Mohnish Pabrai: The Holy Grail Portfolio

In his recent presentation at the TiE Austin Speaker Series, Mohnish Pabrai discussed his Holy Grail portfolio. Here’s an excerpt from the presentation:

Pabrai: One of the things that took me a long time to figure out like they say, old too soon and wise too late, is that basically the best… there’s a guy Thomas Phelps who wrote a great book – 100 to 1 in the Stock Market.

His book came out like 50 years ago. It’s still I think pretty timeless, but he said, that I think it was Phil Fisher who said that, he said that if the job is done right you never need to sell.

And I think that’s a great way to approach it is that if you can, I mean I think the holy grail is that if you can find yourself in the happy place of ownership of a great business that is compounding and growing at the long runway, and you never need to touch it, I think that’s awesome. It’s a great way to go.

And so I used to practice that in the 90s then I moved away because of the bubble and then what I should have done is gone back to that by like 2009, but I went back to that more like 2018, and so now I’m pivoting more towards where… I mean if I can get to the point where we have no buys, no cells and just coast that’d be great.

You can listen to the entire discussion here: