Author by: Mohnish Pabrai Language: en Publisher by: John Wiley & Sons Format Available: PDF, ePub, Mobi Total Read: 48 Total Download: 249 File Size: 42,6 Mb Description: A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as 'Heads, I win! Tails, I don't lose that much!,' 'Few Bets, Big Bets, Infrequent Bets,' Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks.
Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals. Author by: Lee Freeman-Shor Language: en Publisher by: Harriman House Limited Format Available: PDF, ePub, Mobi Total Read: 73 Total Download: 932 File Size: 43,8 Mb Description: Over seven years, 45 of the world's top investors were given between $25 and $150m to invest by fund manager Lee Freeman-Shor. His instructions were simple. There was only one rule. They could only invest in their ten best ideas to make money.
It seemed like a foolproof plan to make a lot of money. What could possibly go wrong?
These were some of the greatest minds at work in the markets today - from top European hedge fund managers to Wall Street legends. But most of the investors' great ideas actually lost money.
Shockingly, a toss of a coin would have been a better method of choosing whether or not to invest in a stock. Nevertheless, despite being wrong most of the time, many of these investors still ended up making a lot of money. How could they be wrong most of the time and still be profitable?
The answer lay in their hidden habits of execution, which until now have only been guessed at from the outside world. This book lays bare those secret habits for the first time, explaining them with real-life data, case studies and stories taken from Freeman-Shor's unique position of managing these investors on a day-to-day basis. A riveting read for investors of every level, this book shows you exactly what to do and what not to do when your big idea is losing or winning - and demonstrates conclusively why the most important thing about investing is always the art of execution.
Author by: Prasanna Chandra Language: en Publisher by: McGraw-Hill Education Format Available: PDF, ePub, Mobi Total Read: 38 Total Download: 126 File Size: 44,6 Mb Description: 'This book on Behavioural Finance discusses about financial decision making and financial markets from the perspective of behavioural sciences and allied disciplines. A well-researched book in the upcoming area, it is meant to be a text-book for the first course on behavioural finance. It will also provide investment practitioners and finance executives a rich understanding of the behavioural dimensions of their decisions.
Salient Features:. Written in an easy-to-understand language, avoiding technicalities. Focusses on application of ideas in realms of investment and finance. 7 chapter-end cases, 57 exhibits and 19 ‘snippets from real world’.
Solved problems and chapter-end exercises'. Author by: Robin R. Speziale Language: en Publisher by: ECW Press Format Available: PDF, ePub, Mobi Total Read: 94 Total Download: 551 File Size: 42,5 Mb Description: Market Masters is the definitive book on investing in the Canadian market, featuring exclusive and insightful conversations and first-hand advice from Canada’s top investors. These interviews delve into each investor’s investment philosophies, strategies, and processes, as well as their successes, challenges, and outlooks in the market.
Learn proven investing strategies, processes, and approaches that you can easily apply to the market to make your winnings more plentiful, predictable, and profitable. The 28 top investors span multiple areas on the market paradigm to offer readers a variety of perspectives, including: five investing styles; proven, actionable, and timeless strategies to increase your winnings in the market; stocks, bonds, options, and other financial instruments; and shared conceptions that explain how the Market Masters continually beat the market. Through a collection of Master Keys, the most important tips from each investor are highlighted throughout the book, and Speziale describes the Millionaire Mastery Goal: how to parlay $10,000 to over $1,000,000 in 20 years, using the Master Portfolio. Market Masters contains timeless advice on how to beat the market that will entertain, inform, and empower generations of Canadian investors. Includes interviews with Jason Donville, Francis Chou, Benj Gallander, Martin Braun, Bill Ackman, and many more.
Author by: Dennis Anthony Chen Language: en Publisher by: FT Press Format Available: PDF, ePub, Mobi Total Read: 85 Total Download: 994 File Size: 50,7 Mb Description: In this book, a hedge fund manager and an option trading coach show you how to earn steady, reliable option income trading options by managing your trades and running your option portfolio as a real business following the fundamental principles of an insurance company. Mark Sebastian (TheStreet.com, OptionPit.com) and hedge fund manager Dennis Chen (Smart Income Partners, Ltd.) explain why this particular business model offers such an attractive practical model for individual traders, and teaches the specific how tos you need to create and operate your personal option income portfolio this way. Sebastian and Chen begin by introducing their exclusive business model framework, identifying the option concepts most critical to long-term trading success, and presenting core income strategies based on selling rather than purchasing options. Next, they walk you through setting up your business, offering a complete operations manual addressing each practical issue you'll face. The authors teach key lessons they've learned from their own experience - including how to maintain trading discipline, manage volatility and risk, account for the other Greeks, and handle payments.
