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by Mohnish Pabrai

ePub Mosaic: Perspectives on Investing download
Author:
Mohnish Pabrai
ISBN13:
978-0974797410
ISBN:
0974797413
Language:
Publisher:
Grammer Buff; 2nd edition (January 1, 2004)
Category:
ePub file:
1363 kb
Fb2 file:
1763 kb
Other formats:
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Rating:
4.2
Votes:
220

Start by marking Mosaic: Perspectives on Investing as Want to Read: Want to Read savin. ant to Read.

Start by marking Mosaic: Perspectives on Investing as Want to Read: Want to Read savin.

Mosaic: Perspectives on Investing by Mohnish Pabrai. Listen in for a great stock market education on basics, learn how to invest on your own, and follow along with real-time examples and investing tips from week to week. The Dhandho Investor by Mohnish Pabrai. On the InvestED podcast, Phil and his daughter Danielle shine a light on the successful investing strategies that gurus like Warren Buffett have used for 80 years.

Mohnish manages US$ 850+ million US based fund called Pabrai Funds .

Mohnish manages US$ 850+ million US based fund called Pabrai Funds and is a hardcore Buffett disciple. He has written another popular book called The Dhandho Investor. Mosaic – Perspectives on Investing is a collection of 26 essays that Mohnish published between 2001 and 2004. I find his ideas very simple to understand and he has a knack of making the art of value investing look simple. He is a natural story teller.

Mosaic perspectives on investing. Documents Similar To Mohnish Pabrai Mosaic Perspectives on Investing. Carousel Previous Carousel Next. Margin of Safety Seth Klarman. Uploaded by. Omar Mumallah.

Another book by Pabrai is Mosaic: Perspectives on Investing. In this book Pabrai has distilled the Warren Buffett method of investing down to a few points.

Mohnish Pabrai immigrated to the US from India to attend Clemson University in the 1980s. He has also published two award-winning books on value investing, The Dhandho Investor, and Mosaic: Perspectives on Investing

Mohnish Pabrai immigrated to the US from India to attend Clemson University in the 1980s. He studied engineering, and after graduating worked in IT. Following several years in the business, Pabrai founded, ran, and sold a small IT company. He has also published two award-winning books on value investing, The Dhandho Investor, and Mosaic: Perspectives on Investing. Pabrai has since befriended both Buffett and his long-term business Charlie Munger. At a recent DJCO meeting, Munger asked Pabrai to stand for applause for his fund's Buffett inspired fee structure.

Mosaic - Perspectives on Investing is a collection of 26 essays that Mohnish published between 2001 and 2004

He has written another popular book called, The Dhandho Investor. Mosaic - Perspectives on Investing is a collection of 26 essays that Mohnish published between 2001 and 2004. Let's take a look at a few selected ideas from the book. The heart of value investing, as described by Warren Buffett, is minimizing the downside risk. Mohnish writes in his book

Город: Irvine, CAПодписчиков: 56 ты. себе: Managing Partner of Pabrai Funds, CEO o. .

Город: Irvine, CAПодписчиков: 56 ты. себе: Managing Partner of Pabrai Funds, CEO of Dhandho Funds, author of The Dhandho Investor and Mosaic.

"These writings clearly establish Mohnish on the forefront of an entirely new investment model, one that combines the old value tenets of Graham and Buffett with a modern, holistic approach to company analysis. This is the road on which successful money managers will have to travel in the future." Timothy Vick, Author of How to Pick Stocks like Warren Buffett and Wall Street on Sale
  • Mosaic is a compendium of essays written by Mohnish Pabrai from 2001-2004. The essays were originally published by TheStreet.com, The Motley Fool and Silicon India Magazine. A former technology entrepreneur, Pabrai is Managing Partner of Pabrai Investment Funds. Pabrai is a self-avowed student of the Ben Graham-Warren Buffett-Charlie Munger school of investing. That is to say, he is a value investor, searching for opportunities to buy pieces of companies selling substantially below their intrinsic value. Needless to say, this is a very accessible book, written in a style and level that the average person can easily understand. The author does a great job explaining the basic tenets of value investing. Part of Pabrai's appeal is that he was an entrepreneur before he was an investor, which gives him an unparalleled perspective on what it means to run a company. For a while I've wondered whether study of entrepreneurship is a worthy subject of study for investors, a question further answered in the affirmative by the positive dust jacket blurb by Amar Bhide, author of The Origin and Evolution of New Businesses.

