Mohnish Pabrai is an accomplished fund manager and unabashed fan of Warren Buffett. Pabrai's Investment Fund had outperformed all major indices and over 99% of other managed funds by delivering an annualized return of over 28% after fees and expenses from 1999 to 2006.
Here are 5 takeaways:
1) "Heads, I win; Tails, I don't lose much"
Dhandho investing is premised on a low-risk, high-return approach to business which is in itself very similar to the concept of margin of safety. Naturally, Dhandho investing runs contrary to the conventional teachings of how high returns entails high risks.Pabrai ......About the book:
Pabrai illustrates the concept of "Dhandho" and its applications to investing through examples of how vastly different individuals became successful entrepreneurs. He then distills his stock investing approach by sharing exactly how he selects counters.
I would classify this book as a true and underappreciated classic.