On today’s episode, Clay reviews Mohnish Pabrai’s book, The Dhandho Investor. Mohnish is one of our very favorite investors to study here at TIP as we’ve interviewed him for the podcast multiple times in the past. Since inception in 2000, Mohnish’s flagship fund has achieved a return of 781% to his investors net of fees versus 378% for the S&P 500.&nbsp;IN THIS EPISODE YOU’LL LEARN:00:00 - Intro05:19 -The story of the Patels, who went from owning nothing in the US, to owning over 50% of the motel industry.11:33 - The 9 Dhandho investment principles.14:24 - How Dhandho investors are able to earn outsized returns with minimal risk.25:09 - How to identify bargains in the market.32:17 - The relationship between investing and gambling.39:17 - Clay’s analysis on Mohnish’s largest US equity holding today.49:46 - Mohnish’s investing checklist he uses prior to purchasing a company.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>Tune into the recent We Study Billionaires' episode covering <a href="https://link.chtbl.com/WSB515" rel="noopener noreferrer" target="_blank">The Little Book of Valuation by Aswath Damodaran</a> or watch the <a href="https://www.theinvestorspodcast.com/episodes/the-little-book-of-valuation-by-aswath-damodaran/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Listen to the episode on <a href="https://link.chtbl.com/WSB513" rel="noopener noreferrer" target="_blank">Warren Buffett's Money Mind</a> or watch the <a href="https://www.theinvestorspodcast.com/episodes/warren-buffetts-money-mind/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Related Episode: Listen to <a href="https://link.chtbl.com/WSB442" rel="noopener noreferrer" target="_blank">Investing in Stocks w/ Mohnish Pabrai - TIP442</a>, or watch the <a href="https://www.theinvestorspodcast.com/episodes/investing-in-stocks-w-mohnish-pabrai/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Related Episode: Listen to <a href="https://link.chtbl.com/WSB508" rel="noopener noreferrer" target="_blank">Berkshire's Purchase of TSM & Meta "Doomsday" Analysis - TIP508</a>, or watch the <a href="https://www.theinvestorspodcast.com/episodes/berkshires-purchase-of-tsm-meta-doomsday-analysis/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Mohnish Pabrai’s book: <a href="https://www.amazon.com/Dhandho-Investor-Low-Risk-Method-Returns-ebook/dp/B008L042Q4?keywords=the+dhandho+investor&qid=1673811802&sprefix=the+dhan%2Caps%2C218&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=226c2e134133b760ac88f83b4dcd9723&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">The Dhandho Investor</a>.</li><li>Follow Clay on <a href="https://twitter.com/Clay_Finck" rel="noopener noreferrer" target="_blank">Twitter</a>.</li></ul>NEW TO THE SHOW?<ul><li>Check out our <a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/we-study-billionaires/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our <a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter, <a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">We Study Markets.</a></li></ul>P.S The Investor’s Podcast Network is excited to launch a <a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a> devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit <a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a> today!SPONSORS<ul><li>Get position and investment info for nearly 6,000 Asset Management Companies with&nbsp;<a href="https://www.moomoo.com/" rel="noopener noreferrer" target="_blank">Moomoo</a>, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.</li><li>Get personalized, expert advice that helps you see things clearly with&nbsp;<a href="https://www.atb.com/WhatIf" rel="noopener noreferrer" target="_blank">ATB</a>.</li><li>Help companies protect customer privacy in the face of endlessly growing data breaches by investing in&nbsp;<a href="http://invest.atakama.com/wsb" rel="noopener noreferrer" target="_blank">Atakama</a>&nbsp;today.</li><li>Talk to your clients about&nbsp;<a href="https://desjardinsfunds.com/RI" rel="noopener noreferrer" target="_blank">Desjardins Responsible Investment</a>&nbsp;today and support what’s right for society and what’s good for business.</li><li>Take stock of your finances and investing strategy with&nbsp;<a href="https://betterment.com/wsb" rel="noopener noreferrer" target="_blank">Betterment</a>.</li><li>Guess less and sell more with the Number 1 email marketing and automation brand, Intuit&nbsp;<a href="https://mailchimp.com/" rel="noopener noreferrer" target="_blank">Mailchimp</a>.</li><li>Let an expert do your taxes from start to finish so you can relax with&nbsp;<a href="https://turbotax.com/" rel="noopener noreferrer" target="_blank">TurboTax</a>.</li><li>If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with&nbsp;<a href="https://getrefunds.com/" rel="noopener noreferrer" target="_blank">Innovation Refunds</a>.</li><li>Support our free podcast by supporting our&nbsp;<a href="https://theinvestorspodcast.com/sponsors" rel="noopener noreferrer" target="_blank">sponsors</a>.</li></ul>HELP US OUT!Help us reach new listeners by leaving us a&nbsp;<a href="https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit" rel="noopener noreferrer" target="_blank">rating and review</a>&nbsp;on&nbsp;<a href="https://podcasts.apple.com/us/podcast/we-study-billionaires-the-investors-podcast-network/id928933489" rel="noopener noreferrer" target="_blank">Apple Podcasts</a>! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! 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TIP517: Mohnish Pabrai's Dhandho Investment Framework

We Study Billionaires - The Investor’s Podcast Network