Patient Investors Win by Passing on Almost Everything
Billionaire value investor Mohnish Pabrai tells Shaan Puri that top-tier investing is less a stock-picking contest than a discipline of inactivity: study businesses deeply, reject almost everything, avoid leverage, and act only when a mispricing is obvious. Drawing on Buffett, Munger, Turkish equities, and Constellation Software, Pabrai argues that most investors lose because they trade too much, sell winners too soon, or chase what sits outside their competence. For those without the temperament to wait years for a “fat pitch,” he says indexing is likely the better game.
My First Million·May 22, 2026·25 min read
