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A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. 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 ho..more
Published April 6th 2007 by Wiley (first published January 1st 2007)
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Rating details
Oct 04, 2018Rohit Enghakat rated it liked it
This is a good book on investing fundas in the equity markets from a very well known name in the American capital markets. I had first come across the author's name when he became famous in 2007 for buying dinner with Warren Buffett along with his partner at Buffett's annual charity auction. Enamoured more about this event than by the author, I had written an amateur piece on value investing on my blog (value investing). So when I came across this book written by Mohnish Pabrai, I just couldn't..more
Aug 28, 2011Tyler rated it liked it
“The Dhando Investor” is a stripped-down recap of Warren Buffet’s investing principles. But then again, all Warren Buffet claims his ideas to be- are a recap of the “value investing” principles first espoused by his mentors Graham and Dodd.
Different from Pabrai, however, Warren Buffet is incredibly articulate. In giving the ideas of Graham and Dodd new relevance, primarily through his unparalleled investment track record, as well as his ability to communicate complex ideas in clear ways, Buffet..more
Different from Pabrai, however, Warren Buffet is incredibly articulate. In giving the ideas of Graham and Dodd new relevance, primarily through his unparalleled investment track record, as well as his ability to communicate complex ideas in clear ways, Buffet..more
Jul 09, 2009Scott Dinsmore rated it really liked it
Why I Read this Book: Pabrai has proven his application of value investing to be hugely successful. I wanted to learn what made it real for him. He has been a great teacher.
Review:
I just finished The Dhandho Investor for the second time, and doubt it will be my last. A quick and inspiring read that will have anyone believing value investing is the only true way to amass significant wealth in the market over the long run. At 18.8% a year since 1999, the author has the track record to prove it.
I h..more
Review:
I just finished The Dhandho Investor for the second time, and doubt it will be my last. A quick and inspiring read that will have anyone believing value investing is the only true way to amass significant wealth in the market over the long run. At 18.8% a year since 1999, the author has the track record to prove it.
I h..more
Pabrai writes a great book, with relevant examples and lucid writing , that deeply enhances value investing .
Oct 29, 2014Jonathan Perez rated it it was amazing
I first heard about Monish Pabrai in Guy Spier's book the education of a value investor. Considering how much praise he received and bearing in mind the famous WB lunch, I got curious to learn more.
This book is a useful reminder that value investing is about seeing things everywhere in life as risks vs rewards. When the reward of taking action is much greater than the risk, it makes sense to do it. Heads you win, Tail you don't loose much. It is true in investing. It is true in entrepreunership..more
This book is a useful reminder that value investing is about seeing things everywhere in life as risks vs rewards. When the reward of taking action is much greater than the risk, it makes sense to do it. Heads you win, Tail you don't loose much. It is true in investing. It is true in entrepreunership..more
Apr 23, 2018Univpurpose rated it liked it · review of another edition
The book is nice and I understand the thought process with the margin of safety etc. So that ways, it tells some nice things. But I think I have read far too many books to understand the same concept. I was thinking (to hoping) gain better insights around the Pabrai thought process and while the book did explain that, I felt I was reading the same stuff as Warren Buffet newsletters which I can get for free - buy with moat, margin of safety, durable competition, etc.
What I did like though were h..more
What I did like though were h..more
This is a brilliant book. It is an introductory book on investing. It takes an example of small businesses to make you understand the complexity of investing. Book emphasize the principle of investing in a simple business which you clearly understand. Book also talks about investment strategies of Pabrai Investment Funds which is very much influenced by Warren buffet ideologies.
Overall it's a good read.
Overall it's a good read.
The author compares motel owners who migrated from his native India as a metaphor for value investors. I don't get the connection between people willing to eat, sleep and live in their own properties to make ends meet and a person buying undervalued stocks. Some valid points, but the premise is questionable at best.
Feb 12, 2015Richard Knapp rated it it was amazing · review of another edition
Down to earth
Pabrai tells of the Indian domination of the small hotel market across the US. He then uses stories from that culture to make his investment points..and he is right in his observations.
Pabrai tells of the Indian domination of the small hotel market across the US. He then uses stories from that culture to make his investment points..and he is right in his observations.
Two key takeaways-
1. maximise your returns by maximising rewards and minimising risks. Make few bets, big bets and wait for the right pitch while doing so.
2. all knowledge is cumulative. aim to read voraciously, wait patiently and swing big but infrequently.
1. maximise your returns by maximising rewards and minimising risks. Make few bets, big bets and wait for the right pitch while doing so.
2. all knowledge is cumulative. aim to read voraciously, wait patiently and swing big but infrequently.
I read this book in one sitting. It blew my mind. I seemed to have highlighted half the book. It has now become a guide.
Sounds like total bullshit. I'm sold!
Actually, I'm not going to read this book.
Actually, I'm not going to read this book.
Oct 26, 2017Manoj rated it it was amazing
A must read for anyone interested in understanding the basics of investing. This is probably the book you should start with. In simple language (no greek) , Mohnish explains how to go about zeroing in on one investment among the sea of options. There is even a chapter about how/when to get out of an existing investment. Believe me, this part is difficult, as it was for Abhimanyu.
Highly recommended reading for everyone. The younger you are when you read this, the better.
Cheers and Happy investing..more
Highly recommended reading for everyone. The younger you are when you read this, the better.
Cheers and Happy investing..more
Jan 17, 2018Gaurav Parab rated it really liked it · review of another edition
Good, useful read
If you have read the Snowball, you will find this to be a simplified version using an example we can all relate to. Wish, this had an edition for the Indian context as well.
If you have read the Snowball, you will find this to be a simplified version using an example we can all relate to. Wish, this had an edition for the Indian context as well.
