The Dhandho Investor
by Mohnish Pabrai
Pabrai distills value investing into 'heads I win, tails I don't lose much': low-risk, high-uncertainty bets, few of them, big when the odds are right, illustrated by the Patel motel owners, Branson and Buffett. It is short, clear and a good complement to Greenblatt, with the same caveat that most readers should still index.
Read it if…
you want the value investor's attitude toward risk explained simply.
Skip it if…
you want a formula; this is a philosophy.
Three things you will actually use
- Bet seldom, bet big, bet on asymmetry.
- Low risk and high uncertainty are different things.
- Copy proven models rather than inventing.
Do this first
For your next big decision, financial or otherwise, write the downside if wrong and the upside if right; proceed only on asymmetry.
Our verdict
Short and clarifying.
Compare with other Money books
The Essays of Warren Buffett
Warren E. Buffett, edited by Lawrence A. Cunningham · Money
Buffett, organized and in his own voice.
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