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Micro trumps macro. Our Portfolio Manager, Mohnish Pabrai, explains why long-term investing starts with identifying durable franchises through deep attention to business fundamentals, not macro noise.

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Pabrai Wagons ETF

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15,948 görüntüleme • 3 ay önce •via X (Twitter)

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The market often confuses uncertainty with risk. Our Portfolio Manager Mohnish Pabrai explains why high-uncertainty, low-risk situations can be the most rewarding.
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The market often confuses uncertainty with risk. Our Portfolio Manager Mohnish Pabrai explains why high-uncertainty, low-risk situations can be the most rewarding.

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Enduring moats are exceptionally rare. Our Portfolio Manager, Mohnish Pabrai, explains why almost all competitive advantages eventually get competed away, and why investors should evaluate business moats with a healthy dose of skepticism.
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Enduring moats are exceptionally rare. Our Portfolio Manager, Mohnish Pabrai, explains why almost all competitive advantages eventually get competed away, and why investors should evaluate business moats with a healthy dose of skepticism.

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We believe great returns come from owning a few exceptional businesses held for a very long time. A great business should not be sold as long as it remains great. Our Portfolio Manager Mohnish Pabrai explains this timeless principle.
1:14

We believe great returns come from owning a few exceptional businesses held for a very long time. A great business should not be sold as long as it remains great. Our Portfolio Manager Mohnish Pabrai explains this timeless principle.

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If you can’t explain your investment thesis to a 10-year-old in 4-5 sentences, it’s a pass. Our Portfolio Manager Mohnish Pabrai explains why true conviction comes from simplicity, not complex Excel models.
1:07

If you can’t explain your investment thesis to a 10-year-old in 4-5 sentences, it’s a pass. Our Portfolio Manager Mohnish Pabrai explains why true conviction comes from simplicity, not complex Excel models.

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28,506 görüntüleme • 7 ay önce

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.
1:38

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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$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:
5:18

$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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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.
0:38

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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It is nearly impossible to know which great businesses will remain great. Our Portfolio Manager, Mohnish Pabrai, explains why owning only great businesses increases the odds that you can capture one or two exceptional winners that can drive the outcome.
1:19

It is nearly impossible to know which great businesses will remain great. Our Portfolio Manager, Mohnish Pabrai, explains why owning only great businesses increases the odds that you can capture one or two exceptional winners that can drive the outcome.

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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.
0:45

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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Edelweiss (one of our largest holdings) is a financial services company in India with a ~$1.2B market cap. Management is planning to spin off multiple subsidiaries, starting with its Alternative Assets business (EAAA). We believe that IPO alone could be worth Edelweiss’s entire current market cap. Our Portfolio Manager Mohnish Pabrai explains.
1:22

Edelweiss (one of our largest holdings) is a financial services company in India with a ~$1.2B market cap. Management is planning to spin off multiple subsidiaries, starting with its Alternative Assets business (EAAA). We believe that IPO alone could be worth Edelweiss’s entire current market cap. Our Portfolio Manager Mohnish Pabrai explains.

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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.
1:13

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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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.
1:01

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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19,743 görüntüleme • 5 ay önce

If you have to ask whether an investment is within your circle of competence, that hesitation is often the answer. A narrow circle isn’t a handicap, the risk is stepping outside it. Our Portfolio Manager, Mohnish Pabrai, discusses the “inch wide, mile deep” approach and why an investor's circle will naturally expand over time.
1:17

If you have to ask whether an investment is within your circle of competence, that hesitation is often the answer. A narrow circle isn’t a handicap, the risk is stepping outside it. Our Portfolio Manager, Mohnish Pabrai, discusses the “inch wide, mile deep” approach and why an investor's circle will naturally expand over time.

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If You’re Not Positioned For Regime Change At The Fed, Your Portfolio Will Continue To Underperform. Enjoy these clips from our September 2025 Macro Scouting Report which detail some of the structural reasons why global financial markets are likely to continue pricing in a high and rising probability of durable financial repression and monetary debasement over the long term. We have consistently prepared 42 Macro 🇺🇸 clients for these outcomes since we first published our Investing During A Fourth Turning Regime study in the summer of 2023. Trailing two-year total returns: S&P 500: +49% NASDAQ 100: +57% Gold: +86% Bitcoin: +333% US Dollar Index: +4% Treasury Bonds: +2% Remember friends, regurgitating bear porn makes you sound smart. KISS and Dr. Mo make you rich. You have a choice to sound smart on Twitter OR become rich enough to retire on time and comfortably. Choose wisely. ❤
12:04