Packed with real-world examples, this book reveals how professional money managers and hedge funds really manage their option trading operations - and guides you step-by-step through setting up your portfolio and running your trades to earn the same high levels of income.
A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market.
The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as 'Heads, I win! Tails, I don't lose that much!,' 'Few Bets, Big Bets, Infrequent Bets,' Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks.
Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.
A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents ho A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market.
The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as 'Heads, I win! Tails, I don't lose that much!,' 'Few Bets, Big Bets, Infrequent Bets,' Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks. Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.
“The Dhando Investor” is a stripped-down recap of Warren Buffet’s investing principles. But then again, all Warren Buffet claims his ideas to be- are a recap of the “value investing” principles first espoused by his mentors Graham and Dodd. Different from Pabrai, however, Warren Buffet is incredibly articulate. In giving the ideas of Graham and Dodd new relevance, primarily through his unparalleled investment track record, as well as his ability to communicate complex ideas in clear ways, Buffet “The Dhando Investor” is a stripped-down recap of Warren Buffet’s investing principles.
But then again, all Warren Buffet claims his ideas to be- are a recap of the “value investing” principles first espoused by his mentors Graham and Dodd. Different from Pabrai, however, Warren Buffet is incredibly articulate. In giving the ideas of Graham and Dodd new relevance, primarily through his unparalleled investment track record, as well as his ability to communicate complex ideas in clear ways, Buffet can rightly claim part of these principles as his own. Pabrai, however, lacks not only the instant credibility that Mr. Buffet’s track record affords him, but- and perhaps even more importantly- he lacks Mr. Buffet’s knack for analogy, euphemism, and distilling difficult ideas into digestible, deeply rich sentences. “The Dhando Investor” we are told in the “Acknowledgements” section is a “synthesis of ideas Mr.
Pabrai has encountered in his readings, interactions with friends, and various experiences.”, and contains “very few original ideas.” This is perhaps a more harsh and honest criticism of his own book than anyone could provide. His ideas are not original, which by itself is not reason to castigate anyone’s literary efforts. My only wish was simply that Mr. Pabrai went lighter on the recapitulating of others’ ideas, and heavier on how he applied the ideas of others to his own career as a fund manager. The “Dhando” in the book’s title, as we come to learn, is a “Gujariti word.” that “literally translated, means ‘endeavors that create wealth.’” Pabrai goes on, across the course of the book, to relabel all the ideas of Mr. Buffet and his predecessors as “the Dhando Way.” “Now, folks, this is really good stuff- they don’t teach this at the Harvard Business School,” we are told. The thing is- “value investing” principles are something that business schools teach all around the country.
Pabrai’s use of folksy vernacular, in instances such as these, comes across as diluted and misinformed. Pabrai’s idea curation- reworking of older philosophies into a newer framework and language- is no different than what Nicolas Nassim Taleb (in “The Black Swan”), or any successful philosopher or writer for that matter, has done before him. Pabrai’s curation, however, lacks some of the intellectual acuity, clarity of language, application of first-had experiences, as well as academic rigor as the work of some of his peers (i.e. Investment managers turned authors). For a very pre-cursory look at some of the ideas that have motivated investing icons, like Mr. Buffet, in a format that is easily and quickly digestible, this book offers value.
For anything more, you may be better served looking elsewhere. Why I Read this Book: Pabrai has proven his application of value investing to be hugely successful. I wanted to learn what made it real for him. He has been a great teacher. Rust cracked server ips.
Review: I just finished The Dhandho Investor for the second time, and doubt it will be my last. A quick and inspiring read that will have anyone believing value investing is the only true way to amass significant wealth in the market over the long run. At 18.8% a year since 1999, the author has the track record to prove it. I h Why I Read this Book: Pabrai has proven his application of value investing to be hugely successful.
I wanted to learn what made it real for him. He has been a great teacher.
Review: I just finished The Dhandho Investor for the second time, and doubt it will be my last. A quick and inspiring read that will have anyone believing value investing is the only true way to amass significant wealth in the market over the long run. At 18.8% a year since 1999, the author has the track record to prove it. I have had the pleasure of spending time with Mohnish on two occasions, first in Omaha this year and the most recent being his annual shareholders meeting in Huntington Beach, CA.
