Mohnish pabrai on his book, the dhandho investor confidential 1 mohnish pabrai discussed his book, the dhandho investor. Mohnish pabrai is the founder and managing partner of the pabrai investments. Even if you never get a 100bagger, this book will help you turn up big winners and keep you. Our favorite value holdings in mohnish pabrai s portfolio. Mohnish pabrai recently did a great presentation for the 2018 dakshana students at jnv bengaluru urban, karnataka, in india. Mohnish pabrai s longonly equity fund has returned a cumulative 517% net to investors vs. Horsehead zinc powders a manufacturer of zinc powders for the alkaline battery business and zochem a producer of zinc oxide. The horsehead holding corporation, formerly the new jersey zinc company, is an american producer of zinc and related material based in pittsburgh the new jersey zinc company was for many years the largest producer of zinc and zinc products in the united states. I think that you can read about the inner scorecard in schroeders book but some of the concepts like that which he picked out to go into, exhibited what. Much of the decline can be attributed to irrational declines in the prices of our two largest holdings, fiat chrysler and rain industries, pabrai. The making of an american capitalist by roger lowenstein details 38 buffettology by mary buffett and david clark buffett does not endorse this book. Mohnish pabrai sells out horsehead holdings yahoo finance. Horsehead holding corp zinc is the largest zinc producer in the united states and a leading maker of zinc valueadded products like zinc oxide and zinc powder.
Horsehead seems to be pabrais most active investment. In his pabrai investment fund, which is a family of hedge funds inspired by buffett partnerships, he successfully manages over 500 million of assets and consistently achieves aboveaverage rates of return. Mohnish pabrai is a great host, he takes time to meet the attendees before the meeting. Home books dhando investor meeting 2015 a day with mohnish pabrai.
After 100% gain in 2017, mohnish pabrai s portfolio sinks 25% in h12018. The dhandho investor mohnish pabrai the dhandho investor was the very first book i read on the subject of value investing, and it was an eyeopening experience. Some of the worlds most respected value investors including mohnish pabrai and guy spier had invested in the company and met with management increasing the allure of the shares. Pabrai s approach to life is covered extensively in guy spiers book, the education of a value investor, in particular in a chapter titled doing business the buffett pabrai way. Warren buffett and the business of life by alice schroeder.
In this book pabrai has distilled the warren buffett method of investing down to a few points. Mohnish pabrai the checklist investor crushing the market by. This marks the second time ive lost 100% of my money on an investment, but the first time ive done so since stumbling across ben graham and becoming an aspiring value investor. Pabrai attributes much of his investment philosophies to roger lowensteins book called buffett. Phelps is quick to add he is not advocating blindly holding onto stocks.
Horsehead seems to be pabrais most active investment but. Lower probability of dying in an airplane than crossing the street. On november 14th, 2017, mohnish pabrai s firm dalal street filed their quarterly form f regulatory filing. Mohnish pabrai has made it clear that he is holding on to his 10bagger stock only because it is managed by a dream manager who has never made a dumb decision. Why famous value investor mohnish pabrai is bullish on fca. How mohnish pabrai crushed the market by 1100% since 2000. In 2019, pabrai expanded his us holdings by tripling his holding of micron technology. This past weekend i was in irvine to attend the annual meeting of dhandho holdings and pabrai funds. Updating beliefs after a 100% loss by jesse koltes, founder of. Mohnish pabrai offers us a glimpse into the true meaning of value investing. Mohnish pabrai purchased the shares on the following dates at the prices listed below. Top american libraries canadian libraries universal library community texts project gutenberg biodiversity heritage library childrens library.
Dhandho holdings and pabrai funds annual meeting 2015. The company thrived in the period from 1897 to 1966, at which time it merged with gulf and western industries. But anyways, except for that, i scrolled though the book yesterday, and in the end pabrai sums up a few questions for the investor to ask before consider buying into a business. I am a diligent reader of fs, and stumbled across horsehead while reading mohnish pabrais sec filings. A former technology entrepreneur, pabrai is managing partner of pabrai investment funds. My investment in horsehead holding went to zero recently.
So if you think this modern value investing book is for you. Mohnish pabrai is an indianamerican businessman, investor and philanthropist. A hat tip to manual of ideas for doing this interview. Full text of the dhandho investor the low risk value method to high returns by mohnish pabrai.
Dalal street recently reported to the sec the holdings. The hedge fund took a major hit due to drastic decline in share price of horsehead holding corp zinc. Why i bought more of horsehead holding after the 15% drop. Full text of the dhandho investor the low risk value. He is an unabashed admirer of warren buffet and charlie munger. Ridiculing an investor like pabrai by isolating zinc is ridiculous.
