mohnish pabrai
dhandho investor
invest in existing businesses
invest in simple businesses
invest in distressed businesses in distressed industries
invest in businesses with durable moats
few bets, big bets, and infrequent bets
fixate on arbitrage
margin of safety - always
invest in low-risk, high-uncertainty businesses
invest in the copycats rather than the innovators
investing commandments
only invest in companies that falls within your circle of competence
a company has to trade at a large enough discount to the underlying value to provide a significant margin of safety
shift away from cheap businesses toward an emphasis on better businesses
a company's financial statements should be clear and simple
rules
clone like crazy
hang out with people who are better than you
treat life as a game, not as a survival contest or a battle to the death
be in alignment with who you are; don't do what you don't want to do or what's not right for you
live by an inner scorecard; don't worry about what others think of you; don't be defined by external validation
take a simple idea and take it seriously
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