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Mohnish Pabrai: On never selling and sleeping well

Mohnish Pabrai recently stopped by Meb Faber’s podcast, which provided an interesting discussion on very different topics from Brigde to the ability to concentrate his portfolio and still sleep well at night.

Over time, many entrepreneurs have been comfortable with having a very large concentration in one company – namely the one they have founded. A strategy that has been used with great success by the Walton family and the founders of everything from Google to IKEA.

As investors, we believe Pabrai can adopt the same approach:

So I think that the framework we have to use is to think of ourselves as, if we are not the founder, we are basically an owner or a partner.

So think of it as a partnership in a private enterprise. And so I think that once you make that shift where you say that, “This is a family business, and I own 30% of the business. I’m not the founder, but I have a significant stake, and I understand the business.”

Then those two, the investor, the entrepreneur, start blending. I mean, we see this over and over.

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