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When I picked Richer, Wiser, Happier this month (again through a recommendation from Mr. And never forget – heads, I win tails, I don’t lose much! Richer, Wiser, Happier You should get a dollar’s worth of assets for less than a dollar. Only place bets when you have an advantage. Wait patiently for the big salmon to swim by, when it does, strike. If you are here only for the summary of lessons from Mohnish Pabrai, here it goes.īuy existing businesses which are simple and inside your circle of competence. It’s better to be a copycat than an innovator.Look for low-risk, high-uncertainty business.Buy businesses at big discounts to their underlying intrinsic value.Bet heavily when the odds are overwhelmingly in your favor.Buy businesses with a durable competitive advantage – The Moat.Buy distressed businesses in distressed industries.
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