Summary of Mohnish Pabrai’s Q&A Session with students at William & Mary College on November 8, 2022

This is an AI generated summary. There may be inaccuracies.
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00:00:00 - 00:40:00

Mohnish Pabrai discusses his investment philosophy and how it doesn't hinge on the results of the next quarter or next year. He believes that if the market believes that Micron can produce 20-30 billion in cash flow, the company will be worth more.

  • 00:00:00 Mohnish Pabrai discusses his career in business, including his time as an entrepreneur and later investor, and his experience investing in Micron. He notes that while the company has had some past struggles, it is still a strong brand and has a lot of potential. He also discusses the cyclicality of the memory business and why he thinks it is still a good investment.
  • 00:05:00 Mohnish Pabrai discusses the reasons why he believes Micron is a good investment, and how the company is preparing for the future growth of artificial intelligence and data centers. He predicts that the market for semiconductors will consolidate, and that the automotive industry will be a major driver of growth for the company in the future.
  • 00:10:00 Mohnish Pabrai discusses starting his own company, hedge funds, and the process of becoming a successful entrepreneur. He discusses how having a clean slate after declaring bankruptcy can help improve one's credit score, and how starting a business can be low risk if it is something that one is passionate about.
  • 00:15:00 Mohnish Pabrai discusses his decision to pursue philanthropy over entrepreneurship, emphasizing the importance of having a combination of heart and head when working with charity resources. He shares his experience with Super 30, an organization he co-founded that has helped hundreds of impoverished children get access to education and careers. He notes that while education has a massive multiplier effect, it can be expensive to provide such a service in a scalable way. He concludes by sharing his thoughts on the potential for philanthropy to have a high return on investment.
  • 00:20:00 Mohnish Pabrai discusses his philosophy of investing, which is that individuals should be able to do the math in their head and if they need to use a complex Excel model to determine whether an investment is a good idea, it is not a good investment. He gives an example of how he made an investment in a company in Turkey and liquidated it six months later for a profit of over a billion dollars.
  • 00:25:00 Mohnish Pabrai discusses his investment philosophy,main risks and how he convinced himself to push forward rather than stay in his comfort zone. He also discusses how Excel can be a red flag when looking at investments and how Big JB Soccer game affected his decision making.
  • 00:30:00 Mohnish Pabrai discusses his investment strategy and how it doesn't hinge on the results of the next quarter or next year. He believes that if the market believes that Micron can produce 20-30 billion in cash flow, the company will be worth more.
  • 00:35:00 Mohnish Pabrai, an investor and entrepreneur, discusses his thoughts on the current market conditions and how they relate to past cycles. He also discusses his experiences with Walmart, Berkshire Hathaway, and other businesses. He concludes by encouraging listeners to follow the same investment principles as noted investor Guy Spier.
  • 00:40:00 Mohnish Pabrai discusses the importance of hedge fund regulation and how it affects the way investors can access the funds. He also talks about his career path and how he makes decisions based on the risk involved. He says that he enjoys the company of people he admires and trusts, and advises students to pursue opportunities that they are excited about. He wraps up by saying goodbye to the audience and thanking them for coming.

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