First off, no I am not a Pabrai Funds shareholder, but as one of the many demonstrations of Mohnish’s appreciation for people and helping them in their quests for success, he extended me an invitation. As a value fund manager, relatively new to the professional space, attending the meeting was an incredible experience. Since I first began reading about Mohnish a few years ago, I have been in awe, first due to his intense love for life and the people around him, and second for his incredible achievements as a businessman and value investor. In the investment space he is one of my most admired mentors. He has taken an approach that has been proven more successful than any other over the long term and knocked it out of the park. This approach is focused long-term value investing inspired by the likes of Warren Buffett and Ben Graham.
You’d think mimicking this approach would be a common occurrence. Especially given that we know how powerful modeling someone more successful than you has proven in the past. But for one reason or another, few have really followed in Buffett’s shoes. My guess is it has a great deal to do with the lack of excitement and activity that goes with his strategy. When it comes down to it, most would prefer the excitement of gambling than to conservatively investing in great businesses over the long term. Not the case for Mohnish. He wrote The Dhandho Investor to describe it how he’s experienced it.
The beauty of the book is that he writes in a way that is simple and understanding enough for any everyday person to digest, which makes this a great place for even the newest investor to start learning. Throughout the book Pabrai does a superb job of using examples from his India culture to subtly get the basic points across to us. The main thesis is finding investments that put the investor in a scenario where, as related to a coin toss, “Heads I win. Tales I don’t lose much”.
The constant reference to this point through his various examples from life and the famous businesses of our day, hammers home the novel idea that there is a way to get satisfactory returns in the market without having to put yourself at high risk. Traditional investment has always taught that if you want a higher rate of return, you have to settle for a higher level of risk. Mohnish shows us that with value investing, that is not the case. Warren Buffett has proven this for decades as he invests with the number one rule of “don’t lose money”. Sounds pretty ridiculous and most people tend to just dismiss it.
But the truth is that you can do your homework and find businesses that have a ‘durable’ competitive advantage, have proven themselves through years of profitable business and have strong assets and the future ability to make great money. And it is when these great businesses are selling at a low and attractive price, that this low-risk/high-return scenario becomes available. These characteristics bundled up all in one business are not necessarily easy to find, but they are out there and the patient investors like Pabrai are out there to find them. The average person, or even a savvy investor would be blown away at some of these low risk opportunities that present themselves from time to time, especially in wild markets like today’s. It is very possible to find a great company with a stock price significantly below the sale value of its assets alone. Just recently I came across a retail business that owned real estate worth 2-3 times the value of its stock.
Now that is a margin of safety. Worst-case scenario, the company could sell the real estate and double or triple its value. Chapter by chapter, Mohnish goes through the characteristics of his investment style and how it has worked so well for him over the past nine years.
Keep in mind the guy has averaged 18.8% a year since 1999 when the markets have returned close to 1%! He even spends time showing the reader where to find these businesses, what resources to use and the simple calculations used to value them. He does everything short of giving you his latest investment picks.
But after this book you find those on your own. Second to incredibly valuable investment knowledge, this book screams generosity and gratitude both to those who have taught him and to those whom he is now teaching.
Pabrai knows that life is not just about making great money but more importantly about spending the time with those he loves and giving back the knowledge that was so graciously given to him by the investment greats who have put him where he is today. Humility is a strong and rarely appropriate word. It also happens to be a core ingredient to lasting success and fulfillment. We can all learn a great deal from Mohnish. Read a copy of Dhandho to become a great investor and leave with a great feeling of how to become a better person. Dhandho gives you the tools needed to find great businesses and beat the market, now it’s on you to put it to use.
I certainly know I have.Reading for Your Success. I first heard about Monish Pabrai in Guy Spier's book the education of a value investor.
Considering how much praise he received and bearing in mind the famous WB lunch, I got curious to learn more. This book is a useful reminder that value investing is about seeing things everywhere in life as risks vs rewards. When the reward of taking action is much greater than the risk, it makes sense to do it. Heads you win, Tail you don't loose much.
It is true in investing. It is true in entrepreunership I first heard about Monish Pabrai in Guy Spier's book the education of a value investor. Considering how much praise he received and bearing in mind the famous WB lunch, I got curious to learn more. This book is a useful reminder that value investing is about seeing things everywhere in life as risks vs rewards. When the reward of taking action is much greater than the risk, it makes sense to do it. Heads you win, Tail you don't loose much.
It is true in investing. It is true in entrepreunership. The guy had a job and used his savings to build a company on the side. If it succeeded he could afford to leave his job. If not, no regret he didn't spend much anyway. WB explains value investing in terms of not loosing money.
