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Chai with Pabrai


Feb 23, 2023

Mohnish Pabrai lecture to Trinity Student Managed Fund at Trinity Business School, Trinity College Dublin, in Dublin, Ireland, on February 21, 2019.

(00:00:00) - Introduction

(00:02:59) - BULL! A history of the boom and bust, 1982-2004 by Maggie Mahar

(00:03:54) - THE DOW (1896 – 2019)

(00:07:52) - Market conditions when Pabrai Funds started

(00:09:36) - Price matters

(00:12:14) - S&P 500 (1928 – 2019)

(00:12:43) - Nasdaq (1971 – 2019)

(00:13:19) - Sensex (1979 – 2019); Dax (1988 – 2019)

(00:13:58) - Property bubble to NIKKEI (1970 – 2019)

(00:16:28) - KOSPI (1980 – 2019)

(00:24:50) - Lessons from Charlie Munger and Warren Buffett

(00:30:11) - Advice on Starting a Career

(00:32:22) - Definition of Success

(00:35:06) - Hedge Fund Fee Structure

(00:43:14) - When should one start a Fund

(00:50:11) - Succession plan at Pabrai Funds

(00:51:10) - Mental Models with Philanthropy; Dakshana Foundation

(00:59:07) - Low Risk and High Uncertainty Bets

(01:05:25) - Finding your own rope during drawdowns

(01:09:35) - Thoughts on current market levels

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