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The Dhandho Investor: The Low-Risk Value Method to High Returns

4.20  ·  Rating details ·  5,670 ratings  ·  358 reviews
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 ...more
Hardcover, 183 pages
Published April 6th 2007 by Wiley (first published January 1st 2007)
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Tyler
Aug 28, 2011 rated it liked it
Shelves: investing
“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
...more
Rohit Enghakat
Oct 04, 2018 rated it liked it
Shelves: business, kindle
This is a good book on investing fundas in the equity markets from a very well known name in the American capital markets. I had first come across the author's name when he became famous in 2007 for buying dinner with Warren Buffett along with his partner at Buffett's annual charity auction. Enamoured more about this event than by the author, I had written an amateur piece on value investing on my blog (value investing). So when I came across this book written by Mohnish Pabrai, I just couldn't ...more
Scott Dinsmore
Jul 09, 2009 rated it really liked it
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 h
...more
Sid
Aug 21, 2018 rated it it was amazing
Pabrai writes a great book, with relevant examples and lucid writing , that deeply enhances value investing .
Abhijeet Singh
Aug 09, 2020 rated it it was amazing
Never got around to read 'The Intelligent Investor' which has always been in my to-read list. This book supposedly summarises it's basic principles, at the same time being a short read.
This book taught me a few things and introduced me to some more. Worth a read for someone looking to brush up on individual investing.
...more
Oliver Sung
Jan 22, 2020 rated it it was amazing
I've been a big admirer of Mohnish for years. Not only for his incredible achievements as an investor, businessman, and philanthropist but largely due to his uncommonly successful approach to how he lives his life and conducts relationships. He's a master at enjoying life to its fullest and is one of the main reasons why I myself decided to avoid a long-term career in the conventional financial industry to start my own businesses and read, write, think, and invest independently. I recently quit ...more
Univpurpose
The book is nice and I understand the thought process with the margin of safety etc. So that ways, it tells some nice things. But I think I have read far too many books to understand the same concept. I was thinking (to hoping) gain better insights around the Pabrai thought process and while the book did explain that, I felt I was reading the same stuff as Warren Buffet newsletters which I can get for free - buy with moat, margin of safety, durable competition, etc.

What I did like though were h
...more
Monish Vora
Dec 01, 2016 rated it really liked it
Two key takeaways-
1. maximise your returns by maximising rewards and minimising risks. Make few bets, big bets and wait for the right pitch while doing so.
2. all knowledge is cumulative. aim to read voraciously, wait patiently and swing big but infrequently.
Mike Adeleke
Dec 31, 2016 rated it it was amazing
I read this book in one sitting. It blew my mind. I seemed to have highlighted half the book. It has now become a guide.
Jonathan
Oct 29, 2014 rated it it was amazing
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
...more
Milan
Oct 24, 2011 rated it really liked it
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. 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 ...more
Amit Kumar
May 01, 2017 rated it it was amazing
This is a brilliant book. It is an introductory book on investing. It takes an example of small businesses to make you understand the complexity of investing. Book emphasize the principle of investing in a simple business which you clearly understand. Book also talks about investment strategies of Pabrai Investment Funds which is very much influenced by Warren buffet ideologies.
Overall it's a good read.
...more
Paul Szydlowski
Jan 17, 2018 rated it it was ok
The author compares motel owners who migrated from his native India as a metaphor for value investors. I don't get the connection between people willing to eat, sleep and live in their own properties to make ends meet and a person buying undervalued stocks. Some valid points, but the premise is questionable at best. ...more
Richard Knapp
Feb 12, 2015 rated it it was amazing  ·  review of another edition
Down to earth

Pabrai tells of the Indian domination of the small hotel market across the US. He then uses stories from that culture to make his investment points....and he is right in his observations.
Zadignose
Nov 02, 2014 marked it as not-now
Sounds like total bullshit. I'm sold!

