Mohnish Pabrai delved into many subjects including bullying and how India can become a sports powerhouse.
Mohnish Pabrai’s Q&A Session with Scholars at JNV Rangareddy
Q1 hedge fund letters, conference, scoops etc
Transcript
It's a pleasure and honor to meet all of you. And. Are you enjoying your time at Dakshana. All right. So what we'll do is we'll run this as a Q and A you know kind of see what you have in your mind and then take it from there so if you can go to the first question set for us from then we will be hot.
Then my question is What do you think about India and why don't you just so you know people say that India is third world country with first class people and on many fronts we have very good talent. You can see very good institutions like the ITA's lot of talented people lots of natural resources lots of things that should make us very rich and prosperous country but we are not rich and prosperous country.
But if they made me Emperor of India for not much time maybe three 40 years you know with absolute unlimited powers India would become an incredibly rich country. Now you know this sounds like a politician's speech.
[inaudile] But I want to I want to just explain to you a few things which are very basic about why India is poor and why India should not be poor.OK. So.
There was a guy in Scotland maybe around 250 years ago called Adam Smith. Anyone heard of Adam Smith. He's known as Father of economics. OK. And why is he known as Father of economics.
Because you've heard so much about economics in his book with him.
OK. All right very good. Excellent. So Adam Smith wrote the book. The book has a short form the short form of the book is called The Wealth of Nations.
The actual full title is an inquiry into the Nature and Causes of the Wealth of Nations. Ok so.
The book came out around I think 17 Sixties approximately around then. He spent about ten years writing it.
That book and the United States was formed in 1776 the United States operates for the most part based on Adam Smith's book and it has blown past the whole world. Busts it gets RTT for the book. You can probably buy it.
For maybe less than 50 rupees in any language you wish to. So it is available everywhere in every library has that you don't even need to buy it you can go to a library. So the book basically addressed exactly your question which is how do we make a country wealthy. Now I think that most countries would have an interest in becoming wealthy and I would think that all leaders would first before they do anything. Read the book. Funday clacker government should look at. But actually what happened is politics comes in and many things come in and it ruins.
So let me give you an example of what Adam Smith was saying and if you like like I was saying if he had a few years where we did this in India we would.
