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I also noticed the cycling shoes! That is true mark of living life on your own terms. Love it! I wish we could have seen Mohnish's bike! 🚲 A pleasant conversation on investing philosophy for sure! I appreciate his thoughtfulness and for finding a credo that works for him. We all should develop a credo that lines up with our own values and meshes with our personality. Mohnish has created a space that works for him. It's a little too busy looking for me. I need a lot of empty and open space. Give me a big desk, with a massive computer monitor, a handful of wooden pencils, and a stack of scratch paper. Give me a bookshelf filled with thoughtful authors and two typewriters - my IBM Selectric and my Olympia SM-8.
The Chipotle thesis is I think fundamentally wrong. It was clearly impossible to see the global trajectory of a restaurant(!) starting on 3 US states. Could have been any other mexican restaurant chain. You just cannot with certainty pick that kind of a no-moat franchise ex ante at an early stage. Different to smaller niche markets where you are actually leading. Silicon Valley Bank is the better example.
Yeah sure in short distances but trains will always have advantages they carry more and are cheaper more fuel efficient, autonomous trains is the future, can you imagine trucks doing a better job than a train carrying ore, fertilizer, grains etc?
37:27 - how ironic, who would have predicted the reign of Modi.. and india falling to its lowest point in various democracy index, freedom index, press freedom index and more.. Religious fanaticism and polarization at the highest. Growth rate has fallen (it was down to 3% even before corona). Unemployment is at its highest.
