Remembering Charlie Munger | Market Masters With Mohnish Pabrai | N18L | CNBC TV18
CNBC-TV18
22 min, 49 sec
A detailed recount of Manish Pabrai's relationship with the late Charlie Munger, his learnings, and discussions on investment philosophy.
Summary
- Manish Pabrai shares his personal experiences and bond with Charlie Munger, emphasizing the unexpected development of their close relationship.
- Pabrai touches upon Munger's ability to understand people and businesses, his family dynamics, and Charlie's love for Costco.
- Discusses key investment philosophies learned from Munger, including the value of concentration and the significance of swinging for the fences.
- Pabrai gives his take on current investment opportunities, with heavy investments in Turkey and the US coal industry, while acknowledging India's growth potential.
- Concludes with Pabrai's openness to investing in India if the right opportunity within his circle of competence and with good governance presents itself.
Chapter 1
Manish Pabrai discusses his special bond with the late Charlie Munger, initiated by a meeting set up by Warren Buffett.
- Pabrai recounts meeting Charlie Munger through a charity lunch with Warren Buffett and forming a lasting personal relationship.
- He describes regular bridge games and dinners with Munger, their last one-on-one a month before Munger's passing.
- The backdrop of the interview displays items symbolizing the importance of Munger's influence on Pabrai.
Chapter 2
Manish Pabrai shares insights gained from Charlie Munger, including Munger's interpersonal skills, business acumen, and life philosophy.
- Pabrai is impressed by Munger's ability to quickly understand people and build relationships across his diverse family spectrum.
- He emphasizes Munger's deep business insights, as seen in his love for Costco and discussions about U.S. stock positions.
- Munger's personal advice was invaluable, especially during Pabrai's personal challenges, showcasing Munger's broad intellect and empathy.
Chapter 3
Pabrai reflects on Munger's influence on Warren Buffett and his key investment philosophies that emphasized quality over price.
- Munger influenced Buffett to invest in high-quality businesses at fair prices, leading to transformative investments like See's Candies and Coca-Cola.
- Pabrai highlights Munger's belief in holding businesses permanently to attract future sellers, knowing Berkshire is a reliable buyer.
Chapter 4
Pabrai talks about Charlie Munger's witty exterior, his warm personality, and the values that made him a modern-day Ben Franklin.
- Despite Munger's witty public persona, Pabrai found him to be a warm individual with a high degree of empathy.
- Munger's modest lifestyle, such as traveling coach to maintain a common touch, is likened to Ben Franklin's character.
- Pabrai notes the Dakshana Foundation's tribute to Munger, using it as an opportunity to educate scholars about his life and philosophy.
Chapter 5
Pabrai shares Munger's investment advice on concentration and discusses his own investment strategies and views on global equity markets.
- Munger advocated for concentrated bets when odds are in favor, an approach Pabrai learned to value.
- Pabrai discusses his unusual portfolio distribution, with significant investments in Turkish stocks and the U.S. coal industry.
- He expresses skepticism about high U.S. market valuations and identifies India as an attractive growth story with valuation challenges.