July 2008 on paying for a lunch with Warren Buffett] It was well worth every penny, probably worth a lot more than every penny.
Mohnish Pabrai

[In February 2012] This is the first time in my life that I’m using Skype.
Mohnish Pabrai

[In February 2012] There are so many good ideas around. You don’t need to create your own ideas – you can clone them.
Mohnish Pabrai

[In February 2012] People who knew Sam Walton would tell you this was not a very brilliant guy. But what he did was he spent an incredible amount of time in his competitors stores… He was looking at every single thing his competitors did every single time.
Mohnish Pabrai

Everything that Microsoft has had any kind of success with has been cloned.
Mohnish Pabrai

[Burger King versus McDonalds carefully choosing sites.] Burger King has two guys to figure out locations and all they do is basically go out and put Burger King’s near McDonalds.
Mohnish Pabrai

[On his practice of cloning.] I have nothing new to share. All I’m going to give you is old handed ideas from other people.
Mohnish Pabrai

I started to apply Buffett’s approach in 1994 to investing… I had about a $1 million in cash at the time. And I did really well… I had something like 75% annualized returns [In the beginning].
Mohnish Pabrai

[In 1999] I setup the Pabrai Funds.
Mohnish Pabrai

I have a nap room in the office.
Mohnish Pabrai



[On Warren Buffett in 2012] He does not delegate any part of the investment process. He does not have analysts.
Mohnish Pabrai

I just wanted to clone what Buffett did…
Mohnish Pabrai



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