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Mohnish Pabrai

Pabrai Investment Funds / Dalal Street

Pabrai Investment Funds / Dalal Street, Dhandho value and concentrated public teaching

Pabrai Investment Funds and Dalal Street are useful because Mohnish Pabrai has left a deep public trail: talks, Q&A, Chai with Pabrai, courses, fund letters, and 13F filings. The strongest signals are in a few large positions, opportunity cost, copied ideas that were independently checked, and how mistakes changed the portfolio.

Sources Pabrai Investment Funds / Dalal Street official site SEC EDGAR profile Manual of Ideas interview transcript
Concentrated value CIK 1549575
2026-03-31 Latest 13F 3 Current holdings 8 Last 2 periods Change 13 Public materials
Latest 13F snapshot 2026-03-31 · 3 disclosed positions · $422.9M Top five 100.0%: HCC, RIG, AMR

Performance materials

  • Pabrai's private funds do not provide a continuous, current, standardized public annual return series. Public letters, public videos, and 13F filings are the main materials.

Firm and key people

  • Pabrai founded and sold an IT services business before starting Pabrai Investment Funds.
  • He translated Buffett and Munger ideas into the Dhandho framework and explains that process frequently in public settings.
  • The portfolio is often concentrated, so a single large position change should be read with interview timing and valuation context.

Investment style

  • Look for low-risk, high-uncertainty opportunities with asymmetric odds and controlled downside.
  • Prefer understandable businesses, clear discounts to value, and rational capital allocation.
  • Cloning can identify ideas, but Pabrai's own checks and position sizing determine whether the idea enters the portfolio.

Public materials

View timeline
Shareholder letters / memos 0
Interview 2
Public video 0
Public Q&A / speeches / presentations 11

Current holdings

13F period 2026-03-31 · Filed 2026-05-14
Stocks Shares Value Weight
HCC 1,810,831 $168.7M 39.9%
RIG 20,392,672 $135.2M 32.0%
AMR 579,738 $119.0M 28.1%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-14
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
RIG Major reduction 2026-03-31 Filed 2026-05-14 20,392,672 27,040,133 -24.6% +$23.5M
VAL Sold out 2026-03-31 Filed 2026-05-14 0 459,098 -100.0% -$23.1M
AMR Minor increase 2026-03-31 Filed 2026-05-14 579,738 543,000 6.8% +$10.5M
HCC Minor increase 2026-03-31 Filed 2026-05-14 1,810,831 1,799,831 0.6% +$10.0M
RIG Minor increase 2025-12-31 Filed 2026-02-13 27,040,133 24,442,332 10.6% +$35.4M
VAL Major reduction 2025-12-31 Filed 2026-02-13 459,098 1,066,255 -56.9% -$28.9M
AMR Minor increase 2025-12-31 Filed 2026-02-13 543,000 532,000 2.1% +$21.2M
NE Sold out 2025-12-31 Filed 2026-02-13 0 239,000 -100.0% -$6.8M

Public video / Interview / Shareholder letter / Public Q&A

Latest 10 + classics
Interview

Interview with The Investor’s Podcast

Pabrai talks to Stig Brodersen, with the official summary showing highlights including the inside and outside scoreboard, metallurgical coal investing and when to sell stocks.

  • This interview continues Pabrai's emphasis on the internal and external scoreboard: investment and life must reduce reliance on external evaluation and focus on long-term correct actions.
  • His discussion of metallurgical coal illustrates his willingness to pursue opportunities in unpopular, cyclical industries where the odds may be asymmetric.
  • The selling question is the most practical part of this material: Pabrai's framework is generally not about mechanical take-profit, but rather looking at raw logic, opportunity costs and better alternatives.
  • The interview also connects Berkshire, long-term holdings and management team issues, and can help understand Pabrai's portfolio thinking in recent years.
  • The official page also provides YouTube, podcast and transcript links, with complete source context.
Public Q&A

Q&A session with Dakshana scholars at JNV Bangalore Urban

Pabrai's open Q&A for Dakshana students, official summary focuses on Karam Yogi mental models, deep desires, destiny, and cloning.

