Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Listeners will be introduced to important value investing concepts such as "Heads, I win! Tails, I don't lose that much!," "Few Bets, Big Bets, Infrequent Bets," Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. 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 how they can be applied successfully to the stock market. Besides, he also pays attention to subjects like the art of selling stocks, the (non)sense of indexing, and wisely spending the money you can make by leveraging the Dhandho techniques as described in the book. In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. In ‘The Dhandho Investor’, Mohnish Pabrai clarifies all principles of the Dhandho framework as mentioned above with a lot of case studies and examples. For 25 years, management has used every penny of excess cash to buy back stock, and they have have bought back a mind-blowing 75+ of their shares outstanding Mr. Else, click here to subscribe.A comprehensive value investing framework for the individual investor I talked about my Dhandho Investor book, It has a low-risk business model that generates a ton of cash. Want to Read More? This content is exclusive for members of Value Investing Almanack. Both of them personify the Dhandho approach. Mohnish goes on to chronicle the adventures of few more well known businessmen like Richard Branson and Lakshmi Mittal. The book includes an explanation of this idea with a simplistic DCF analysis (taking into account various possible outcomes) for a motel business and proves that it was a typical “Heads, I win tails, I don’t lose much!” bet – a dominating theme in this book. The snowball effect over time ended up creating amazing results for the Patel community. The cash generated by one motel was used to buy another motel and very soon Patels began applying their low cost model to higher-end hotels, gas stations, convenience stores (7-Elevens) etc. With frugality and extremely low operating costs, Patels turned motels into cash generating machines.
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The distressed motel industry, low initial investment, easy mortgage and free accommodation were reasons compelling enough to attract the Patel community to motel business. The Gujarati community in the US make up less than 0.2% population but they control more than 50% of the motel business employing nearing a million people and owning over US$ 40 billion in motel assets. The book starts with a fascinating description of “Patel Motel” business. The Dhandho Investor Item Preview remove-circle Share or Embed This Item. Like many other value investors, Mohnish too prescribes a low risk betting strategy. An illustration of two cells of a film strip. Dhandho is a Gujarati word which is best described as – endeavours that create wealth while taking virtually no risk. This book omits a very much needed fundamental basis within a behavioral economic framework in order to promote its rhetoric. The Dhandho Investor was one of the very first few books that I read during my initiation into the world of value investing.īefore diving into the book let’s first demystify the strange word called “Dhandho”. He is a natural storyteller and has an exceptional skill of making the art of value investing look simple and doable. His success across varied fields is clearly the result of his multi-dimensional thought process which is pretty evident from the insights that he shares in his book.
He has built three successful businesses in last 25 years including a technology company, a hugely profitable hedge fund and a remarkable philanthropic organization called Dakshana Foundation, which educates talented underprivileged children to qualify for IITs.
He is one of those rare money managers who have structured their funds mimicking the Buffett Partnership. For the benefit of those who haven’t heard about him, Mohnish runs US$ 850+ million US based hedge fund and is a true Munger-Buffett disciple.
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Download for offline reading, highlight, bookmark or take notes while you read The Dhandho Investor: The Low-Risk Value Method to High Returns. Read this book using Google Play Books app on your PC, android, iOS devices. We had reviewed one of his books “Mosaic” in the previous VIA issue. The Dhandho Investor: The Low-Risk Value Method to High Returns - Ebook written by Mohnish Pabrai. I am sure most of you already know about Mohnish Pabrai.
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