저자: MohnishPabrai · 외국인
요약 보기
진행자들이 Mohnish Pabrai를 인터뷰한 후기. 가치투자 철학과 인물 특성을 논의하며, Pabrai가 가상화폐 시총 3조 달러가 0으로 갈 것이라 본 점, 테슬라는 현재 가격이 과대평가라는 입장이 언급됨. 중국 주식(텐센트)과 VIE 구조 우려는 Pabrai가 제기하지 않았다고 평가하며 사업 자체가 중요하다는 취지.
다듬은 글
hi guys welcome back to everything money it's paul and mo we had the grand honor to interview monish pibrai in austin texas he he's we we interviewed william green the author of richer wiser happier and i was really drawn paul to monash's story uh his humble upbringings almost poor upbringings in india all the way to making a company and selling a company in his in his mid 30s to becoming a very famous and successful investor in very much the let's get done mentality that paul has taught me last three years i just emailed the guy and sure enough he emailed us back paul looking looking back we sort of asked him why he said yes to us because he gets requests every day and he said you guys were the first guys who were willing to fly all the way out here and set up a hole in is that what we said yes yeah i think everyone just asked yeah so it's like we were the first people and paul i'll tell you what like people ask me how we get a youtube channel going i say have a really rich guy ready to dump about half a million dollars into it over three years and you can do almost anything in the world so like that trip i was asking tim you know flights for five people ubers rental cars gear rentals we went all the way in and we set up we we even gave our intern his own hotel room with a kitchen in it wasn't that stupid anyway so um but but guys it was very paul that interview uh kept me up at night for many both in an exciting way and a worrisome way it kept me up at night for many many days and uh and so but anyway we wanted to make this video to sort of reflect on our overall thoughts about who is monash prabrai what is he like what is a great value investor like what we what what we agreed with him what we disagreed with him uh and uh and so paul take it away give us your thoughts you know we flew all the way to austin we set up for hours we got to speak to him for about two hours paul mo give us your thoughts on on monash and what he's like well at lunch after we did the interview i said to mo like crap we forgot to ask him why he agreed to meet with us because they said he gets four or 500 requests a year for interviews and he says yes to how many i don't know two dozen maybe if that i don't know what the number is but it's not a ton and i remember thinking myself like why do you pick up and then it's funny because yesterday as we were flying home i think everything to myself maybe he agreed because we were just like hey we'll come out to you and he was like oh all right sounds good better than uh you know just a video chat or something like that but um mo what'd you think of so tell me your initial thoughts when you first met him what'd you think first i was like okay he's really tall and then i was like man he's such a he's such a personable person but it's almost like he still is that weird value investor that just wants to do his own thing like the way he speaks to you he's just so i mean he's he's engaged in conversation with you but he also wants to go to his office and just sit there and do his do his thing and that was my biggest takeaway from i mean of course i had tons of takeaways but personality-wise it was like it's incredible to meet one of the greatest investors of all time most well-known investors in the value world and he's just like all of the other ones that you read about likes to do their own what's up he's just like he's just like us he's just like us like he just wanted to i mean tim said to me manish came in he had he spoke with us about lunch and then he took his food to his office and he went to eat by himself and tim was like you weren't offended by that were you i'm like no tim that's exactly what i would have done if i had two random guys come in i'd be like it's really nice to meet you guys we'll talk tomorrow at the interview yeah paul paul i was surprised you and i didn't lock eyes more during that interview because he said so many things it just sounded a lot like what we say on our show and and what you say about about you you know like he he talked about the idea that if if you think value investing might speak to you you might be the type of person who casually on an airplane instead of like fumbling for your phone and being bored you're perfectly fine with staring at the seat in front of you and just just taking in life and uh and he brought up the um the the seinfeld analogy which is a great episode and he was just like you know they're elaine's boyfriend he just stares at the seat in front of you and it's um you know people under undervalue thinking you know i i i joke with you know my girlfriend lisa and moe's girlfriend nicole that we spend a lot of time just thinking and i'm like that's my job and they're like oh must be nice i'm like it actually is pretty nice but that's what you spend a lot of time doing is just thinking like okay what about this what about now the great news for me is i've got so many businesses in real estate and all these things going that if i'm thinking about something it's not just focused on my personality it's funny do you hear what he said about charlie munger he said charlie is the kind of guy that has to be doing a lot of things yeah and i heard that i'm like man i am charlie munger and so then i don't mean that in a way of like you know petting myself success yeah yeah it's he was he's a troy monger is a very blunt guy i'm a very blunt guy buffett speaks like everything he's going to say it's going to be the cover of the wall street journal charlie munger doesn't give enough if he's outside look at these things saying okay this is good and by the way that's the whole point totally different people look at monger look at buffett and how he was raised and pride how he was raised but poor guy in india buffett the son of a congress a u.s congressman you know very different upbringings right so i look at these things and i'm like and i'm meeting him and going oh what was he dressed like he was just like this he he was dressed exactly like this so you know what's funny well uh when we got to austin i was we were going out to dinner everybody's wearing jeans and stuff and seth was like oh you look like you're going to a volleyball game so the next day i decided okay i won't look like i'm going to a volleyball game i put on a pair of jeans to go to the to monitor's office and i was like he looks like we're going to a volleyball game why can't i wear those clothes yeah yeah we were way overdressed you know this is a guy worth a couple hundred million dollar i don't know i actually don't know how much he's worth but