About this episode

Mohnish Pabrai discusses various investing strategies and insights with Shaan Puri on My First Million.

Mohnish Pabrai's Interview with Shaan Puri at My First Million on May 5, 2026. (00:00:00) - Introduction (00:00:30) - Value investing in the US; Importance of patience in investing (00:02:15) - Mental models: The mistress is always hotter than the wife (00:04:58) - Introduce randomness in your life; Peter Lynch's One Up on Wall Street (00:08:12) - Elon Musk (00:09:42) - From admiring to executing; Sam Walton & Cloning (00:13:24) - Tesla; Blue Origin vs. SpaceX (00:14:10) - Randomness & Cloning; Farm Con & Kevin Van Trump to Milk road (00:16:40) - McDonald's vs. Burger King (00:17:05) - The Bedrock model: Take a simple idea and take it seriously; Turkey vs. Indian markets (00:20:39) - Mental model conflicts; Circle of competence (00:23:13) - The salad oil crisis; Buffett's stake in AmEx and Disney (00:26:12) - Traits of great investors: Keep investing simple; Warren's Too Hard Pile (00:30:27) - Aksarben racetrack and Buffett's tickets adventure; Moody's Manual (00:33:02) - Japanese Company Handbook; Look for needles in haystacks (00:34:40) - Stock market: Church with a Casino (00:38:42) - Lunch with Warren Buffett; Leverage lesson from Rick Guerin (00:41:39) - Inner scorecard vs…

People in this episode

Host: Mohnish Pabrai

Guest: Shaan Puri

Topics covered

• value investing
• mental models
• randomness in investing
• traits of great investors
• active vs passive investing
• business moats
• investing in Turkey

Keywords

• value investing
• mental models
• Elon Musk
• Warren Buffett
• active investing
• passive investing
• business moats
• investing in Turkey

Mentioned in this episode

Organizations: Tesla, Blue Origin, SpaceX, McDonald's, Burger King, Berkshire Hathaway, FICO, Reysas, TAV Airports

Books & works: One Up on Wall Street, Japanese Company Handbook

More episodes of Chai with Pabrai

• Mohnish Pabrai's Interview with Knowledge Inside podcast on June 8, 2026 · July 1, 2026 · 55 min
• Mohnish Pabrai's Interview with The Investor's Podcast on March 23, 2026 · June 5, 2026 · 51 min
• Q&A session with Dakshana scholars at JNV Bangalore Urban on December 25, 2025 · June 2, 2026 · 1h 6m
• Mental Models by Mohnish Pabrai at Heilbrunn Center for Graham and Dodd Investing on April 21, 2026 · June 1, 2026 · 52 min
• Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026 · May 26, 2026 · 1h 17m
• Mental Models for Running Startups and Businesses, SXSW 2026 on March 16, 2026 · April 23, 2026 · 46 min

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