I think the public might get the message better if it were explained in terms of the quest for the absolut free lunche nirvana ie: buy something that has upside potential but if it fails you get your money back. My main random takeaways are the following. Bet on mondain products that everyone needs. Bet on industries with ultra low rate of change. Look for low risk, high uncertainty businesses. Wait for the fat picth and hit hard.
Few bets, big bets, infrequent bets. Focus on simple businesses. Remember what Einstein said were the 5 levels of ascending intellect: smart, intelligent, brillant, genius, simple.
Don't confuse risk of permanent loss with uncertainty. Buy at the point of maximum pessimism. Innovation is hard, costly, risky.
Proven ideas that can be scaled and optimised offer more reward to risk. Thank you Guy Spier for recommending this book. A must read for anyone interested in understanding the basics of investing. This is probably the book you should start with. In simple language (no greek), Mohnish explains how to go about zeroing in on one investment among the sea of options.
There is even a chapter about how/when to get out of an existing investment. Believe me, this part is difficult, as it was for Abhimanyu.
Highly recommended reading for everyone. The younger you are when you read this, the better. Cheers and Happy investing A must read for anyone interested in understanding the basics of investing. This is probably the book you should start with. In simple language (no greek), Mohnish explains how to go about zeroing in on one investment among the sea of options. There is even a chapter about how/when to get out of an existing investment.
Believe me, this part is difficult, as it was for Abhimanyu. Highly recommended reading for everyone. The younger you are when you read this, the better.
Cheers and Happy investing. I have been struggling to read The Intelligent Investor for more than a year now. Its written in the english of an older time so the fluency takes some time to get a grip on, and its more technically written.
Dhando Investing is much more accessible and concise presentation of the content and methodologies of The Intelligent Investor, and spurred me on to pick up that master title again. I am reading it with much greater ease after having enjoyed Dhando Investor. The book starts very colloquially I have been struggling to read The Intelligent Investor for more than a year now. Its written in the english of an older time so the fluency takes some time to get a grip on, and its more technically written. Dhando Investing is much more accessible and concise presentation of the content and methodologies of The Intelligent Investor, and spurred me on to pick up that master title again. I am reading it with much greater ease after having enjoyed Dhando Investor. The book starts very colloquially and at a point I began to feel it overly simplistic, but it gradually gets into the useful substance of techniques and attitudes.
The author has a wealth of credibility behind him and his citing of personal experience is humble and relevant. I highly highly recommend this book for all, especially those that are intimidated by the stock market as well as those who participate in it but view it as a singular machine rather than the granular make up of businesses in their individual variety.
Awesome book on value investing approach. Pabrai knows something about the topic and writes in a succinct but easily understandable way of explaining his investing philosphy. Every word and page seemed to be chosen with economy in mind. And yet you walk away with a very solid understanding of the 9 key concepts that Pabrai has learned over the years from the examples he uses along with guys like Buffet, Graham, Spier, and others. This is not an exact how-to manual and I don't think one could be Awesome book on value investing approach. Pabrai knows something about the topic and writes in a succinct but easily understandable way of explaining his investing philosphy.
Every word and page seemed to be chosen with economy in mind. And yet you walk away with a very solid understanding of the 9 key concepts that Pabrai has learned over the years from the examples he uses along with guys like Buffet, Graham, Spier, and others. This is not an exact how-to manual and I don't think one could be written out of this philosophy. But you definitely walk away with rules that will make a more disciplined and careful investor.
Definitely a must read for anyone wanting to learn the value investing approach. Love this book! This book by Mohnish Pabrai describes the concept of value investing in the simplest terms. Even a person new to investing could get a good idea of how value investing really works.
Pabrai Funds
He is honest enough to say that he has very few original ideas. He is an unabashed admirer of Warren Buffet and Charlie Munger. Where this book lacks is that he has not discussed the mistakes that he has made and how he has learnt from them. He does not go into the detailed analysis of the cash flows of the companies This book by Mohnish Pabrai describes the concept of value investing in the simplest terms.
Mohnish Pabrai Books
Even a person new to investing could get a good idea of how value investing really works. He is honest enough to say that he has very few original ideas. He is an unabashed admirer of Warren Buffet and Charlie Munger. Where this book lacks is that he has not discussed the mistakes that he has made and how he has learnt from them. He does not go into the detailed analysis of the cash flows of the companies he is selecting.
Mohnish Pabrai Bio
The overuse of the phrase 'Heads, I win; tails, I don't lose much!' Could be annoying to the readers. Overall, a very good introduction for people who are new to value investing.
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