If You’re Not Positioned For Regime Change At The Fed, Your Portfolio Will Continue To Underperform. Enjoy these clips from our September 2025 Macro Scouting Report which detail some of the structural reasons why global financial markets are likely to continue pricing in a high and rising probability of durable financial repression and monetary debasement over the long term. We have consistently prepared 42 Macro 🇺🇸 clients for these outcomes since we first published our Investing During A Fourth Turning Regime study in the summer of 2023. Trailing two-year total returns: S&P 500: +49% NASDAQ 100: +57% Gold: +86% Bitcoin: +333% US Dollar Index: +4% Treasury Bonds: +2% Remember friends, regurgitating bear porn makes you sound smart. KISS and Dr. Mo make you rich. You have a choice to sound smart on Twitter OR become rich enough to retire on time and comfortably. Choose wisely. ❤

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Is Your Portfolio Prepared for a Productivity Boom? I joined our friend Maria Bartiromo on FOX Business today to explain why a structural uptrend in U.S. productivity is becoming the dominant macro force for markets. The US economy is likely transitioning from a trend 2% productivity regime toward a trend 3% productivity regime—a shift that historically has coincided with materially stronger equity returns and significantly faster corporate profit growth. I emphasized that if this productivity dynamic proves durable, debates surrounding the backward-looking Powell Fed and near-term inflation concerns will matter far less than the earnings power being generated by increased efficiency. Investors who wish to retire on time and comfortably must have exposure to productivity growth in their portfolios—which is why 42 Macro 🇺🇸's flagship KISS Model Portfolio continues to be max long of stocks at 60%. Gold has remained a core allocation in our systematic KISS strategy as well after we replaced the 30% allocation to bonds with bullion in Oct-24.
6:22

Is Your Portfolio Prepared for a Productivity Boom? I joined our friend Maria Bartiromo on FOX Business today to explain why a structural uptrend in U.S. productivity is becoming the dominant macro force for markets. The US economy is likely transitioning from a trend 2% productivity regime toward a trend 3% productivity regime—a shift that historically has coincided with materially stronger equity returns and significantly faster corporate profit growth. I emphasized that if this productivity dynamic proves durable, debates surrounding the backward-looking Powell Fed and near-term inflation concerns will matter far less than the earnings power being generated by increased efficiency. Investors who wish to retire on time and comfortably must have exposure to productivity growth in their portfolios—which is why 42 Macro 🇺🇸's flagship KISS Model Portfolio continues to be max long of stocks at 60%. Gold has remained a core allocation in our systematic KISS strategy as well after we replaced the 30% allocation to bonds with bullion in Oct-24.

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15,527 görüntüleme • 6 ay önce

Please join us by livestream for VALUExBRK 2025 this coming Friday May 2nd. It takes place just before the Berkshire Hathaway Annual Meeting. Berkshire has always felt like a modern pilgrimage — a journey where the real treasures are the people we meet, the wisdom we exchange, and the stories we share. We’re gathering an great group of thinkers, writers, and investors including: Chris Davis, Director at Berkshire Hathaway William Green William Green the author of Richer, Wiser, Happier Chris Begg Chris Begg of East Coast Asset Management Renato Gueraldi, senior manager at Kraft Heinz Luca Dellanna Luca Dellanna, author of Ergodicity and Winning Long-Term Games Ardal Loh-Gronager , author of The Perceptive Investor Robert Hagstrom Robert Hagstrom, author of The Warren Buffett Way and Investing: The Last Liberal Art Monsoon Pabrai Monsoon K. Pabrai , MD of Drew Investments Michael Green Michael Green, strategist and portfolio manager at Simplify Chris Bloomstran Christopher Bloomstran, host of the Tulipomania conference and manager at Semper Augustus Capital Brett Gardner Brett G, author of Buffett’s Early Investments Joachim Grube-Nagel, manager of Detlev Louis Motorrad, Berkshire’s successful German acquisition Mohnish Pabrai Mohnish Pabrai , manager of Pabrai Funds and founder of the Dakshana Foundation As in Chaucer’s Canterbury Tales, it’s the stories, the wisdom, and the fellowship that matter most. The link to the livestream to follow.
1:33

