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

by Mohnish Pabrai

We see change as the enemy of investments ... so we look for the absence of change. We don’t like to lose money. Capitalism is pretty brutal. We look for mundane products that everyone needs.1 —Warren Buffett

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.2 —Warren Buffett

5. BET HEAVILY WHEN THE ODDS ARE OVERWHELMINGLY IN YOUR FAVOR.

Of the fifty most important stocks on the NYSE in 1911, today only one, General Electric, remains in business. . . . That’s how powerful the forces of competitive destruction are. Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company’s owners are slim at best.1 —Charlie Munger

Einstein’s five ascending levels of intellect were “Smart, Intelligent, Brilliant, Genius, Simple.”

Read voraciously and wait patiently, and from time to time these amazing bets will present themselves.

lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you do not need to own very many of them.5 —Warren Buffett

Get few best companies and invest heavily in them.