  • This information is more biased towards life and mental models, but it can still explain the core behaviors of Pabrai's investments: long-term focus, copying effective models, and reducing ineffective noise.
  • The Karam Yogi model emphasizes putting action and responsibility before outcome anxiety, which is consistent with long-term investment not being affected by short-term prices.
  • He placed "deepest desire" in a very high position, indicating that both capital allocation and career choice need to be supported by internal driving forces.
  • Cloning is a model that Pabrai uses again and again: not copying blindly, but learning a proven and effective system and executing it locally.
  • This type of student Q&A is not suitable for relating to specific stocks, but it can explain the way Pabrai thinks.
Public speech

Mental Models at Heilbrunn Center for Graham and Dodd Investing

Pabrai lectures on mental models at Columbia Business School's Heilbrunn Center, and the official summary mentions Buffett's early entrepreneurship, habit-forming children, and the "savior" in dilemmas.

  • This speech is placed in a Graham-and-Dodd context, focusing on the use of Munger-style mental models for capital allocation and life decisions.
  • Buffett's early entrepreneurial case serves to illustrate the importance of business acumen, compound interest habits, and behavioral patterns formed from an early age.
  • "Moulding the child by age 5" is Pabrai's common model of life: early habits and environment can greatly influence long-term outcomes.
  • "Finding a savior when you are in a deep well" corresponds to external help and learning objects in difficult situations, and in terms of investment, it connects cloning and learning from excellent examples.
  • This is a systematic talk at a Columbia public event, not your average podcast chat.
Public speech

Mental Models for Exceptional Capital Allocation at The UNO

Pabrai discusses capital allocation mental models at the University of Nebraska Omaha, and the official summary mentions holding great businesses, when to sell, and a strong pursuit of quality.

  • At the core are a handful of key models in capital allocation: Circle of Competence, Patience, Quality, Selling Discipline, and Long-Term Compound Interest.
  • Pabrai's emphasis on finding and holding on to great businesses is consistent with the Buffett-Munger framework of long-term compounding.
  • When selling is put into the mental model discussion, it is shown that selling is not an emotional action, but is related to opportunity costs, changes in business quality, and error correction.
  • "Pursuing quality intensely" explains Pabrai's change from the early Dhandho depth of value to progressively adding more high-quality compounding assets.
  • This information is suitable as representative of the evolution of Pabrai's investment style in recent years.
Public speech

Mental Models for Running Startups and Businesses, SXSW 2026

Pabrai discusses how Munger mental models apply to entrepreneurship and business at SXSW, and the official summary also mentions blackjack bans and mental models across professions.

  • This talk extends Pabrai's investment model to business operations and entrepreneurship, not just stock selection.
  • Munger's latticework is the main thread: basic models in different disciplines can reduce judgment bias and improve decision quality.
  • The Blackjack story is used to illustrate probability, marginal advantage and rule constraints, and is similar to the odds thinking in investment.
  • Entrepreneurs can learn from mental models about incentives, economies of scale, branding, feedback loops, and avoiding stupid mistakes.
  • This information explains why Pabrai does not just talk about valuation from an entrepreneurial and operational perspective.
Public Q&A

Q&A Session with Dakshana Scholars at Dakshana Valley

Pabrai Q&A with Dakshana Valley students, official summary focuses on how mental models help success, cloning, and how wishes define destiny.

  • This Q&A reiterates Pabrai's core non-investing themes: education, behavioral models, cloning, and long-term goals.
  • He explained success as a combination of replicable models rather than talent or short-term skills.
  • The discussion of wishes and destiny illustrates Pabrai's emphasis on intrinsic motivation, which also explains his long-term philanthropic and educational investments.
  • The key for investors is to understand that Pabrai's cloning is not about laziness, but about actively seeking out high-quality, proven models.
  • This information can be read in conjunction with other Dakshana Q&A and is not forced to be associated with specific stocks.
Public Q&A

Q&A session with Dakshana scholars at JNV Pune

Pabrai for JNV Pune students, the official summary mentions different mental models, concentration and rule of 72.

  • The Rule of 72 is one of the easiest to understand compound interest frameworks, and Pabrai uses it to explain the power of time and yield.
  • Focus is a model of success that he repeatedly emphasizes, and it also corresponds to the fact that a few high-quality decisions are more important than frequent actions in investment.
  • He applied mental models to multiple scenarios of learning, career and investment, lowering the threshold of information.
  • This Q&A is educational but still explains Pabrai's preference for long-term compounding and a small number of key models.
  • This is an easy-to-understand basic material that directly demonstrates the relationship between compound interest and time.
Public Q&A

Fireside chat with Ben Graham Centre

Pabrai's fireside chat at the Ben Graham Center, official summary focuses on cloning, focus combination returns, and how Dakshana can replicate the Super 30 model.

