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The Dhandho Investor: The Low-Risk Value Method to High Returns, by Mohnish Pabrai
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A comprehensive value investing framework for the individual investor
In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger. Readers will be introduced to important value investing concepts such as "Heads, I win! Tails, I don't lose that much!," "Few Bets, Big Bets, Infrequent Bets," Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks. Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.
- Sales Rank: #137751 in Books
- Published on: 2016-11
- Original language: English
- Dimensions: .68 pounds
- Binding: Paperback
- 208 pages
Review
"Today's greatest rising investor"--Motley Fool
"How to invest the way an Indian migrant with little money would do - by looking for companies with little downside…" (Financial Times, Tues 26th February)
From the Inside Flap
All investors are told that if you want to earn high rates of returns, you must take on greater risk. Of course, the groundbreaking value investing strategies of Benjamin Graham, Warren Buffett, and Charlie Munger have shown that it is indeed possible to keep risk to a minimum while still making a reasonable profit. The Dhandho method takes their successful approach to investing one step further and shows how you can actually maximize rewards while minimizing risk.
Dhandho (pronounced dhun-doe), literally translated, means "endeavors that create wealth." In The Dhandho Investor, Mohnish Pabrai demonstrates how the powerful Dhandho capital allocation framework of India's business-savvy Patels can be successfully applied and replicated by individual value investors in the stock market. The Patels, a small ethnic group from India, first began arriving in the United States in the 1970s as refugees with little education or capital. Today, they own over $40 billion in motel assets in the United States, pay over $725 million a year in taxes, and employ nearly a million people. How did this small, impoverished group come out of nowhere and end up accumulating such vast resources? The answer lies in their low-risk, high-return approach to business: Dhandho. This book will show you how to use that same technique to generate high returns in the stock market.
Pabrai's hedge funds, Pabrai Investment Funds, have outperformed all of the major indices and over 99% of other managed funds. $100,000 invested with Pabrai in 1999 was worth over $659,000 by 2006—an annualized return of over 28% after all fees and expenses. In this book, Pabrai distills the methods of Buffett, Graham, and Munger into a user-friendly approach applicable to individual investors. Combining their legendary investing wisdom with the business acumen of the Patels, Pabrai lays out the Dhandho framework in an easy-to-use format that will help any investor significantly improve on their results and soundly beat the markets—as well as most professionals.
Pabrai also details each deceptively simple Dhandho concept in a straightforward, entertaining fashion, with individual chapters that explain why you should: Invest in Simple Businesses, Fixate on Arbitrage, Invest in the Copy Cats Rather than the Innovators, and other simple but proven concepts for low-risk, high-reward Dhandho investing.
From the Back Cover
Praise for The Dhandho Investor
"Mohnish Pabrai is a relentlessly insightful thinker who delights in decoding the esoteric world of finance and also knows how to tell a good yarn. Whether you're mystified by what drives stock prices up and down on Wall Street or you're sure you know, you'll understand better when you read this book. Pabrai's tales of high finance and his clever examination of the core principles of deep value are packed with handy ideas you should use in your own investing."
—Stephane Fitch, European Bureau Chief, Forbes
"I read The Dhandho Investor from start to finish in one sitting—I couldn't put it down. Mohnish shares the 'secrets' of his extraordinary success and has made a significant contribution to the literature on value investing."
—Whitney Tilson, General Partner and founder of T2 Partners LLC
Managing Editor and founder of Value Investor Insight
Chairman of Value Investing Congress
"All of the techniques you need to attain high returns on your investments are here, explained through the examples of successful entrepreneurs and of Pabrai, himself an accomplished prodigy of Buffett's methods. Everyone must understand this methodology if they are to do well in the stock market."
—Timothy Vick, Senior Portfolio Manager, The Sanibel Captiva Trust Co.,
author of How to Pick Stocks Like Warren Buffett
"The Dhandho Investor has nailed it! Pabrai has simplified the strategy for successful investing. 'Heads, I win; tails, I don't lose much!' I don't have to buy a whole business, just purchase the publicly traded stocks of a few 'right' businesses. I suggest this book to anyone looking to hone their investment skills."
