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"How to invest the way an Indian migrant with little money woulddo - by looking for companies with little downside…"(Financial Times, Tues 26th February)
All investors are told that if you want to earn high rates ofreturns, you must take on greater risk. Of course, thegroundbreaking value investing strategies of Benjamin Graham,Warren Buffett, and Charlie Munger have shown that it is indeedpossible to keep risk to a minimum while still making a reasonableprofit. The Dhandho method takes their successful approach toinvesting one step further and shows how you can actually maximizerewards while minimizing risk.
Dhandho (pronounced dhun-doe), literally translated, means"endeavors that create wealth." In The Dhandho Investor, MohnishPabrai demonstrates how the powerful Dhandho capital allocationframework of India's business-savvy Patels can be successfullyapplied and replicated by individual value investors in the stockmarket. The Patels, a small ethnic group from India, first beganarriving in the United States in the 1970s as refugees with littleeducation or capital. Today, they own over $40 billion in motelassets in the United States, pay over $725 million a year in taxes,and employ nearly a million people. How did this small,impoverished group come out of nowhere and end up accumulating suchvast resources? The answer lies in their low-risk, high-returnapproach to business: Dhandho. This book will show you how to usethat same technique to generate high returns in the stockmarket.
Pabrai's hedge funds, Pabrai Investment Funds, have outperformedall of the major indices and over 99% of other managed funds.$100,000 invested with Pabrai in 1999 was worth over $659,000 by2006an annualized return of over 28% after all fees andexpenses. In this book, Pabrai distills the methods of Buffett,Graham, and Munger into a user-friendly approach applicable toindividual investors. Combining their legendary investing wisdomwith the business acumen of the Patels, Pabrai lays out the Dhandhoframework in an easy-to-use format that will help any investorsignificantly improve on their results and soundly beat themarketsas well as most professionals.
Pabrai also details each deceptively simple Dhandho concept in astraightforward, entertaining fashion, with individual chaptersthat explain why you should: Invest in Simple Businesses, Fixate onArbitrage, Invest in the Copy Cats Rather than the Innovators, andother simple but proven concepts for low-risk, high-reward Dhandhoinvesting.
Mr. Pabrai's investment style came from Warren Buffett and Charlie Munger.
This well written and entertaining book presents his investment philosophy and characteristics in a simple and easy to follow manner.
A hotelier example and a few other vignettes are used to make the case that there's a free lunch (no risk, high reward).
Good read all the way through. This was recommended at an investing seminar I attended. It supports other value based books out there, so if you follow Warren Buffet, Benjamin... Read morePublished 9 days ago by Amazon Customer
Readable and full of valuable insights. So extremely sophisticated -- yet so thoroughly rooted in common sense and simple generosity.Published 15 days ago by stealthmommy
An unconventionally written, down to earth book for understanding basics of value investing. Unsusual approach makes it an enjoyable read. Read morePublished 26 days ago by Dilip Mehta
Thanks Mohnish for sharing a glimpse of how you think and invest. I definitely want to own this one so I can read it over and over.Published 1 month ago by TravelerMSY
This is a good book to read before you do a deep dive into investing, it's a nice small book to read so you get the general ideaPublished 1 month ago by can yilmaz
This book refers heavily to several other, very good books, primarily The Little Book that Beats the Market, The Intelligent Investor, and Tap Dancing to Work. Read morePublished 1 month ago by James C. Kraft
Enjoyed every page of this book. Folks who want some basic fundamental strategies in plain English should definitely read this book. Read morePublished 1 month ago by Hari Gopalan