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Notes From Mohnish Pabrai's Annual Meeting


Guest hellsten
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Guest hellsten

http://www.marketfolly.com/2012/09/notes-from-mohnish-pabrais-annual.html

 

Q: Other idea generation tools besides 13F filings?

 

A: Cloning is a powerful concept.  Reverse engineer trades.  Third Avenue, Long Leaf Partners, Leucadia, Fairfax, Manual of Ideas are all places to look.

 

 

Q: Do you model businesses, such as discounted cashflow?

 

A: Entrepreneurs don't use spreadsheets.  3 or 4 factors are important to each business: just focus on those factors.  Spreadsheets give you an imprecise guess of precision.

 

Did someone here attend the meeting?

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The meeting was great as always.  Unfortunately, I didn't take notes.  I think over the years (I have been attending for the last 8 or 9) Mohnish has become an incredible communicator.  Additionally, I think in more recent years he has become much more introspective (or at least he discusses his self-analysis more). 

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Q: Do you model businesses, such as discounted cashflow?

 

A: Entrepreneurs don't use spreadsheets.  3 or 4 factors are important to each business: just focus on those factors.  Spreadsheets give you an imprecise guess of precision.

 

I guess a lot has changed since he wrote Dhando Investor where he uses calculations to calculate intrinsic value.

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Q: Do you model businesses, such as discounted cashflow?

 

A: Entrepreneurs don't use spreadsheets.  3 or 4 factors are important to each business: just focus on those factors.  Spreadsheets give you an imprecise guess of precision.

 

I guess a lot has changed since he wrote Dhando Investor where he uses calculations to calculate intrinsic value.

 

I think even buffett talks about DCF and other types of calculations when he talks about valuing a business, but supposedly has never done one in making his investments (i think munger said so in one of the annual meetings)

 

I suppose the same holds for mohnish too ...when you write a book, you have to write it for the know nothing investor, but for an experienced investor like him, he may not need to run the numbers in a spreadsheet. in some cases, he would looking at something where the valuations kind of hits you on the head (or screams at you)

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I see that Mohnish mentioned http://www.manualofideas.com/.    Is this site really worth the money?  What has your results been from the ideas generated?

 

 

Hi MVP, we're honored and humbled that Mohnish mentioned MOI.  His comment was very generous to say the least, because we certainly would not claim to be even close to the caliber of the other sources he mentioned...

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