Please join us by livestream for VALUExBRK 2025 this coming Friday May 2nd. It takes place just before the Berkshire Hathaway Annual Meeting. Berkshire has always felt like a modern pilgrimage — a journey where the real treasures are the people we meet, the wisdom we exchange, and the stories we share. We’re gathering an great group of thinkers, writers, and investors including: Chris Davis, Director at Berkshire Hathaway William Green William Green the author of Richer, Wiser, Happier Chris Begg Chris Begg of East Coast Asset Management Renato Gueraldi, senior manager at Kraft Heinz Luca Dellanna Luca Dellanna, author of Ergodicity and Winning Long-Term Games Ardal Loh-Gronager , author of The Perceptive Investor Robert Hagstrom Robert Hagstrom, author of The Warren Buffett Way and Investing: The Last Liberal Art Monsoon Pabrai Monsoon K. Pabrai , MD of Drew Investments Michael Green Michael Green, strategist and portfolio manager at Simplify Chris Bloomstran Christopher Bloomstran, host of the Tulipomania conference and manager at Semper Augustus Capital Brett Gardner Brett G, author of Buffett’s Early Investments Joachim Grube-Nagel, manager of Detlev Louis Motorrad, Berkshire’s successful German acquisition Mohnish Pabrai Mohnish Pabrai , manager of Pabrai Funds and founder of the Dakshana Foundation As in Chaucer’s Canterbury Tales, it’s the stories, the wisdom, and the fellowship that matter most. The link to the livestream to follow.

Guy Spier 🇮🇱 🇺🇦 🇨🇭🇬🇧🇮🇷🇦🇪

40,537 görüntüleme • 1 yıl önce

MUST-WATCH: Macro Hedge Fund Founder Alfonso Peccatiello Reveals his Edge in Macro Trading Alfonso Pecatiello (former large global bank PM, founder of The Macro Compass & Palinuro Capital) breaks down how to create durable edge in macro investing and why concentration is the death of many fund managers. "You can hear from Druckenmiller and Soros about concentration — but you won't hear from the thousands of managers who went bankrupt trying the same approach." We cover: - Why bank reserves (QE "liquidity") have NO direct pipe to the S&P 500 - The real money creators: commercial banks & government deficits — not the Fed - Why the second derivative of money creation drives nominal growth & asset prices - How to run 40-50 ideas/year & arrive at 10-12 truly independent bets - The "Trump error term": modeling exogenous volatility injections - The handbrake rule: when models fail, cut risk (the math of negative compounding destroys you) - Launching Palinuro with zero GP stakes & why 80% of funds fail in year 1-5 Thanks to Alf (Alf) for pulling back the curtain on finding edge in macro trading and the unglamorous reality of fund building. Highlights: 00:00 Understanding Money Creation and Strict Process as a Macro Edge 04:21 Commercial Banks and Government Deficits Drive Real Money Creation 12:52 Why Diversification and Risk Parity Beat Concentrated Bets 19:30 Using the "Handbrake" to Cut Risk During Black Swan Events 27:47 Why Factor Neutral Mandates Don't Make Sense for Macro Investors 32:22 The Underestimated Challenges of Building a Macro Hedge Fund 43:20 Passion, Delegation, and the Grinder Mentality for Fund Founders 52:13 The High Probability of Failure and Necessary Financial Runway 56:58 Building an Empathetic Team Through Intentional Hiring Frameworks 1:02:11 Why Communication Skills Are Crucial for Success in Finance
1:06:28

MUST-WATCH: Macro Hedge Fund Founder Alfonso Peccatiello Reveals his Edge in Macro Trading Alfonso Pecatiello (former large global bank PM, founder of The Macro Compass & Palinuro Capital) breaks down how to create durable edge in macro investing and why concentration is the death of many fund managers. "You can hear from Druckenmiller and Soros about concentration — but you won't hear from the thousands of managers who went bankrupt trying the same approach." We cover: - Why bank reserves (QE "liquidity") have NO direct pipe to the S&P 500 - The real money creators: commercial banks & government deficits — not the Fed - Why the second derivative of money creation drives nominal growth & asset prices - How to run 40-50 ideas/year & arrive at 10-12 truly independent bets - The "Trump error term": modeling exogenous volatility injections - The handbrake rule: when models fail, cut risk (the math of negative compounding destroys you) - Launching Palinuro with zero GP stakes & why 80% of funds fail in year 1-5 Thanks to Alf (Alf) for pulling back the curtain on finding edge in macro trading and the unglamorous reality of fund building. Highlights: 00:00 Understanding Money Creation and Strict Process as a Macro Edge 04:21 Commercial Banks and Government Deficits Drive Real Money Creation 12:52 Why Diversification and Risk Parity Beat Concentrated Bets 19:30 Using the "Handbrake" to Cut Risk During Black Swan Events 27:47 Why Factor Neutral Mandates Don't Make Sense for Macro Investors 32:22 The Underestimated Challenges of Building a Macro Hedge Fund 43:20 Passion, Delegation, and the Grinder Mentality for Fund Founders 52:13 The High Probability of Failure and Necessary Financial Runway 56:58 Building an Empathetic Team Through Intentional Hiring Frameworks 1:02:11 Why Communication Skills Are Crucial for Success in Finance

Ethan Kho

80,288 görüntüleme • 5 ay önce

When Will MSM Tell the Truth on Food Inflation? 🍳 🔊 Prices for U.S. consumers continue to rise, with the cost of eggs in particular skyrocketing over 7% in the last day alone and 12% over the last month. While the mainstream media was quick to report on (imaginary) improved prices for the cost of Thanksgiving dinner, they're predictably silent on this topic. "When people go to the store, they actually notice these things," Hedgeye CEO Keith McCullough explains in the clip below from "The Macro Show." * * * * * Tired of the MSM BS? We are too. Stay ahead of market moves with "The Macro Show" hosted weekday mornings by Keith McCullough. Get daily, actionable insights from a top Wall Street veteran, guiding you through important macro trends and portfolio risk management. Your edge starts here:
0:21

When Will MSM Tell the Truth on Food Inflation? 🍳 🔊 Prices for U.S. consumers continue to rise, with the cost of eggs in particular skyrocketing over 7% in the last day alone and 12% over the last month. While the mainstream media was quick to report on (imaginary) improved prices for the cost of Thanksgiving dinner, they're predictably silent on this topic. "When people go to the store, they actually notice these things," Hedgeye CEO Keith McCullough explains in the clip below from "The Macro Show." * * * * * Tired of the MSM BS? We are too. Stay ahead of market moves with "The Macro Show" hosted weekday mornings by Keith McCullough. Get daily, actionable insights from a top Wall Street veteran, guiding you through important macro trends and portfolio risk management. Your edge starts here:

Hedgeye

37,917 görüntüleme • 1 yıl önce

Avoid The Pain Trade ☠️ Every hedge fund (and trader) obviously wants to avoid the "pain trade." In this clip from The Macro Show, Hedgeye CEO Keith McCullough explains how his unique portfolio construction rules can accomplish that. "Generally speaking, with the Hedgeye longs and shorts, you're not [going to take the pain trade]," McCullough says. "How many hedge funds are going on CNBC or talking to the Wall Street Journal about getting long the United Arab Emirates, corn, and IVOL?” “Zero." * * * * * Ditch consensus and start building your portfolio like a pro by subscribing to The Macro Show: Download Keith's free 52-page eBook "Master the Market: A Hedge Fund Manager’s Guide to Process and Profit" ➡️
3:14

Avoid The Pain Trade ☠️ Every hedge fund (and trader) obviously wants to avoid the "pain trade." In this clip from The Macro Show, Hedgeye CEO Keith McCullough explains how his unique portfolio construction rules can accomplish that. "Generally speaking, with the Hedgeye longs and shorts, you're not [going to take the pain trade]," McCullough says. "How many hedge funds are going on CNBC or talking to the Wall Street Journal about getting long the United Arab Emirates, corn, and IVOL?” “Zero." * * * * * Ditch consensus and start building your portfolio like a pro by subscribing to The Macro Show: Download Keith's free 52-page eBook "Master the Market: A Hedge Fund Manager’s Guide to Process and Profit" ➡️

Hedgeye

68,473 görüntüleme • 1 yıl önce

WATCH | From Fidelity to Hedgeye: Sam Rahman’s Playbook for Performance 🔊 Veteran portfolio manager Sam Rahman Sam Rahman spent 15+ years at Crosby Advisors, the Fidelity family office. He worked directly for Founder/Chairman Ned Johnson, managing a multi-billion-dollar strategy focused on long-term capital appreciation. Now at Hedgeye Asset Management Hedgeye Asset Management, Rahman explains why understanding market regime changes is critical to investing success. Rahman blends long-term stock selection with short-term market flow analysis—an edge most managers miss during regime changes. "Most managers don't react quickly enough—or don’t even see it happening," Rahman explains. Hedgeye’s proprietary Quad framework identifies these shifts 2–3 quarters ahead, giving investors time to position before the crowd.
6:01

WATCH | From Fidelity to Hedgeye: Sam Rahman’s Playbook for Performance 🔊 Veteran portfolio manager Sam Rahman Sam Rahman spent 15+ years at Crosby Advisors, the Fidelity family office. He worked directly for Founder/Chairman Ned Johnson, managing a multi-billion-dollar strategy focused on long-term capital appreciation. Now at Hedgeye Asset Management Hedgeye Asset Management, Rahman explains why understanding market regime changes is critical to investing success. Rahman blends long-term stock selection with short-term market flow analysis—an edge most managers miss during regime changes. "Most managers don't react quickly enough—or don’t even see it happening," Rahman explains. Hedgeye’s proprietary Quad framework identifies these shifts 2–3 quarters ahead, giving investors time to position before the crowd.

Hedgeye

45,047 görüntüleme • 1 yıl önce