—Patrick Fitzgerald, President, Fitzgerald Management
Most helpful customer reviews
9 of 9 people found the following review helpful.
If you want to be like Warren, read this book by Monish.
By robert w dupriest
I am writing this review as an expression of gratitude to Monish Pabrai for writing this excellent and informative book. The word dhando, which comes from Sanskrit, means “endeavors that create wealth.” “The Dhando Investor” (DI) is described in detail in this interesting and informative book. The DI’s motto is “Heads, I win; tails, I don’t lose much.” Monish Pabrai describes the type of business that fits the DI. It is simple. It is subject to only a slow rate of change. It is distressed in a distressed industry. And, it has a durable moat. The DI wants to buy this business on sale, specifically half-off. Pabrai explains that Wall Street is confused by the difference between risk and uncertainty. He explains that the DI wants a low risk, high uncertainty business.
Pabrai offers extensive illustrations using the Patels, whose heritage was from Gujarat India, but who had migrated to and succeeded in Uganda, only to be expelled by Idi Amin. Only a few thousand came to the USA in the early 70’s, but now half the motels in the US are owned by Patels. They accomplished this feat using the principles of the DI. Pabrai also uses examples from Branson (think Virgin Airlines), Bill Gates, and his own experience.
How does one find such a business? Pabrai gives specific recommendations for places to search for distressed companies. He also discusses Joel Greenblatt’s “Magic Formula," found in "The Little Book that still Beats the Market," in detail. If you want to be a Dhando Investor Pabrai says, “Read voraciously, and wait patiently.” Monish explains that there is no certainty in investing, but with proper investigation and selection one is prepared to make “few bets, big bets, infrequent bets.” Following his advice you will surely emulate his principle of “Heads I win; Tails, I don’t lose much."
I also want to thank Phil Town for telling me about Monish Pabrai’s book. I strongly recommend both of Phil’s books. "Rule # 1 Investing" eloquently explains the principles of value investing as exemplified by Warren Buffet. In "Payback Time" he goes into further detail explaining how to improve your returns.
In conclusion, thank you Monish!
1 of 1 people found the following review helpful.
This book was recommended by Phil Town on his InvestED podcast and it ...
By Chris H
This book was recommended by Phil Town on his InvestED podcast and it was right on the money (pun intended). Mohnish teaches investing through the story of the Patel family whose patriarch came to the US and spent his life savings to buy a single motel that nobody wanted. He risks it all on this one business, but he is young enough to recover from a loss if he couldn't make it work. His family lives in the motel and does all the work so he is instantly profitable because he has no overhead. He turns the business around and earns a good reputation as an innkeeper, then parlays the profits from that single motel into another one. He continues to bring family members from India to run his expanding motel empire.
We can relate this story to value investing in the modern world: buying a select few, good companies when nobody else wants them. Few, focused, big investments on companies that become undervalued through market fluctuations or bad news.
It's a great read and I highly recommend it.
2 of 2 people found the following review helpful.
Exceptional Book on Investing.
By Julio Perez
This is an exceptional Book on investing. It has a wealth on knowledge and explains
the investment models that Mr. Mohnish Pabrai uses to obtain superior investment returns.
They are the same as the ones used by Mr. Warren Buffette and Mr.Joel Greenblatt
but in his book they are explained in a more indepth and understandable way.
The book is entertaining with many examples of successful applications of superior investment methods.
And the best of this is that they are simple and easy to understand.
Mr Pabrai is gifted in investing, and in writing in a simple and entertaining way.
I highly recommend this book, it clearly explains investment strategies and tactics
that you may find in other books but they are not explained as clearly and easy to understand as in
The Dhandho Investor.
Thank you Mr. Mohnish Pabrai for sharing your valuble
investment knowledge.
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