he's gotta be worth a couple hundred million dollars or something like that a few hundred million and you know he's talking to us about this beautiful multi-million dollar home he bought in um in austin and we're looking at him going there's like 12 i mean i'm a watch guy does anybody remember what watch he was wearing yeah he was wearing an apple watch i checked yeah he's bringing apple watch you know what i mean and i haven't watched he was wearing the same this the same kind of shirt that paul wears with crossroads group it said funds on it and he was wearing sweatpants that he probably got from target probably take that back his girlfriend probably bought it from him from target so everybody's different but value investors just like doing what they do um the big takeaway for me so then so if you remember there was a time in the interview and i kind of pushed back a little bit on a point he made right i did i i was hoping he wouldn't take it disrespectfully i don't and i don't think he did and very at the very end of the interview because i like you i'm like oh thanks but um the reason i did that was i was sitting here saying paul he's no different than you you're talking to this guy and if you didn't know who he was you'd probably sit there and say yeah i think you're wrong about this yeah at one point he said something about microsoft being in the too hard pile my book wait a second now go you'll watch the interview if you're watching like go back and watch the interview see what i said but i basically pushed back on a point he made and he kind of conceded he's like oh okay yeah i get what you're saying and help me out to say look at me i got papaya i looked at saying like listen i believed something and he's a quote unquote better investor than me and he thinks about things differently but doesn't mean that i'm an idiot i can still push back and say no i just think that's an incorrect way of looking at something just like go ahead mo no i think i think i think if you would have had that conversation with really any value because when we talk with gary gary's a great investor he's not as well known as manesh but this is the when you have discussion this is the discussion part of value investing that value investors appreciate so much when you have two great value investors in a room together and having the discussion and just making listen like paul just said we like to think we literally sit there and think this is a part of the thinking process they think about things that they didn't think about before and i think that's when you made that point to manish i think it was like i never really thought about that and paul you said likewise you know he brought up some ideas that maybe were swaying your mind companies like well it didn't smell so much no tesla yeah i was gonna say not so much tesla but but the idea of 10 cent you know i mean we have a lot of our fans in our community that they're they're actively asking on tencent this is the biggest company in china paul and uh he's uh monetization tesla was a bad example because literally god himself could come down and say paul buy tesla stock and i would say i'm sorry i'm not buying it but if i was teetering on a stock if tesla was selling at a range where i was like okay i'm close the things he said would have swayed me over so that's the important part i just think tesla is overpriced that i wasn't willing to listen to anything listen call me stubborn call me arrogant come here if you want literally nothing you could say would get me to buy tesla i just don't understand tesla nothing this world you can say to me could get me to buy cryptocurrency i don't care i just don't get cryptocurrency but if i was teetering on a stock that was selling i'm just like you know it seems overpriced to me the things you said about tesla if i was teetering on tesla would have put me over over the market tesla i'd been like you know what manesh monash you are correct i'm buying tesla yeah but tesla currently is current evaluation sorry nothing can be said to me that makes me go i'm gonna buy tesla and he did not say that he was like now wouldn't touch it yeah so paul you brought up a cryptos paul i mean he he went full he went full charlie charlie munger on he thinks that the three trillion dollars that are invested in in crypto will go to zero in his words and please watch the video because it was amazing i was shocked when he said i was like oh okay because i actually don't believe that i think crypto will be around in some form but i think it's gonna be a very it's just like the internet i don't i didn't think every internet company was going to zero i just thought the vast majority would and they did i think the vast majority of cryptos are going to zero i just don't he thinks the entire market's going to zero maybe maybe i think there'll be a crypto backed by governments and that'll be the crypto we use it won't be the crypto everybody talks about today this independent you know anti-government kind of thing i just think it'll be a lot more involved in society so um i was surprised he said that he you know crypto's a three trillion dollar market cap and and market size and the entire world economy is 500 trillion so it's not really that big but i think that three trillion will go to zero and i was like oh yep i was like okay you know you know guys i i try and be the normal person on the show that brings sort of your normal person questions and in the end i've been i've been harping on this for years now the idea that when paul brought up the concept of value investing to me i just thought it was some weird paul i just thought it was some weird club you were in that like a normal person couldn't be in it was because it was it was filled with nerdy weirdos that like to read books all day and play chess and but really it's a concept of buying uh buying a dollar for 50 cents and so i it wasn't until i had you guys in my life and then i read richer wiser happier that i started realizing that every per every value investor thinks the way you do and it made it less weird of a concept and so it's funny is you know we talked about we asked some of his uh analysts in the office and he only had two paul analyzing stocks we asked about you know what was their take on china and their fears about d he actually almost doubled backed when i asked him paul he said what do you you know what do you mean i was like oh you know like the d listing and the vic and he's they made it seem so simple and like not even an issue but i guess the point is if you're out there feeling alone you can watch a monash babri interview and get in our community and and it won't feel like such a strange concept all of a sudden paul when we walked in and talked to these people value investing