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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).
This book is about the evaluation of investments for low risk and high reward which flies in face of the standard mantra or high risk - high reward, low risk - low reward. Read morePublished 11 days ago by Amazon Customer
Stating that this book was amazingly insightful would be a diservice to Mohnish Pabrai,The Dhando Investor illustrates that not only is he an exceedingly successful investor and... Read morePublished 20 days ago by Nawfal
The value and application of patience can't be understated. This book will center your thinking and change the way you view risk.Published 24 days ago by Travis Sickle
This book is insightful, but it repeats itself endlessly. You can get everything out of it by just reading the first 20% of so of the book.Published 1 month ago by Eric Hemel
Pabrai describes his fine investing record in an actionable way. Too many books in this field focus on the arc of a career rather than the fundamentals. Read morePublished 1 month ago by N. Mulcahy
This is a very simple and straight-forward approach to Value Investing. It would have been helpful if the author explained the calculations of the various tables he used as... Read morePublished 1 month ago by shriram51
The book details a good framework for the individual investor with great examples.
It also gives leads to the kind of investing behaviours and skills that are needed to... Read more