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Pabrai's lunch with Munger & Buffett


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According to Mohnish Pabrai, when he and Gary Spier paid to have lunch with Warren Buffett and Charlie Munger, one of the three pieces of notable advice Munger mentioned was “carefully study spinoffs.”


Does anyone know the other two?

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Pabrai discusses what the 3 things were at the 3:40 mark in the following video:


"It was during his meeting with Munger, that Munger said, “If an investor just did three things, the end results would be vastly better than the rest.”

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Can someone elaborate on what those three means ?


I think of it as the 3 Cs:

1. Cloning. See what notable investors are buying in their 13F filings: https://whalewisdom.com/

2. Cannibals. Study companies that eat themselves by buying back their stock.

3. Chops (Spinoffs). Among other things, read Joel Greenblatt's "You Can Be a Stock Market Genius" (1999) where he talks about spinoffs.

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