Snapshot · My First Million
Before starting his funds, Pabrai invested $10,000 in one company that grew 140x to $1.4 million, and another investment that grew more than 100x to over $10 million.
Where this was said
At 51:27 · chapter starts 49:25
With Berkshire Hathaway holding approximately $380 billion in cash, the question of what Greg Abel does with it looms large [1] — Mohnish Pabrai "Buffett ran Berkshire with extreme patience and extreme decisiveness simultaneously. The Saturday calls — companies in crisis needing a dea…" 49:25 . Pabrai is sanguine: the cash earns decent treasury returns while waiting, and dislocations — COVID, the financial crisis, whatever comes next — are when Berkshire's phone rings. Warren Buffett used to say that the Saturday calls are the best calls, because they come from desperate sellers who need a deal done before Tokyo opens. The price reflects that desperation. Berkshire's brand is now large enough that Greg Abel will get those calls too. The transition is from a 'great capital allocator and great operator' (Buffett) to a 'great operator and pretty good capital allocator' (Abel) — a step down, but not a catastrophic one. Charlie Munger's analogy for the waiting posture is perfect: standing by a stream with a spear looking for salmon, ready to strike the moment a juicy one passes — not knowing if it's in five minutes or twelve hours, but ready.
At the time of the recording, Berkshire Hathaway was sitting on approximately $380 billion in cash, earning decent returns on treasuries while waiting for market dislocations.
Buffett ran Berkshire with extreme patience and extreme decisiveness simultaneously. The Saturday calls — companies in crisis needing a deal before Tokyo opens — were always the best. Greg Abel will get those calls. The game continues.
Reysas Logistics had a $15-16 million market cap against $800 million in liquidation value. Nobody cared because the lira was collapsing. Pabrai used three mental models at once and bought every share he could. The lira fell 90%. He's up 90x in dollars.
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