  • This information places Pabrai's investment cloning and philanthropic cloning in the same framework, indicating that he views replicating successful models as a universal approach.
  • Portfolio concentration is an important part of investing: if the opportunity is truly understood, a few high-quality decisions may be more effective than over-diversification.
  • Cloning Munger is a core expression that emphasizes learning principles, processes, and filters from great investors.
  • The case of Dakshana copying Super 30 shows that Pabrai not only uses cloning in investment, but also in public welfare and operations.
  • The Ben Graham Center and the official transcript improve the verifiability of this public Q&A.
Public Q&A

Session with Nisaba Godrej & Omar Momin and Dakshana Scholars

Pabrai speaks with Nisaba Godrej, Omar Momin, and Dakshana student, official summary focuses on medical innovation, educational opportunities, and giving back to society.

  • This piece of material is low investment but explains Pabrai's long-term public welfare framework and view of education.
  • Medical innovation is discussed in the context of "large-scale good", focusing on how to use effective systems to expand social impact.
  • Educational opportunity is central to Dakshana's model, which Pabrai views as a high-return allocation of social capital.
  • Giving back to the community is not a side topic but a recurring theme in Pabrai's public material.
  • Since the source is the official blog and transcript, the quality is sufficient, but it should not be disguised as a stock opinion on the page.
Interview

Interview session at The Diary of a CEO

Pabrai was interviewed by The Diary of a CEO, and the official summary mentions mental models, decision-making, entrepreneurial principles, and investment rules.

  • This interview is suitable for ordinary investors because it explains investment principles, entrepreneurial principles, and life decisions in the same set of mental models.
  • Pabrai's core idea is not to predict the market, but to establish a judgment framework that can repeatedly reduce errors.
  • The entrepreneurship component can help understand the quality of business operations, not just the stock price.
  • The investment rules section generally revolves around circles of competence, odds, patience, and avoiding complex mistakes, consistent with Pabrai's long-term public style.
  • The Diary of a CEO Aimed at the general public, this resource makes investing, entrepreneurship, and life decisions easier to understand.
Public speech Classic

The Ten Commandments of Investment Management

Pabrai's classic speech at Morningstar India systematically talked about the ten principles of investment management, including no fixed management fees, small teams, accepting error rates and looking for extreme misprices.

  • This is one of Pabrai's classic public speeches, directly addressing the issues of incentives and behavior in the investment management industry.
  • He advocated not “skim off the top” in terms of asset size and emphasized that the fee structure will strongly affect the behavior of fund managers.
  • He argued against large investment teams, citing the examples of Buffett and Munger to illustrate that a few key judgments often do not require complex organization.
  • He accepted that there would be a high error rate in investing, so the emphasis was on making the odds and rewards of a correct decision sufficient to cover errors.
  • "Hidden PE of 1" and "never use Excel" exemplify Pabrai's preference for simple, obvious, long odds odds.
Public speech Classic

Lecture at Peking University Guanghua School of Management

Pabrai's classic long lecture at Peking University Guanghua School of Management revolved around Dhandho, cloning, low risk and high uncertainty, and learning from Buffett/Munger.

  • This speech represents the classic version of Pabrai's systematic presentation of his investment framework to Chinese students.
  • The core of Dhandho's thinking is low risk and high uncertainty, rather than simply pursuing cheapness or risk.
  • Cloning is once again the core model: ordinary investors can reduce exploration costs by studying excellent investors and excellent companies.
  • Pabrai often illustrates the odds with specific business and entrepreneurial stories rather than convincing his audience with complex formulas.
  • This material can be compared with the relevant materials of Li Lu, Buffett, and Munger, because it is in the context of value investing in China.
Public speech Classic

Lecture at Boston College Carroll School of Management

Pabrai's classic student lectures at Boston College have long been used as an introduction to understanding his Dhandho, Buffett/Munger learning paths and models of investment behavior.

  • This lecture is an early representative of Pabrai's multi-year university open course system, and the content is more basic.
  • He usually starts from the Buffett/Munger learning path, explaining why copying excellent models is more effective than original complex models.
  • Dhandho's thought emphasizes that risk and uncertainty are not the same thing, and the market often misprices uncertainty into high risk.
  • He will connect investment and entrepreneurial experience, explaining that good investments often come from simple business logic and extreme odds.
  • This classic piece of information can first explain Pabrai's underlying framework, and then extend to specific interviews in recent years.