Best of MFM: Listen To This Before You Invest Another Dollar
3/25/202635 min
Want to invest like the best? Get Mohnish's investment playbook: https://clickhubspot.com/jbhm Episode 808: In this special episode, we’re pulling together the most replayed moments from our episodes with value investors like Mohnish Pabrai, Howard Marks and Guy Spier. — Show Notes: (0:00) Mohnish Pabrai: How to turn $10K into $1M (3:56) Howard Marks: The S&P 500 (9:29) Guy Spier: Finite and Infinite Games (14:47) Mohnish Pabrai: Circle the wagons (17:58) Howard Marks: Recommended Reading (23:03) Mohnish Pabrai: The most important thing (27:16) Howard Marks: “When the time comes to buy, you won’t want to” (31:17) Guy Spier: Don’t study lottery winners — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
Clips
Transcript preview
First 90 secondsShaan Puri· Host0:00
How would I take 10K and turn it into a million?
Mohnish Pabrai· Guest0:02
Circa twenty twenty-five, we cannot go into the S&P. The S&P is overheated. So what I would do is I would treat Berkshire Hathaway as the index.
Howard Marks· Guest0:10
If you bought the S&P when the P/E ratio was twenty-three, your annualized return over the next ten years was between two and minus two. That's all you have to know.
Mohnish Pabrai· Guest0:17
Buffett's made at least four hundred investment decisions. He's saying twelve are the ones that mattered. The god of investing has a four percent hit rate.
Guy Spier· Guest0:27
Investing is an infinite game. You don't really win or lose, the players just decide to drop out. Don't be such a freaking idiot.
Howard Marks· Guest0:33
The riskiest thing in the world is the belief that there's no risk. When the time comes to buy, you won't want to.
Shaan Puri· Host0:38
If I said, "What's the number-one trait that makes a great investor?" what comes to mind?
Mohnish Pabrai· Guest0:43
Um- [singing] I feel like I could rule the world.
Speaker 40:48
I know I could be what I want to. Uh. I put my all in it like no days off. On the road less traveled [music continuing] So le-let's play a game.
Shaan Puri· Host1:04
You're my coach. You're my investing coach, let's say. And I have ten thousand dollars, and I wanna turn it into a million, right? Podcast called My First Million, I wanna go from 10K to a million, so that's 100X. How would I take 10K and turn it into a million?
Mohnish Pabrai· Guest1:18
The thing about investing is that opportunities are not going to show up just because you have the cash. So I would make some tweaks to your thinking first about- Yeah ... the 10K. So I would say,