Mohnish Pabrai’s Lecture, Q&A with students of Peking Univ. (Guanghua School of Mgmt.)-Dec. 3, 2020
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- Опубликовано: 31 май 2024
- Professor Jiang Guohua’s Students
“Compounding with the Spawners”
00:00:00 Introduction
00:04:33 Choices for an investor
00:09:51 The Path to Multi-Baggers
00:13:26 Spawners
00:30:32 The $50 Billion Rule
00:33:49 Pabrai Spawning rules
00:36:38 Set it and forget it
00:42:50 Conglomerates vs. Spawners in Emerging Markets
00:43:44 Fake Spawners
01:06:20 Core traits of Spawners
01:19:04 CMGI
01:22:47 When wealth is lost
01:25:15 Costco; Seritage
01:29:11 Entrepreneur’s Advantage
01:33:00 Leverage and Debt
The contents of this video are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.
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Sounds like it is time to write another book Mohnish
China and India should take this sort of goodwill to see the progress of both the nations instead of engaging in unnecessary issues. Hope, people realise.
Always learn something from these talks!
You and me both mate
Thank you for making a video @Investing with Tom have a good day
49:09:As is your wish so is your will as is your will so is your desire and as is your desire so is your deed, your deepest desire is your destiny
Just started listening to it, but I am sure this is going to be a great talk. I am excited about Pabrai 2.0.
Pobrai sir listening you same as learning with joy
A great way to start a Monday morning. Thanks for this Mohnish!
I really like your explanation of the concept of Apex spawners Mr Pabrai. There definitely needed to be a new term used to describe these types of mothership companies that have many ships in their fleet. Really enjoy these lectures. Thank you for putting it up for us :)
Monish is one of the great minds of value investing....a lot of people get compared to Buffett, but from a style and competence perspective, I actually think Monish is going to take the reigns from Buffett once Buffett dies. Not Ackman, not Chamath, not Cathie Wood, not Druckenmiller....but Monish. Not necessarily from a fund size perspective, but in terms of value-added thinking about investment in modern markets. Wish I could chat with him for an hour on the phone.
I agree and think Li Lu is there too. Very limited information on Li Lu in the public domain though
Agree with both you guys, everytime I heard a talk of Mohnish it really blows my mind with new ideas and concepts.
You can also feel with Li Lu that he is really gifted, goes to the point and is willing to work hard on it. There's a talk of him to Columbia university students that's really unvaluable.
Druckenmiller and Ackman are extremely good investors as well. Only time will say who will make the best investment returns.
Druckenmiller already retired He had adapted soros's macro strategy not value investing
@@DavidMM255 Agreed.
Pretty sure Mohnish didn’t lose $600M in 3 months w/ Netflix. Then again, pretty sure that’s a drop in the bucket for the likes of Ackman’s firm. Would be nice to be able to lose that much lol.
I don’t feel like i was listening for 2 hours really enjoyed thanks 🙏. 2020 is the best year for me too I know about Mohnish in 2020. I watched all videos in 2020 learned a lot. Thank you for sharing all these in youtube love you ❤️
he is my role model not because of his investment style but just the personality he is
That's definetely a lecture worth watching every few months...
I want to thank you Mohnish ji from the core of my heart for giving us such a great insights and making us more smarter. I am always eagerly waiting for the next one.
This framework is yet to evolve. Its promising but too many unanswered questions. Many spawners were not so at early stages. Because to spawn you possibly need free cash flow and you dont have that until your original business is successful. And how would you differentiate successful spawners from bad capital allocators at early stages? Gosh thats such a good question I am forced to like my own comment.
Very well said. His examples of Alphabet and Amazon wouldn't be easy to spot early enough to make them as profitable of an investment. They didn't start spawning until later in their development.
I agree. I think Monish probably is making error of looking at history of companies who went 100x and tries to find companies that have same traits. But there were probably hundreds of companies which share those traits that weren't succesful.
If you can’t answer that point about a company, you move on - that is the answer
If you can’t answer that point about a company, you move on - that is the answer
New learnings for 2021!!! Thank you
Love from Bihar, India 💛
Greetings from Germany. That was highly educative, thank you!
This is one of best lecture and q&a session of Pabrai.
It always enhances your knowledge when you listen to Mr. Pabrai 🙏🙏🙏
A great lecture as always. Thanks for the same Mr Mohnish.
Spawning is basically companies changing business structure by going into adjacent/different verticals.
This is Opposite of
The Dhandho Tenet--
BUY SIMPLE BUSINESSES IN INDUSTRIES WITH AN ULTRA-SLOW RATE OF CHANGE.
Every time we get to learn a lot and something new. Thank you Mohnish. 😊
I've listened to this talk about 3 times. It's really good stuff
Incredible talk!! Very well organized and I’m excited to see this new framework unfold.
Thank you so much for sharing. Had never really considered spawning ability of the companies i invest in, but i will now. Thanks again.
Saving this one for later, loving these latest videos from Mohnish.
A great lecture, well worth studying again and again (so I'll do with much attention). Thanks a lot for uploading, Mr. Pabrai.
Thank you Mohnish, great talk!
I love these lectures/interviews! Clone! Clone! Clone! 😂
thankyou for this wonderful vedio mohnish
Truly evolutionary content for Value investors. Change truly is constant but with core attributes.
*So grateful for this!* Thank you!
Listened to all cant get enough Pabrai! New lifegoal is make enough monay to have lunch with him! A true gentleman
Thanks mohnish for sharing your wisdom
Great Lesson Monish. Very insightful.
These students are very smart and ask very good questions.
Amazing framework. Thanks for sharing, Mohnish
Thanks for the guidance Monish.