    As one would expect, there are frequent references to and reprints of quotes by Warren Buffett, but I was especially pleased to see references to Buffett's better half at Berkshire Hathaway, Charlie Munger. In fact, there are two chapters devoted to Munger's approach of using a "latticework" of mental models in the investment decision process. This is distilled to its essence on page 61: "Investing is all about making a series of observations about a given business and developing a theory about what it's going to do in the future...Start by making a series of careful observations, analyze them, fixate on the ones that fly in the face of an emerging picture, ask lots of "Why" questions and look at the final latticework to make a decision." The reader can of course learn more about Munger's wonderfully unconventional ideas in Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition.

    One challenge with compiling a book of essays from other sources, even ones written in such a short period of time, is that the author's views and perspectives can change with the times. This makes the book feel a little uneven and confusing to the close observer. For example, on page 50 in a chapter entitled "Dhando!" (a Gujarati word meaning "business" and title of his follow up book, The Dhandho Investor: The Low - Risk Value Method to High Returns). Pabrai contends "Investing is not rocket science. It is pretty simple. It should be painfully clear how a business generates cash today, how much it is likely to continue to generate into the future and how much you're paying for that future cash flow. Think about the width and depth of the moat [i.e. competitive advantage]. Think about the knight in charge of the castle." Most of the chapters have a similar upbeat feel to them.

    In a later chapter near the end of the book entitled "The Investor's Dilemma-Mutual Funds or Stocks?", Pabrai is much less sanguine about the likelihood of success in the stock market. On page 108 he cautions "there are only a few of us who have the discipline, analytics and patience to follow this approach...individual stock picking is a loser's game for most investors." The former chapter was originally written in August 2002; the latter was penned in September 2001, at a low point in the stock market. While the former essay was perhaps a little too optimistic, the latter is perhaps a little too pessimistic for a readership interested in learning about how to become a value investor. Nonetheless, Pabrai is being responsible in reminding the reader that successful investing is not automatic. Unless one is prepared to do the hard work to become well educated in the details of a small number of companies, use a disciplined approach to the investing decision, and be extremely patient for good opportunities to come your way, then in this reviewer's opinion passive investments in low-cost index funds are probably the best way to go.

  • This book is a good read for every value investor. Pabrai has done an excellent job of distilling the Warren Buffett method of investing down to a few key points. These points are made in a series of articles he authored for various newsletters and web sites between 2001 and 2003 (the book reprints these articles in reverse chronological order).

    The great thing about Pabrai is that, using methods learned from studying Warren Buffett, he has started his own fund that has been highly successful over a number of years. The fact he has been able to implement what he discusses gives him special credibility, IMHO, and it certainly differentiates him from many other authors who have studied Buffett.

    The book itself is deceivingly short, consisting of only 138 pages, each discussing a specific point of interest to the author. Some of the more interesting points I found were why not to invest in retailers, "Pabrai's law of large numbers," discussions of how to identify good management, and a review of how to compute the intrinsic value of a company. This latter point would probably be of interest to many investors, since Wall Street analysts typically use extremely complicated formulas involving anticipated sales, costs, etc. Pabrai's method, which presumably reflect Buffett's as well, is to come up with a reasonable adjusted free cash flow, project forward for 10 years, discounted at the risk free rate, and apply a terminal value. Simple and, in its own way, elegent.

    I am surprised that more people have not read or commented on the author's work, particularly since he's coming out with a new book, Dhandho Investing, in April 2007. While I wish the book was longer and more detailed, I also appreciate Pabrai's point that investing does not need to be complicated. A longer book would have likely detracted from that message.

    In many respects, this short, simple book is one of the better books on investing that I have read.

  • The book has some good points, but it was way too expensive. The Price means it is not worth it, save your cash and buy four books for the price of one. The book has also not aged well.