Mohnish Pabrai & Guy Spiers - UC Davis Presentation

[Parsad]

Here is a presentation Mohnish and Guy did for students at UC Davis last night.  Enjoy!  Cheers!

 

[Grenville]

Thanks!

[Parsad]

Just finished...terrific presentation!  Even the technical difficulties were fun.  I encourage boardmembers to listen to it.  Cheers!

[rranjan]

Thanks for posting it here.

[mankap]

Thanks Sanjeev for posting the link.

I thoroughly enjoyed watching it.

[kiwing100]

Thank you for posting the link

[oddballstocks]

So I'm only part way in, but it's interesting.  Why doesn't someone just setup a fund that picks the top 3 ideas from a gurus, gather a bunch of AUM, collect some fees and go play golf all afternoon?

 

 

[A_Hamilton]

So I'm only part way in, but it's interesting.  Why doesn't someone just setup a fund that picks the top 3 ideas from a gurus, gather a bunch of AUM, collect some fees and go play golf all afternoon?

 

I thought that was what Whitney Tilson  was all about? Am I wrong?

[link01]

So I'm only part way in, but it's interesting.  Why doesn't someone just setup a fund that picks the top 3 ideas from a gurus, gather a bunch of AUM, collect some fees and go play golf all afternoon?

 

i think some quant types have: mebane faber & the folks at market folly come to mind as offering something along those lines. but they probably include too many trigger finger, hedge fund cowboy types with +100 % avg portfolio turnover which has got to undermine their efforts to effectively ride the coat-tails of the best of the best. which begs the question: are they able to judge consistently high quality risk vs reward return managers from those with 5-10 yr excess return records who benefitted from a lucky macro themed call or a temporarily in vogue style box growth or momentum orientaion during that time? john paulsen may be the prototypical example here....

[Liberty]

Thanks for posting this Parsad!

 

Heh, maybe it's because I spend so much time on conference calls, but it's so obvious to me that Monish is causing the feedback by not muting his microphone, and Google Hangout constantly switches back to him because it interprets the mic signal as him speaking.

[Parsad]

Thanks for posting this Parsad!

 

Heh, maybe it's because I spend so much time on conference calls, but it's so obvious to me that Monish is causing the feedback by not muting his microphone, and Google Hangout constantly switches back to him because it interprets the mic signal as him speaking.

 

I think it was both...Mohnish's mic and Guy's speaker...as there was a delay in the echo.  It was funny to watch them fiddle with it, especially when Guy went right up to the screen.  Great presentation by two very good speakers...both could be professors!  Cheers!

[Liberty]

I think it was both...Mohnish's mic and Guy's speaker...as there was a delay in the echo.  It was funny to watch them fiddle with it, especially when Guy went right up to the screen.  Great presentation by two very good speakers...both could be professors!  Cheers!

 

Well, not that it matters that much, but if you mute Monish's microphone, you stop having Guy's own voice feedbacking through his own speakers & mic, so the ultimate source was Monish's mic. The varying delay was probably just latency spikes which become more obvious when repeated in a feedback loop.

 

Usually when everybody except one person has echo when they speak, the echo is caused by the person who doesn't sound echo-y :)

[kevin4u2]

Thanks for posting this Parsad!

 

Heh, maybe it's because I spend so much time on conference calls, but it's so obvious to me that Monish is causing the feedback by not muting his microphone, and Google Hangout constantly switches back to him because it interprets the mic signal as him speaking.

 

I think it was both...Mohnish's mic and Guy's speaker...as there was a delay in the echo.  It was funny to watch them fiddle with it, especially when Guy went right up to the screen.  Great presentation by two very good speakers...both could be professors!  Cheers!

 

This may have been posted here before but here is another interview with Guy Spier.  Good discussion of Europe, why US banks are much better, why he didn't invest in Bank of Ireland, and investing in Japanese net nets.  Enjoy!

 

[farnamstreet]

Guy was a little hard to hear, but he mentioned these two books:

 

Matsushita Leadership

Endurance: Shackleton's Incredible Voyage

[Green King]

Guy was a little hard to hear, but he mentioned these two books:

 

Matsushita Leadership

Endurance: Shackleton's Incredible Voyage

thanks  :)

[txlaw]

Very enjoyable conference call.  Thanks for posting.

[txlaw]

Guy Spier is a cool dude. 

 

I liked his bit about Steve Jobs and how when you lead an authentic life, you get better results.  Really great food for thought.

[PlanMaestro]

Guy Spier is a cool dude. 

 

I liked his bit about Steve Jobs and how when you lead an authentic life, you get better results.  Really great food for thought.

 

Halo effect?

 

A lot of wealth these days is in climbing-the-greasy-pole roles (ie: CEOs, asset gatherers, politicians) where authenticity is not part of the work description. And not many are going to shape the rules of their own game as a successful entrepreneur, investor, artist, or sportsman. Those games tend to be highly skewed winner-take-most.

 

Salarymen cannot set their own rules at work. I recognize that success should be measured in many different dimensions but work still takes a lot of people's efforts and time.

 

My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things - Charlie Munger

[txlaw]

Guy Spier is a cool dude. 

 

I liked his bit about Steve Jobs and how when you lead an authentic life, you get better results.  Really great food for thought.

 

Halo effect?

 

A lot of wealth these days is in climbing-the-greasy-pole roles (ie: CEOs, asset gatherers, politicians) where authenticity is not part of the work description. And not many are going to shape the rules of their own game as a successful entrepreneur, investor, artist, or sportsman. Those games tend to be highly skewed winner-take-most.

 

Salarymen cannot set their own rules at work. I recognize that success should be measured in many different dimensions but work still takes a lot of people's efforts and time.

 

My personal behavior model is Lord Keynes: I wanted to get rich so I could be independent, and so I could do other things - Charlie Munger

 

Ha, your post is also great food for thought.

 

You're being too rational, though.  Sometimes you just gotta succumb to the inspirational. :)

 

Having said that, I tend to gravitate towards the Munger road on wealth and independence in my own life.