When we last spoke to Mohnish Pabrai in April 2020, his confidence was as unwavering as ever. While gloom seemed to grip the market, Mohnish and other value investors were hunting down deeply discounted stocks in the fire sale that followed the March crash, marking a resurgence of active investing. Amidst the sell-offs in the uncertainty generated by the pandemic, Mohnish Pabrai seemed almost serene. "This too shall pass," he told SumZero. "Humanity dodged this bullet very well and will make sure there are no future pandemics that create the mayhem this one did."
Lo and behold, he was right. As the world slowly shakes off its COVID-19 hangover, Americans are returning to movie theaters, retail stores, and air travel while transitioning into a "new normal" that blends working from home and office life through technology that proved invaluable throughout the global lockdown. In the financial world, interest in investing has never been higher, as evidenced by the daily glut of coverage on so-called "meme stocks" largely driven by individual investors like those found on Reddit's WallStreetBets, whose approach to the market more closely resembles gambling than the deep value investing proselytized by investors like Mohnish Pabrai, Warren Buffett, and Charlie Munger.
We caught up with Mohnish early this month for a wide-ranging and often hilarious chat about his start in investing, the lessons he's learned along the way, his famous lunch with Warren Buffett, the meaning of dhandho, and his current investment positions.
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