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Mohnish Pabrai: The Ten Commandments of Investment Management

"Thou shalt accept that thou shalt be wrong at least one-third of the time."
The Acquirer’s Multiple® is the value metric financial acquirers use to find takeover targets. Deeply undervalued stocks are good to own because they can be taken over, creating a quick win, or simply revert back to value over time. As the #1 New Release in Amazon Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market describes, portfolios of stocks with a low rank based on The Acquirer’s Multiple® offer market-beating returns over time. Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is the founder of Carbon Beach Asset Management LLC. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Johnny Hopkins is a financial analyst who specialises in deep value stocks at The Acquirer’s Multiple®. The Acquirer’s Multiple® is a stock screening website based on the investment strategy described in the book The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, written by Tobias Carlisle.
The Acquirer’s Multiple® is the value metric financial acquirers use to find takeover targets. Deeply undervalued stocks are good to own because they can be taken over, creating a quick win, or simply revert back to value over time. As the #1 New Release in Amazon Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market describes, portfolios of stocks with a low rank based on The Acquirer’s Multiple® offer market-beating returns over time. Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is the founder of Carbon Beach Asset Management LLC. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Johnny Hopkins is a financial analyst who specialises in deep value stocks at The Acquirer’s Multiple®. The Acquirer’s Multiple® is a stock screening website based on the investment strategy described in the book The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, written by Tobias Carlisle.

We’ve just been watching a recent presentation with Mohnish Pabrai at the Carroll School of Management – Boston College. Pabrai is discussing his ten commandments of investment management as follows:

1. Thou shall not skim off the top [fees]

2. Thou shalt not have an investment team

3. Thou shalt accept that thou shalt be wrong at least one-third of the time

4. Thou shalt look for hidden PE of 1 stocks

5. Thou shalt never use Excel

6. Thou shalt always have a rope to climb out of the deepest well

7. Thou shalt be singularly focused

8. Thou shalt never short a stock

9. Thou shalt not introduce leverage

10. Thou shalt be a shameless cloner

You can watch the entire presentation here:

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