Mohnish Pabrai: This will save you 10 years of bad investments

Get Mohnish's 9 investment principles: https://clickhubspot.com/kwdo

Episode 827: Shaan Puri ( https://x.com/ShaanVP ) sits down with Mohnish Pabrai to break down the mental models that made him a billionaire value investor.

—

Show Notes:

(0:00) Intro

(1:25) Mental models of the top 1%

(3:38) The mistress is always hotter than the wife

(6:37) Introduce Randomness in your life

(10:47)  Humans are poor at copying

(20:13) Take a simple idea seriously

(23:02)  Be and inch wide and a mile deep

(30:29)  Never use Excel

(35:03) Wait for fat pitches

(39:38) the stock market is like a church with a casino

(44:01) Paying $650,000 to have lunch with Warren Buffett

(45:43) The cautionary tale of Rick Guerin

(47:22) The inner score card

(49:25) The future of Berkshire Hathaway

(51:29) Mohnish’s best investment

(1:02:39) The hardest question

(1:06:16) How to beat the index

(1:11:25) Mohnish's stock picks for 2026

(1:22:26)  S&P 500

(1:24:57) life advice disguised as investing advice

(1:29:32)  Studying the greatest investors

(1:37:51) if you remember nothing else, remember this

—

Links:

Mohnish Part 1: This Guy Copy-Pasted Warren Buffett’s Strategy (And Became A Billionaire)

Mohnish Part 2: Go from $10,000 to $1M in just 3 years

The Dhando Investor - https://a.co/d/0hkx1t8g

—

Check Out Sam's Stuff:

• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm

—

Check Out Shaan's Stuff:

• Shaan's weekly email - https://www.shaanpuri.com

• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.

• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!

Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:

beehiiv.com/mfm-challenge

My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /