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Auction-driven markets can misprice assets - sometimes dramatically. Our Portfolio Manager Mohnish Pabrai shares why patience, and the conviction to act when mispricings get extreme, can be the difference between mediocre and good investment decisions.

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Pabrai Wagons ETF

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16,515 görüntüleme • 7 ay önce •via X (Twitter)

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Investing is about conviction. Our Portfolio Manager, Mohnish Pabrai, discusses why the lowest conviction ideas in a portfolio should be questioned if higher conviction opportunities arise.
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Investing is about conviction. Our Portfolio Manager, Mohnish Pabrai, discusses why the lowest conviction ideas in a portfolio should be questioned if higher conviction opportunities arise.

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The most painful investing mistakes often aren’t the losers you bought. They’re the big winners you sold too soon. Our Portfolio Manager, Mohnish Pabrai, explains why “circling the wagons” around your highest conviction holdings matters, and why mistakes of omission can be far more costly than mistakes of commission.

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There are 50,000+ stocks globally, and 99% belong in the “Too Hard Pile.” The goal is to build high conviction in a select few you can see clearly 5, 10, even 15 years out. Our Portfolio Manager Mohnish Pabrai explains why many of today’s high-flyers fail this test, and why if it isn’t knowable, it isn’t investable.

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In the short run, the market is a voting machine. In the long run, it is a weighing machine. Our Portfolio Manager, Mohnish Pabrai, explains why crowding into the same popular names can be a gift to disciplined investors: the high-quality, overlooked businesses remain cheap.

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$WAGN Portfolio Manager Mohnish Pabrai joins Nicole Petallides to discuss why the top holdings are not the typical big S&P 500 names, the fund’s international exposure, and long‑term investing bets on software and metallurgical coal. Pabrai says he’s happier when markets go down because it gives him an opportunity to buy more of what he likes. For more market news, tune in at:
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$WAGN Portfolio Manager Mohnish Pabrai joins Nicole Petallides to discuss why the top holdings are not the typical big S&P 500 names, the fund’s international exposure, and long‑term investing bets on software and metallurgical coal. Pabrai says he’s happier when markets go down because it gives him an opportunity to buy more of what he likes. For more market news, tune in at:

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Our Portfolio Manager, Mohnish Pabrai, hosts quarterly $WAGN shareholder calls, where he answers investor questions about the portfolio’s existing positions. On our March 11, 2026 call, Mohnish discussed the resilience of "vertical market software," and why market concerns about AI created what we believe was a rare opportunity to invest in Constellation Software ($CSU).

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In nature and in business, it’s not the biggest that survive, but the fittest. Drawing from Pulak Prasad’s "What I Learned About Investing from Darwin," our Portfolio Manager Mohnish Pabrai breaks down why an unlevered balance sheet and an adaptable management team are the true markers of a fit business.

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Corporate messaging is easy to manage. Management quality is harder to hide. Our Portfolio Manager, Mohnish Pabrai, evaluates leaders by studying decades of unscripted moments, from earnings calls and beyond, and comparing their words with their actions to develop a truer picture of the people running a business.

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Great businesses are rare. If you’re fortunate enough to own one, trying to time when it’s “fully priced” often leads to selling too soon. As our Portfolio Manager Mohnish Pabrai notes, unless the stock becomes egregiously overpriced, if it remains great, the wiser move is to "circle the wagons" around it and leave it alone.

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During the dot-com boom, many investors rotated out of established companies like Berkshire Hathaway to chase high-growth tech stocks, a shift driven by cognitive biases and FOMO rather than fundamental analysis. Mohnish Pabrai examines the behavioral patterns that lead investors to abandon undervalued assets during periods of underperformance and chase momentum in overvalued sectors. He explores how recognizing these psychological patterns can help you maintain conviction in quality holdings and avoid expensive mistakes.

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Qullamaggie on No One Semi-Serious About the Markets Can Be Successful “No one who’s semi-serious about markets is really going to be very successful at it. That’s just how it is. There are no mediocre successful traders in this business. You can’t be mediocre. If you’re mediocre. Unlike other types of businesses, you can be a mediocre teacher or a mediocre chef, and still have a job and pay your bills. But in trading, if you’re mediocre, you’re going to lose money. You have to be good, and you won’t be good if you’re only half-assed. You really have to be motivated and focused.”
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Investor Mohnish Pabrai on why being in a hurry to get rich is the fastest way to stay poor: Pabrai recounts a story about Warren Buffett, his partner Charlie Munger, and their associate Rick Guerin. The difference between them came down to one thing: urgency. "Charlie and I always knew we were going to be rich, but we were not in a hurry," Buffett told Pabrai. "And Rick was in a hurry." That hurry showed up in how Guerin invested. According to Pabrai, Buffett explained that Rick was always levered, always carrying margin loans. Then came the test. "When the downturn of 73 and 74 came," Pabrai recalls, "73, 74 was a very severe stock market correction. It was a crash in slow motion. Basically the markets went down more than 50% over that 2-year period." For an investor carrying margin loans, a drop like that is devastating. Guerin got a number of margin calls and was forced to sell. "Warren said that he bought Rick's Berkshire shares from him for 40 bucks a share," Pabrai explains. "I mean those shares are over 700,000 now, right?" The same shares Guerin sold under pressure for $40 each are worth over $700,000 today. Mohnish Pabrai closes with the timeless principle Buffett drew from it: "If you are even a slightly above average investor and spend less than you earn and do not use leverage, you can't help but get rich over [time]." The lesson isn't that you need to be a genius. You just need to stay in the game long enough for your investments to grow. Being in a hurry is what forces you to sell at the worst possible moment, and selling at the worst possible moment is how you lose. Patience is the edge that almost guarantees you win.
1:00

Investor Mohnish Pabrai on why being in a hurry to get rich is the fastest way to stay poor: Pabrai recounts a story about Warren Buffett, his partner Charlie Munger, and their associate Rick Guerin. The difference between them came down to one thing: urgency. "Charlie and I always knew we were going to be rich, but we were not in a hurry," Buffett told Pabrai. "And Rick was in a hurry." That hurry showed up in how Guerin invested. According to Pabrai, Buffett explained that Rick was always levered, always carrying margin loans. Then came the test. "When the downturn of 73 and 74 came," Pabrai recalls, "73, 74 was a very severe stock market correction. It was a crash in slow motion. Basically the markets went down more than 50% over that 2-year period." For an investor carrying margin loans, a drop like that is devastating. Guerin got a number of margin calls and was forced to sell. "Warren said that he bought Rick's Berkshire shares from him for 40 bucks a share," Pabrai explains. "I mean those shares are over 700,000 now, right?" The same shares Guerin sold under pressure for $40 each are worth over $700,000 today. Mohnish Pabrai closes with the timeless principle Buffett drew from it: "If you are even a slightly above average investor and spend less than you earn and do not use leverage, you can't help but get rich over [time]." The lesson isn't that you need to be a genius. You just need to stay in the game long enough for your investments to grow. Being in a hurry is what forces you to sell at the worst possible moment, and selling at the worst possible moment is how you lose. Patience is the edge that almost guarantees you win.

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