*Get Mohnish's 9 investment principles:* https://clickhubspot.com/1i6b
Episode 827: Shaan Puri ( https://x.com/ShaanVP ) sits down with Mohnish Pabrai to break down the mental models that made him a billionaire value investor.
—
Show Notes:
(0:00) Intro
(1:25) Mental models of the top 1%
(3:38) The mistress is always hotter than the wife
(6:37) Introduce Randomness in your life
(10:47) Humans are poor at copying
(20:13) Take a simple idea seriously
(23:02) Be and inch wide and a mile deep
(30:29) Never use Excel
(35:03) Wait for fat pitches
(39:38) the stock market is like a church with a casino
(44:01) Paying $650,000 to have lunch with Warren Buffett
(45:43) The cautionary tale of Rick Guerin
(47:22) The inner score card
(49:25) The future of Berkshire Hathaway
(51:29) Mohnish’s best investment
(1:02:39) The hardest question
(1:06:16) How to beat the index
(1:11:25) Mohnish's stock picks for 2026
(1:22:26) S&P 500
(1:24:57) life advice disguised as investing advice
(1:29:32) Studying the greatest investors
(1:37:51) if you remember nothing else, remember this
—
Links:
Mohnish Part 1: https://www.youtube.com/watch?v=XikIr0kedY8
Mohnish Part 2: https://www.youtube.com/watch?v=TN5aKByr3Rs
The Dhando Investor - https://a.co/d/0hkx1t8g
—
Check Out Sam's Stuff:
• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm
—
Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:
beehiiv.com/mfm-challenge
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
Mohnish Pabrai: How to be a top 1% investor
Ever wonder what sets the top 1% of investors apart? Mohnish Pabrai says it all boils down to mental models — ways of thinking that shape how you see the world. According to Pabrai, the key isn’t just about picking stocks; it’s about developing a mindset that embraces patience, randomness, and simplicity. As My First Million highlights, he suggests waiting for those rare, fat pitches — big opportunities that can make or break your portfolio — and being willing to sit on the sidelines until the right moment. Pabrai also emphasizes the importance of studying legendary investors and copying their best habits, not just superficial tricks. But here’s where it gets really interesting — he warns against over-relying on tools like Excel, calling it a distraction from core insights. The big takeaway? Success isn’t about constant activity, but about disciplined patience and deep understanding. And get this — Pabrai’s advice isn’t just for stocks. It’s a mindset shift for anyone looking to outperform in a noisy, unpredictable world. So, the real question is: are you thinking like a top 1% investor yet?
Audio Transcript
*Get Mohnish's 9 investment principles:* https://clickhubspot.com/1i6b
Episode 827: Shaan Puri ( https://x.com/ShaanVP ) sits down with Mohnish Pabrai to break down the mental models that made him a billionaire value investor.
—
Show Notes:
(0:00) Intro
(1:25) Mental models of the top 1%
(3:38) The mistress is always hotter than the wife
(6:37) Introduce Randomness in your life
(10:47) Humans are poor at copying
(20:13) Take a simple idea seriously
(23:02) Be and inch wide and a mile deep
(30:29) Never use Excel
(35:03) Wait for fat pitches
(39:38) the stock market is like a church with a casino
(44:01) Paying $650,000 to have lunch with Warren Buffett
(45:43) The cautionary tale of Rick Guerin
(47:22) The inner score card
(49:25) The future of Berkshire Hathaway
(51:29) Mohnish’s best investment
(1:02:39) The hardest question
(1:06:16) How to beat the index
(1:11:25) Mohnish's stock picks for 2026
(1:22:26) S&P 500
(1:24:57) life advice disguised as investing advice
(1:29:32) Studying the greatest investors
(1:37:51) if you remember nothing else, remember this
—
Links:
Mohnish Part 1: https://www.youtube.com/watch?v=XikIr0kedY8
Mohnish Part 2: https://www.youtube.com/watch?v=TN5aKByr3Rs
The Dhando Investor - https://a.co/d/0hkx1t8g
—
Check Out Sam's Stuff:
• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm
—
Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:
beehiiv.com/mfm-challenge
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
0:00/1:09