Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of… — Mohnish Pabrai Copy Share Image
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 Copy Share Image
Entrepreneurs are great at dealing with uncertainty and also very good at minimizing risk. That's the classic great entrepreneur. — Mohnish Pabrai Copy Share Image
The essence of a good investment manager is one who studies a given business and extrapolates the future cash flows that the business is… — Mohnish Pabrai Copy Share Image
“Einstein also recognized the power of simplicity, and it was the key to his breakthroughs in physics. He noted that the five ascending levels… — Mohnish Pabrai Copy Share Image
The single biggest advantage a value investor has is not IQ. It's patience and waiting. Waiting for the right pitch, and waiting for many… — Mohnish Pabrai Copy Share Image
One of the first things I tell people is, if you want to learn about investing, you want to open an account and make… — Mohnish Pabrai Copy Share Image
To the extent societal rules or the wiring of your brains make it easy to acquire a lot of assets, then to the extent… — Mohnish Pabrai Copy Share Image
Before starting my own investment funds, the only models I was aware of were those of Warren Buffett and Charlie Munger. Their models made… — Mohnish Pabrai Copy Share Image
I have a hard time getting past the day without the nap, so the nap is a must. — Mohnish Pabrai Copy Share Image
We Americans love original ideas. But truly, there are already plenty of good ones out there, ours for the taking. If I were too… — Mohnish Pabrai Copy Share Image
The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue. — Mohnish Pabrai Copy Share Image
The stock knows that I bought it, and it decides, 'Mohnish is done. Now let's go down.' — Mohnish Pabrai Copy Share Image
Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets… — Mohnish Pabrai Copy Share Image