just seemed like the only way um did you feel that too yeah well it's interesting it's interesting real quick i wanted to say in the interview when he was talking about china i want to say guys not once did he bring up vie not once did he bring up all his concerns like he didn't bring up any of these concerns about china and it's the things we hear the most it just goes to show that people in the general public tend to over dramatize the things that are being discussed this vie never once brought it up now again he owns shares in 10 cents parent company not through the us it's through some other exchange like in hong kong or something like that so that is true but he used to have alibaba and we asked him and seth you asked them why'd you sell alibaba guys watch the interview to see why he sold alibaba it's very interesting but go ahead um moe yeah so really it was funny seth asked the question to one of his analysts and the analyst did he like paul just said if you take away youtube and watching maybe cnbc or channels alike you're you're just looking at a normal investment and it doesn't matter what exchange it's in i i think his his analyst did say it could be in mickey mouse's exchange and i would be buying it right now that's exactly what he said it doesn't matter about vie structure exchange you're buying a company and that was his main driving home point you're buying a company it's a good company that's it in the end guys paul i think mo i think i think we made a good impression on him obviously if if you guys watch the videos we have them it's four or five parts they'll be linked together so at the end of the video you can keep the the conversation going we like to put them in smaller digestible uh videos that are more on topic but but in the end guys the setup was absurd you know it's funny but i was as we're setting up for hours i'm thinking boy the great way to have a youtube channel be successful is have a guy that has a background in video and editing and like you know because i've done like like feature films a bit so or like so anyway i was just thinking man i think we impressed him i think we're gonna have a chance to talk to him in the future you think he literally said the words you're right yeah legit he was like looking around going i did not think this was gonna be coming up i'm like yeah he's like you guys have a really impressive uh setup i'm like oh thanks and it was the first thing talking about your setup so paul paul myself and nicole are sitting in the conference room with see-through glass going to lunch and i i look at paul and i see they they have all these cameras everywhere and lights and then nate is coming in with another like truckload of stuff i'm like paul what is going on here and paul looks over he's like how much equipment did we bring it looked like a cnbc production was going on it was really incredible they did a great job and you know paul go ahead i was gonna say tim says tim tim also noticed one of the first things he said when the interview was over he's like what are we doing with this like how do we harness this it was like he couldn't say it fast enough and then he said paul he said guy spears gonna be in town here coming next year and tim tim was like do we get all these guys in a little round table room so who knows guys i think i think we we we uh we planted a nice seed of uh uh and started a nice relationship so we're excited to talk to him in the future we got to make that we do have to make that happen if it's all if it's all of us talking in a round table kind of discussion then i think that would be very useful that would be so much fun and very useful for us and everybody there are more interviews i want to become i want to come up with some fun questions like i said in the group chat oh yeah that's a great idea so yeah folks imagine asking monish okay monash uh which super power would you rather have invisibility or flying go tell us why like fun that's the thing i really our goal my goal for this channel is we've got to make money fun because money is so important and you're not just like working out if you don't make working out fun you're not going to do it yeah this whole idea of having stuff in order to do what's right is a terrible idea like i understand sacrifice but try to figure out a way to make something fun like i have i've had how many personal trainers in the last 10 years i finally found one that's fun right and that's why i work out more she's a fun person she's nice we get a long ball she's friends with my girlfriend all these things you know i mean it's like the previous three trainers i was like these people suck they're just i hated working out with them you know what i mean it's like they were just not fun people that's the same thing we got to make money fun and i want to bring fun questions these investors instead of everybody asking the same questions what do you look for in a company it's like god that's such an annoying question i'd be like i you know what if we ever became famous enough for people interviewing me what do you look for in a company um one in which it makes a lot more money than i expect them to make next question like i'm just going to answer stupid it's not a stupid answer i'm going to ask junior because it's like and i'm going to tell that to everybody don't ask me boring questions if you ask me boring questions i'm going to leave yeah our interview is our interview was so unique uh we came at it from a totally different perspective we these are questions that people probably didn't know the answers to because people probably never asked them and this is one of the most important part of his life's this gap that we filled with a lot of our questions in the first part of the discussion it was really it was really great about starting his business i've never seen an interview where he talks about but the business he talked so much about the business yeah that that he started they sold for six million dollars in 2000 yeah and nobody nobody asks those questions they're always cookie cutter questions and he did i think he really appreciated that because it has to get boring to do the same interview over and over and over yeah that's okay guys that's our thoughts on monash pro bry uh check out the the four four five part series we put out there's other interviews about william green we interviewed uh we interviewed jerry parker the complete complete uh turtle trader and uh there's more to come we've reached out to some of these famous value investors and hopefully they'll take our emails so that's our take guys final thumbs up join the community tickle the like and watch the manesha brian you're gonna love them guys thanks so much bye
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