Actually, I'm not going to read this book.
...more
Bradley
Sep 07, 2015 rated it it was amazing
Excellent book on how to get started with investing and thinking about your financial future.
Vibhor Dhote
Jan 24, 2021 rated it really liked it
Dhandho Investor by Mohnish of the Pabrai funds fame is a very good primer on value investing and its principles for anyone not too familiar with the topic. The author is a self-proclaimed admirer of Warren Buffet and uses Mr. Buffet's quotes extensively throughout the book. He gives many examples of how the 'High Risk - High Return' rule taught in business schools is not necessarily true, and instead urges readers to follow his 'Heads I win, Tail I don't lose much' approach to investing (in oth ...more
Shubham Garg
Jun 13, 2021 rated it it was amazing
I did it! I finally finished this book!

I discovered this book a few years ago and it sat on my to-read list for a long time. In fact, I started this book several times only to leave it unfinished again. With my recent interest in investing and trading, it was time to look at the book again and finally finish it. And boy oh boy, am I glad did I finish it!

Here are a few takeaways that I feel every value investor can derive from the book.

1. Invest in well-established existing businesses.
2. Invest i
...more
Manoj
Oct 26, 2017 rated it it was amazing
Shelves: e-books
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
...more
Eric
Feb 22, 2021 rated it really liked it
I read this based on a recommendation from listening to the InvestED Podcast. I enjoyed reading stories about other investors' journeys. I especially enjoyed the story about the Patels and how they grew their fortune from a seemingly dire situations after leaving Uganda. Overall, this book has a good mix of stories and tangible information that will make me a better investor in the future. This was definitely a worthwhile read. ...more
Gaurav Parab
Jan 17, 2018 rated it really liked it  ·  review of another edition
Good, useful read

If you have read the Snowball, you will find this to be a simplified version using an example we can all relate to. Wish, this had an edition for the Indian context as well.
Moaz Khan
Sep 07, 2018 rated it it was amazing
This is the first book I read on value investing. It covered many ideas and was a great introduction.
Paresh
Nov 10, 2018 rated it it was amazing
This book is full of great advice. Highly recommend.
Tirthankar
Jan 11, 2020 rated it really liked it
A very easy read covering the fundamentals of value investing. A good part of the book talks about Buffet and his investment ideology.
Divesh Gurung
Sep 10, 2018 rated it it was amazing
Good piece of information on what, why, how, where to invest ... excellent financial education . Thank you pabrai for the master piece .
Andrew
May 25, 2020 rated it really liked it
Enjoyed this book as it went over some important notes to keep in mind for value investing. Wish it was more quantitive though.

Below are my notes for each chapter:

0. Intro
Influence from Buffett and Munger
1. Patel Motel Dhandho - quality business expands with heads win tails don't lose much
Dhandho = wealth endeavors (street translation = business)
All about minimizing risk and maximizing return
Half of all motels are under Patel ownership
Forced to leave Africa, some went to the US and went in motel
...more
Vinayak Mahbubani
Nov 08, 2020 rated it it was amazing
A very crisp and analytical note on value investing - explained with simple examples and theoretical concepts. The book covers aspects of stock investing from stock selection, entry, holding period and exit - making a holistic strategy in its own right.

Enjoyed case studies of the Patels, the Mittals, Steward Enterprises and a simple barber shop!
Caleb Kim
May 30, 2021 rated it it was amazing
Endeavours that create wealth

Heads I win; tails i dont lose much
Naveen
Jun 08, 2021 rated it it was amazing
Heads i win. Tails i don’t lose much 😘
Ali
Nov 02, 2018 rated it it was ok
This book was recommended by Phil's Town. I was not able to gain much from this book. Perhaps if i was a multi millionaire or something i might get even more nuggets from this book. For normal person i would recommend just read first few chapters, that's where the gold will be found ...more
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Mohnish Pabrai is an Indian-American businessman, investor and philanthropist. In his Pabrai Investment Fund, which is a family of hedge funds inspired by Buffett Partnerships, he successfully manages over 500 million of assets and consistently achieves above-average rates of return.

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