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"How to invest the way an Indian migrant with little money would do - by looking for companies with little downside…" (Financial Times, Tues 26th February)
All investors are told that if you want to earn high rates of returns, you must take on greater risk. Of course, the groundbreaking value investing strategies of Benjamin Graham, Warren Buffett, and Charlie Munger have shown that it is indeed possible to keep risk to a minimum while still making a reasonable profit. The Dhandho method takes their successful approach to investing one step further and shows how you can actually maximize rewards while minimizing risk.
Dhandho (pronounced dhun-doe), literally translated, means "endeavors that create wealth." In The Dhandho Investor, Mohnish Pabrai demonstrates how the powerful Dhandho capital allocation framework of India's business-savvy Patels can be successfully applied and replicated by individual value investors in the stock market. The Patels, a small ethnic group from India, first began arriving in the United States in the 1970s as refugees with little education or capital. Today, they own over $40 billion in motel assets 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 such vast resources? The answer lies in their low-risk, high-return approach to business: Dhandho. This book will show you how to use that same technique to generate high returns in the stock market.
Pabrai's hedge funds, Pabrai Investment Funds, have outperformed all of the major indices and over 99% of other managed funds. $100,000 invested with Pabrai in 1999 was worth over $659,000 by 2006an annualized return of over 28% after all fees and expenses. In this book, Pabrai distills the methods of Buffett, Graham, and Munger into a user-friendly approach applicable to individual investors. Combining their legendary investing wisdom with the business acumen of the Patels, Pabrai lays out the Dhandho framework in an easy-to-use format that will help any investor significantly improve on their results and soundly beat the marketsas well as most professionals.
Pabrai also details each deceptively simple Dhandho concept in a straightforward, entertaining fashion, with individual chapters that explain why you should: Invest in Simple Businesses, Fixate on Arbitrage, Invest in the Copy Cats Rather than the Innovators, and other simple but proven concepts for low-risk, high-reward Dhandho investing.
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).
Mohnish Pabrai is one of the smartest investors in the world. I try to read anything he writes. Thanks for the fantastic Book Mohnish!Published 21 days ago by Thomas W.
Enjoyed reading the book by Mr. Pabrai. He is very generous in sharing of his experience and the book was very entertaining.Published 1 month ago by Cory M Tsuhako
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.... Read morePublished 1 month ago by Richard Knapp
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 2 months ago by Amazon Customer
Readable and full of valuable insights. So extremely sophisticated -- yet so thoroughly rooted in common sense and simple generosity.Published 2 months 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 2 months 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 2 months 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 3 months ago by can yilmaz