Ramesh Damani & Mohnish Pabrai Q&A with Millennium Mams' - May 8, 2020

[Music] [Music] good morning everyone and a very special good morning and good evening both to our guests of honor and good morning to our Mentors mr. Tanaka and mr. Ponyo first how about saying a big hi to mr. de manière mr. Cobb right I'm sorry yes yeah I heard you guys you guys clean them clean them out right so let's get started let's get started so on this note let's begin our session in a slightly different way we will begin by thanking our guests of honor and a Mentors so thank you mr. Perret for the lessons we learnt in Omaha circle of competence and cloning is good and of course lessons on blackjack mr. domani for being a guide and a validation of course um mentors mr. Honoka and mr. Bhavani ah Thank You sirs without you we wouldn't have had the confidence to face these challenging times let us all give it up for them but please be on mute turning homemakers and into investors and entrepreneurs requires passion and commitment and a mentors have persevered through the last 27 years with these two qualities to transform our lives mr. Cobb right you mentioned that the best charities should have a balance between heart and head and thanks to a mentors mentor Honoka sir for having maintained this balance we have been able to support the underprivileged in the interiors of Bengal in these trying times and I want to salute on this platform the banks and the real soldiers who have selflessly and efficiently taken charge of distributing essential supplies to the very remote corners of Bengal like Nadia and the Sunderbans special mention here I would like to mention pooja and Sheila and I would request all of you to please go through the experience and I would like to express my gratitude to everyone involved in this mission this was a gesture to say a big thank you to everyone involved in this mission and coming back to the session I would like to take the privilege of introducing our guests of honor what do you get when the guests at the forum have ardent hatreds of Warren Buffett and have more than 55 years of combined investing experience I I call it an investing masterclass without precedent while both have their roots in India they have pleasant in different parts of the world one in India and the other in the u.s. they investing prudence has made them famous worldwide by one of our guess is a country investor other actually referred to as the nabob of Talal Street who has been the mentor of big bull Rocky's children wala we've had the good fortune of meeting both gentlemen but today's tete-a-tete is going to be a game changer for us in these challenging times mr. domani has been a guiding force for us and has had a major contribution to the success of our omaha trip blackjack intended so we have imbibed your lessons on timeless businesses dealing with disruptions and the power of compounding and continue to practice them mr. Cabrera is an international author and founder of pobre investments we are fortunate to have learnt lessons on the circle of competence and cloning is good from him in Omaha and last year mr. Cobra has been really lucky for us as we ran into Charlie Munger at the barrier to tell where we were attending mr. Bober ice session the common thread that runs between mr. Perret and mr. the money is that both have a background in technology and have very deftly transitioned to to investing sex loss is the capital market skill the Guru of investing are ready my dear friends so what are we waiting for let's get started with the conversation and as we are all impatient and eager to hear and imbibe what they say we will be taking up the questions after the conversation so mr. Devaney mr. Perret over to you or to your sir is say if you give a slight introduction and then we can have a conversation with each other if that's okay with you Manish yes sounds great right so why don't you start and just you know set the stage for what you want to speak and I'll follow up I would just say that you know I'm always very excited to interact with the Millennium mam's because you know I think that you know we even in even in our our charity at Dakshin ah we we are far more excited when we support a girl then when we support a boy I think that when we when we support a girl I think we have impacts which go well beyond the girl the whole family and several generations in terms of a wide range of changes that happen with the boys also the change happens when children to a different same it's the same reasons why Grameen Bank went with the women and such and and so I think that as the you know the I would say the foundation of households it is a huge advantage if if the women are financially literate and if the women understand just the basics of investing and compounding and actually those those those fundamentals are really simple I mean the first thing is you know spend less than you earn you know and that spending less than you earn is squarely in the hands of and so I think I think women in households can be the drivers of the savings which which become the the cornerstone and then the second part is that you don't need to you know take heroic actions or even understand companies or any of those things I think just consistent long term investing in broad indices over a long time will deliver great returns and so so that's just the magic of compounding is that there are three variables