This book is full of great advice. Highly recommend.
This is the first book I read on value investing. It covered many ideas and was a great introduction.
Good piece of information on what, why, how, where to invest .. excellent financial education . Thank you pabrai for the master piece .
This book was recommended by Phil's Town. I was not able to gain much from this book. Perhaps if i was a multi millionaire or something i might get even more nuggets from this book. For normal person i would recommend just read first few chapters, that's where the gold will be found
Resourceful for people who want some basic insights to get in the world of investement. I found this book a bit simplish (one of the guidelines given by this book is to buy when the stocks/business is cheap and sell when its value is higher than the initial price, really ???) .. or maybe I have placed my expectations very high given the ratings the book has. It was not a waste of time for me at all: I found out that investing in stocks is not made for me, at least for now.
I have been struggling to read The Intelligent Investor for more than a year now. Its written in the english of an older time so the fluency takes some time to get a grip on, and its more technically written.
Dhando Investing is much more accessible and concise presentation of the content and methodologies of The Intelligent Investor, and spurred me on to pick up that master title again. I am reading it with much greater ease after having enjoyed Dhando Investor.
The book starts very colloquially..more
Dhando Investing is much more accessible and concise presentation of the content and methodologies of The Intelligent Investor, and spurred me on to pick up that master title again. I am reading it with much greater ease after having enjoyed Dhando Investor.
The book starts very colloquially..more
Mohnish's journey until 2007 before he realised that he had ignored quite a few other risks.
Proponent of running a concentrated portfolio - but that changed after 2007/08
A Margin of Safety makes you skip most opportunities that come your way - example of Mittal, Branson, and the Marwari philosophy.
Was optimistic about Chipotle and guess he was right - from 70 a share when he wrote to 300 + now.
Pg 114 - good explanation of permanent loss of capital - hence, makes sense to get into low risk high u..more
Proponent of running a concentrated portfolio - but that changed after 2007/08
A Margin of Safety makes you skip most opportunities that come your way - example of Mittal, Branson, and the Marwari philosophy.
Was optimistic about Chipotle and guess he was right - from 70 a share when he wrote to 300 + now.
Pg 114 - good explanation of permanent loss of capital - hence, makes sense to get into low risk high u..more
Awesome book on value investing approach. Pabrai knows something about the topic and writes in a succinct but easily understandable way of explaining his investing philosphy. Every word and page seemed to be chosen with economy in mind. And yet you walk away with a very solid understanding of the 9 key concepts that Pabrai has learned over the years from the examples he uses along with guys like Buffet, Graham, Spier, and others. This is not an exact how-to manual and I don't think one could be..more
Oct 24, 2011Milan rated it really liked it
This book by Mohnish Pabrai describes the concept of value investing in the simplest terms. Even a person new to investing could get a good idea of how value investing really works. He is honest enough to say that he has very few original ideas. He is an unabashed admirer of Warren Buffet and Charlie Munger. Where this book lacks is that he has not discussed the mistakes that he has made and how he has learnt from them. He does not go into the detailed analysis of the cash flows of the companies..more
Interesting simple basic approach, presented with a bit forced Indian analogies and lots of repetition (how many times can you read 'Heads I win, Tails I Don't Lose Much'?).
From time to time, the author goes into technical analysis and probability estimation with poorly based constructions. I understand stock valuations work within unknown/uncertain territory, but the process description ends up being too simplistic, with technical support and context referred in insufficient terms.
There is stil..more
From time to time, the author goes into technical analysis and probability estimation with poorly based constructions. I understand stock valuations work within unknown/uncertain territory, but the process description ends up being too simplistic, with technical support and context referred in insufficient terms.
There is stil..more
Nov 11, 2016Iliya Polihronov rated it it was amazing
Monish is a proven successful investor and he has basically laid out the way he makes his investment decisions. I find especially courageous that he not only describes success stories from his past investments, but also investments that he was in when writing the book. The book is easy to read and doesn't contain a lot of terminology. I also think that there is a gem to find in there for any investor, no matter how much or how little experience they have.
Mar 11, 2016Janet rated it it was amazing
This book was recommended to me as I began my journey to learn more about investing my money. Mohnish Pabrai really simplified concepts into terms I could grasp. It has given me the confidence to continue to manage my own portfolio as I learn to search for businesses that are worth investing in. It was inspiring.
Awesome book- the author differentiates between risk and uncertainty. He expounds on buying businesses on those which are low risk but may have high uncertainty as the securities are more often than not mispriced. One of the rare persons to differentiate between these two concepts. In my opinion, it's still a difficult task to undertake but is important to keep in mind when analysing companies
Jan 09, 2015Cyrus Molavi rated it really liked it
In The Dhandho Investor, Pabrai evangelizes a method of investment in plain words that turns out to be value investing. Its principles are clearly laid out and plenty of examples are given. The book does a good job of introducing the topic and referencing practical resources to take next steps in few words.
Mar 09, 2016Kevin rated it it was amazing
Great book, provides a business based approach to finding value stocks.
A very good book by a disciple of warren buffet. Low risk and high volatlie strategy is a good model to think about stocks.
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Mohnish Pabrai is an Indian-American businessman, investor and philanthropist. In his Pabrai Investment Fund, which is a family of hedge funds inspired by Buffett Partnerships, he successfully manages over 500 million of assets and consistently achieves above-average rates of return.
“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.4 —Warren Buffett” — 2 likes
“Einstein also recognized the power of simplicity, and it was the key to his breakthroughs in physics. He noted that the five ascending levels of intellect were, “Smart, Intelligent, Brilliant, Genius, Simple.” For Einstein, simplicity was simply the highest level of intellect.” — 1 likes
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A comprehensive value investing framework for the individual investor In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. 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. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers 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. Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.
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