Jul 23, 2026
Mohnish Pabrai's Interview with Shaan Puri at My First Million
on May 5, 2026.
(00:00:00) - Introduction
(00:00:30) - Value investing in the US; Importance of patience in
investing
(00:02:15) - Mental models: The mistress is always hotter than the
wife
(00:04:58) - Introduce randomness in your life; Peter Lynch's One
Up on Wall Street
(00:08:12) - Elon Musk
(00:09:42) - From admiring to executing; Sam Walton & Cloning
(00:13:24) - Tesla; Blue Origin vs. SpaceX
(00:14:10) - Randomness & Cloning; Farm Con & Kevin Van Trump to
Milk road
(00:16:40) - McDonald's vs. Burger King
(00:17:05) - The Bedrock model: Take a simple idea and take it
seriously; Turkey vs. Indian markets
(00:20:39) - Mental model conflicts; Circle of competence
(00:23:13) - The salad oil crisis; Buffett's stake in AmEx and
Disney
(00:26:12) - Traits of great investors: Keep investing simple;
Warren's Too Hard Pile
(00:30:27) - Aksarben racetrack and Buffett's tickets adventure;
Moody's Manual
(00:33:02) - Japanese Company Handbook; Look for needles in
haystacks
(00:34:40) - Stock market: Church with a Casino
(00:38:42) - Lunch with Warren Buffett; Leverage lesson from Rick
Guerin
(00:41:39) - Inner scorecard vs. Outer scorecard
(00:43:25) - Cash and capital allocation at Berkshire Hathaway
(00:45:14) - My best investments; Investing in Turkey - Reysas &
TAV Airports
(00:54:57) - Active vs. Passive investing
(00:57:22) - Business Moats; McDonald's & FICO
(00:59:25) - Investing with AI
(01:02:58) - Constellation Software Services; Mark Leonard
(01:09:45) - GLP-1
(01:10:48) - Bitcoin vs. Gold
(01:11:32) - Do not die at 25 and get buried at 75; Get your music
out
(01:15:37) - Studying great investors: Ed Thorp
(01:20:45) - Ken Griffin: Citadel
(01:23:01) - Advice to listeners: Lead an aligned life - My owner's
manual by Jack Skeen
(01:28:08) - Guy Spier's letter to me
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