Great session, Mohnish. I know Warren Buffett wants to be remembered as a teacher. I hope you are too, because if you keep this type of sessions going I will be pointing at you as one of my most important influencers!
Some really great concepts in the talk. Let your winners run! Circle of competence No more than 10 stocks Find undervalued long term compounders. Will the company earn more in 5 years than now? Ignore macro. Focus on the business
Topics: Starting a fund Be a continuous learning machine All info is cumulative As you get older you'll get better unlike Basketball etc. Nic Sleep perspective Buying long term compounders Looking at international businesses - Seoul, Turkey etc. Best lessons come from the losers Pre-investment checklist - Leverage & misunderstanding the most & issues with management being the biggest cause of failures How to look for competitive advantage? You'd see it in the revenue, growth & cash flow. What are the prospects of the business? Is it growing? You should be independently wealthy before you manage money. If you're good, they (investors) will find you. Circle of competence Seritage Growth Properties - how stock market is like a theater Is the business getting better? As long as the business is doing well and the price is not extremely egregious, I'm doing nothing (holding) We should be comfortable with 95% in one stock. For eg: AMZN Portfolio sizing: personal accounts - 4-5, fund - 10 What's happening in markets is irrelevant. Not focused on the market. Just focused on individual businesses.
Please make one dedicated video on what should we read to get such an insights. Please recommend some books on accounting. I have read almost 6 or 7 books that you have marked as strongly recommended. I think I lack in accounting and in depth knowledge. Thank you Mohnish ji.
Such a great talk and discussion Mohnish. I sincerely appreciate you sharing all your knowledge with the "value" investing community! Loved your answer and explanation on buying SRG! :)
Mohnish i like the principles that you operate your portfolio on. Always I learn quite a lot watching your interview. I like the calmness and ease with which you answer questions.
I very much enjoyed this presentation. I am one of those principals you mention who built and sold a business. I am currently managing my own funds. While I enjoy doing that I find it quite stressful. I am being very cautious (less than half of my funds in equities). I am still concerned that the behavior I see from many investors is purely irrational and risks another crisis like those we have witnessed at roughly ten year increments. I don't like sitting on my hands but it does seem like a wise time to do that. I may contact you to see if there are any seats left in the theatre.
Mr. Monish , i know you are the early investor of IEX. Now IEX has grown large and more popular stock. IGX also upcoming subsidiary business . Huge runway . I wonder, you reduce your stack in the company. Did you get better option...
You can only run out from the burning theatre if someone buys ur ticket, u can't just vacate the seat and run out. Seats have to be fully occupied at all times. 👌👌👌🙏🙏