Great lecture!
Priceless.
Wonderful talk !
We gain lots of knowledge from your books like mosaic and The dhandho Invester ....... thanks Mohnish
You should also try "My money Universe" youtube channel from india
This is absolutely fantastic, Pabrai 2.0 might just be Gandalf The White. Thank you, I appreciate it a lot!
Great teacher
Very eye opening session sir 🔥🔥
Omg! So much wisdom
Pure gold
incredible slides, especially the classification of companies.
just wanted to repeat the above. He distilled a lot of information in simpler forms / mental models. This was one of the best lectures ever.
All G glasses so cool !!!
Thank you
What a great talk! Let's hunt for spawners :)
thank you from Germany
Please write another book, professor pabrai
Love the content. Also the music at the beginning is enchanting
amazing
Monish is referencing information that has been around for a while, a very old book written by Phil Fisher, Uncommon stocks, Uncommon Profits.
Thanks Mohnish!
Excellent breakdown how to invest lika a pro
here we go!
I agree with his premise that if you spot a spawner early, before 500MM you can make a lot of money, but AMZN, Google, and BABA were not spawners until they were multi billion dollar companies right? First they became dominant in one industry, then they branched out. His new spawners, are not dominant, that is why they are small market cap companies, if they ignore their main business to spawn other things, it seems more distracting to the company.
Really great talk. Just got a little delusional just before 50 min.
The book Rethinking Positive Thinking: Inside the New Science of Motivation of author Gabriele Oettingen, professor of psychology at New York University enlights us with great depth regarding that.
"Chamath is going to do really well" : Mohnish Pabrai, 2021'
Pabrai is spawning a global army of shameless cloners 🙋♂️
Hey Brad, as always I think we can hear your version of this talk in your channel
@@shreyas3517 coming soon 💯
Thanks for inspiring us Brad. Your videos are equally informative.
Some interesting things I spotted for your recap video Brad: 1) this video was sponsored by himalaya capital, not sure what they sponsored/what the cost was here. 2) he seems to hint that srg was not a long term compounder play.
@@gauravkaushik04 Cheers Gaurav 🤙
Forgot to ask.. Does this mean you changed your view on mastercard VS suntek 😅. Thanks for the lessons.
Gold
That Nick Sleep character reminds me of Munger. What does he really own?
Berkshire, Costco and a part of Li Lu's fund.
he doesnt own amazon anymore?
@@guharup i think Munger never had amazon.
Ah I was thinking of Nick, got it
"Elon could make a very large bet on something unproven" reminds me of a certain bitcoin purchase.
or the purchase of solar city?
The World Would Be A Much Worse Place Without Elon
The world would be a much better place without someone who pumps and dumps low liquidy financial instruments for fun on Twitter. Musk is a charlatan and does not belong even remotely close to Bezos and co.
Their Bitcoin purchase was less than 10% of their cash at the time (much less now.) It was about 0.15% of their market cap. Not exactly a "large bet." That pretty small bet is up roughly 40% since then and Tesla's debt has gone down
What are Tesla spawns?
Battery storage / auto bidder
Insurance
App store
Solar
Self driving /robo taxi
AI /bots
Keep sleeping on it
conservative in spawning in early stage. Small bet in mothership in early days. When they are small they focus on one thing if they are spawning then they are keeper.
which are those 4 company's that are sponners?
any clue?
I see Reliance industries fit apex spwaners framework very well.
Can someone tell the time stamp for Edelweiss?
My big spawn was Qualcomm.. Had truck tracking, with satellites, used by large local chicken boniness. .Cash flow positive CDMA was the ticket, 1900%. AMT killed me when I sold most of it in 1999, and 2000. Bought bonds, banks. Bought Apple in 2001, after my kid came home with an iPod.
please any guess for future
What about motherson sumi and abfrl??
I need not to lose my focous to understand it although he talk is very nice
Isnt Restaurant Brands also a Spawner?
How to know that where to invest in stock market
apple is also spawner....new products
Indian company ITC is a great Spawner company
Sir humlog dakshana ma nahi padshkta hai
What about aditya birla fashion and retail???
Please write a more book
I want to send something, but I need to build a position as my funds trickle in monthly. Pabrai money would eliminate the deal quick!
i dont quite understand why capitalisam is brual?
Monish, How can I get you on our podcast?
Mr pabrai I also want to read Nicholas sleep's letter where can I access them?
Just Google 'Nick Sleep Letters' and the first link would help you find the PDF of the letters
So basically u want to invest in companies which does a lot of option trading.
What I mean by option trading is that, when u go for a option trade u always have a very limited amount which u will loose and and unlimited changes of gain.
Astral Polytechnik in India can be a spawner.
Nature calls for one more book mohnish, write it please
How many watching this will be a Great Investor?
Google went public at $23 billion, so it’s a pass 😉
Ha! Interesting point.
@@palestineViper true, that would be a silly objective
The thing is you can't generalize any framework... imagining turning down amazon because it wasn't profitable
True, this framework needs more thought and I believe it may be flawed
In The past few decades there has been tremendous change in characteristics of businesses and business models and that is why there'll be exceptions to every framework
Is there any in india also
Yes Himanshu ji
@@hardikprajapati8080 grt can you share few examples please
1:34:28 : Listening to your....?
I think the 5 billion limit is too strict. I think 30 billion is also ok with all this money printing nowadays
Please comment spawners
ITC is great spawner ...
Microsoft bought LinkedIn
please stop talking of pies. i am already overweight from lockdown
Wait until you realize Bitcoin is the greatest spawner in the history of Earth. Skate to where the engineers are going.