Please visit our tracking mohnish pabrai s portfolio series for an idea on how his holdings have progressed over the years and our previous update highlighting the funds moves during q1 2017. Guru mohnish pabrai trades, portfolio, an engineer, investor, author, philanthropist and competitive bridge player, has recently been increasing his holdings in horsehead holding corp. The only other source of information before that had been a free ebook on warren buffetts investment strategy. Dhando investor meeting 2015 a day with mohnish pabrai. Mohnish s hedge fund aggressively bought a treasure trove of 6. Pabrai sold out his remaining 6,348,197 shares of horsehead holding at 28 cents per share. Mohnish pabrai won the 1999 kpmg illinois high tech entrepreneur award given by kpmg, the state of illinois and the city of chicago. I would tell him how much his books helped to change my life and investing. The essays were originally published by, the motley fool and silicon india magazine. Investors should not rely on book value, eps or yield apr 17. Mohnish pabrai is a value investor who has built a buffettinspired fund that he manages called dalal street.
Business snapshot horsehead holding is considered the leader in. Lets take a closer look to determine whether or not we should follow mohnish pabrai into horsehead. The dhando investor the investment checklist the manual of ideas. From 2007 to 2009, the fund lost more than 50% of its value, although it soon rebounded. I am personally waiting for a tellall book by guy spier and phil town to fill. I am also taking an assumption that mohnishs fund is still holding zinc as on today. Mohnish pabrai, one of our favourite stock wizards, has suffered a crippling loss of rs. At the start of the presentation pabrai made a recommendation to the students to read the following seven books and two websites to become a better investor.
The dhandho investor by mohnish gives you the lowrisk value method to high returns. Mohnish is chief executive officer of dhandho funds and managing partner of pabrai investments funds. Mohnish pabrai, the manager of dalal street, is still bullish on horsehead holding corp. Pabrai first acquired his stake in horsehead holdings corp. Pabrai may have sold out his holding in horsehead holding to cut his losses.
Pabrai and spier were willing to finance horsehead through this difficult time. The lowrisk value method to high returns, at moi globals meettheauthor summer forum 2019. The 5 stocks in mohnish pabrais portfolio vintage value. Dhando holding ipo will be delayed by 23 years, they are currently developing a smartbeta value etf and an own direct small businesses insurance company geico for businesses. Mohnish pabrai builds his position in horsehead holding. Thankfully, mohnish is taking the loss in his stride and is instead explaining the lessons that he has learnt from the fiasco.
In a recent form 4 filing with the securities and exchange commission, dalal street has. Even a person new to investing could get a good idea of how value investing really works from this the dhandho investor book. Learn more about mohnish pabrais uniquely not so unique investment framework. The question is whether his departure will now change mohnish s mind and induce him to dump the stock.
The debacle is attributable to a company called horsehead holdings zinc. The international metals reclamation company a recycler of nickelbearing wastes and nickelcadmium batteries. One of mohnish s ideas in the book is to be a cloner which means to dig around in the paperwork that other fund managers are legally required to submit publicly to the sec, find out what. Mohnish pabrai is an indianamerican businessman, investor, and philanthropist. Mohnish pabrai and the horsehead holdings catastrophe. The holdings of the fund in zinc was valued at usd 74. How horsehead holdings made me look more like a horses ass. Pabrai made several large additions to his holdings in horsehead. Books on investing and capital allocation pdf books on entrepreneurship, management and leadership pdf books on philanthropy, charity and public policy pdf books on sales and marketing pdf books on history pdf books on science pdf books on genetics and evolution pdf books on balance between work, play, family, friends, learning pdf books on. Mohnish pabrai is a relentlessly insightful thinker who delights in decoding the esoteric world of finance and also knows how to tell a good yarn. Whether youre mystified by what drives stock prices up and down on wall street or youre sure you know, youll understand better when you read this book. Check out the performance of mohnish pabrais portfolio in.
It misses out on the extensive special situationsworkouts that buffett continues to invest in. Get the entire 10 part series on charlie munger in pdf. The number of people attending the meeting has grown over the years. It was the th time he added the stock during 20, which makes me feel that pabrai is. Dhando investor meeting 2015 a day with mohnish pabrai home. These seven questions could be compared to warren buffetts own four checklist questions that he wrote about in his 1977 letter to shareholders. Our favorite value holdings in mohnish pabrais portfolio.
Mosaic is a compendium of essays written by mohnish pabrai from 20012004. Horsehead corporation a producer of zinc and zincbased products. Globally horsehead holding is the largest producer of. The dhandho investor book by mohnish pabrai describes the concept of value investing in the simplest terms. Pabrai funds crushed, down 20% in 2015 thanks to horsehead.
794 640 265 1572 109 932 284 599 863 306 1110 1525 817 823 657 857 508 348 563 470 1241 294 656 1403 409 1580 537 34 1216 465 282 445 1165 1482 918 1336 1070 742