Value investors Mohnish Pabrai and Guy Spier share their fondness for the same stock. Find out which stock is it.
Markets With Value Investors Mohnish Pabrai And Guy Spier
Q3 hedge fund letters, conference, scoops etc
Transcript
Well first of all we thank you so much for the call. That was my favorite too.
It's great to be here with you and and yes certainly. Great to get to be with you as well.
I believe you've got the Messman license now to officially open account in India.
Finally finally it took about almost two and I was pulling hands out.
I'm so grateful for it. But in a sudden way I feel very lucky because the licence came just at a time when some things go a little cheaper. So sometimes being forced to wait is a good thing.
So firstly this has to be my opening question How much are you looking to invest in India. So that's an interesting question.
So I you know Mohnish has publicly said that I think he's said that he has nothing in the U.S. right now. I happen to love with the U.S. even though I don't live there. I've told my investors that I will go up to 10 percent for now and then I would report back to them. And so I will edge my way and quite a bit more slowly than some other people that we know and what have you bought so far. I bought one stock but I'm looking to buy a number of others you know 20 years ago or so I bought one stock and I sold it way too soon. I bought Grizzell and I know very severely regressive. And every time I come back here I mean that when I came here the first time it was really hard to get around and it was really hard to understand the place. I feel like it's becoming easier and easier. And that's not because I'm becoming more intelligent. It's that India is becoming a simplified simpler and simpler. And so yeah. But I think that the industries that I'll go into I mean there's still a lot of noise. I don't think I will ever be able to understand well. But I think that there are some people from American investors who are already here Mohnish is one we were talking about Fairfax India is another one I can look to see what they're doing and it's becoming more and more non Indian friendly if you like. So I'm very very pleased to be here now.
I mean it's the Daithi sentiment and is welcoming investors from across the world. This is some great fancy seafood. I know Mani's is favorite is up for how which is my favorite too.
But you should try out the free version of the hamburger that's got up out now.
As it gets when it comes to intense fried food.
I'm just wondering tongue where are you trying to make a point by giving me some spicy food.
You told me that the markets might be spicy as well as a high profile I like spice in my food. I would prefer the markets to be plain sailing but it's not always that way. But given that the conjuncture. The market depleted the enough spice.
And now perhaps we'll get into a bit of a stable zone so to speak. I mean a fairly volatile right specially what's happened within that gap in the small caps that you were exposed to I think.
I think the thing is that you know there were three core edicts that Ben Graham talked about that became the core of what Buffett focused on and one of those core edicts was that the market is here to serve us not to instruct us and it's really important to keep that in mind. So basically we should not be looking at market levels to to basically figure out why it's doing this alights doing that. The key is to focus on individual businesses and ignore the noise. And so when those businesses are available well below what we think that we should be buying and when markets get euphoric and those businesses are priced above what we think they would we should be selling and pretty much I think that trying to do anything more than that I think is a mistake warning that we're done that and I think that's the way to go. So I think when we have volatility like we have recently.