you know the the capital the length of the runway and the what ends up being the analyze rate of return and there's an interplay between these three variables so you don't need a high rate of return if you have a very long runway so if I were getting fifty percent a year for five years or five percent a year for 50 years you know the results become almost interchangeable and so it's very important to start very early and even the the amount the amount of capital becomes becomes very limited and you know there are if you get a chance today I'll go through some maybe some interesting stories of compounding the the Indians that sold the island of Manhattan to the Dutch just to mr. so how how small sums can become really large sums even without very high rates of compounding over period of time so looking forward to the session yeah thanks Manish first of all Thank You Ratna Thank You Vishnu gee and thank you one edgy for inviting us today very grateful for the invitation I'm of course had the privilege of addressing the Millennium mam's in Calcutta and that has always been a lot of fun a lot of my wife's friends were in the audience so I got a lot of chance to poke fun at her at that time but it's all in good fun I'd like to start by first of course wishing all the Millennium mam's here happy Mother's Day like some of you may be grandmothers also so happy Mother's Day to all of you please enjoy yourself at home with your kids and we all know that is the most precious part of our being is our children so I hope you all have a great Mother's Day as far as I'm concerned how is the last 60 days mattered in some ways I've changed in some ways I haven't changed how have I changed well I haven't shaken anyone's hand for the last 60 days so people think I'm scared of cd19 that's why I'm not shaking hands what I'm actually afraid of is that people are running out of toilet paper so that's why I'm not shaking hands my wife thinks nothing has changed she said before the cv90 lockdown I was eating drinking watching TV and sleeping said after the lockdown you're doing the same thing I said no I'm now watching TV and sleeping at the same time so there is a difference between 3cv 19 and post CD 19 but levity aside I just thought I'd speak on some basic questions which all your members would have just to try and get them out of the way and then we'll engage Monisha me in a conversation back and forth the first question I get when I interview other people and I interview other people is when will we return to normal I mean that's the basic question everyone wants to know when will we normal unfortunately the data is not very good as an aside I've been reading a lot of people or from Buffett who says that this is something he's not experienced to people like Trump who says that magically this will disappear and things will get better but the most cogent explanation I found for what's going on and return to normal is I found a video an Oprah Winfrey interview with a dyke dr. Michael osterholm it's it was done in 2006 and it seems like dr. Michael was talking yesterday the clarity of his thought and what was happening he was expressing in 2006 but it actually happened it feels like it's happening yesterday his name is the videos on YouTube so I would sincerely urge all of you to look at it his name is dr. Michael Oh stow ha and the typical conclusions that he comes up with he says that by the time this gets over it will be 16 to 18 months so belly three weeks or three months into this pandemic right now that 60 to 70 percent of us will be infected and there were serious economic logged-on effects from what's going on and remember he said this all in 2006 so I would tend to think that we will see lots of peaks and valleys spurts and regressions in this pandemic crisis it's not going away very soon we just have to learn to deal with it and regrettably I feel that India is probably entering the phase New York was last month then we just on the edge of despite the lockdown being in effect for four weeks in all major metropolitan areas we're just in the words of the anecdotal evidence that I get from talking to people is suggesting that hospitals are full and the number count is increasing dramatically so I think return to normal as we know it let me go to a stadium to watch a match we take a plane for a wedding I think would maybe 16 months 18 months away the other question I want to address directly is you know we always thought that you know the GDP is losing trillions of dollars right now why is the GDP number that important and why should we focus on that as individuals and the best explanation I got from that was by a former US Treasury secretary called Lawrence Summers and Lawrence Summers said it's a moral imperative that the emerging markets grow at about 6 7% a year if they do that that means they will double the GDP every 10 years and the double the GDP every 10 years in a generation which is 20 20 years the GDP can grow 4 X so we'll grow from a two and a half trillion dollar GDP to a 10 trillion dollar GDP within one generation and that means that the average per-capita income if a population remains stable will go from $2,000 it is currently to maybe $10,000 and that's the moral imperative we need to get GDP to grow so that we can pull people out of poverty in India you know we cannot accept the status quo that there will be a rich class and a poor class and we're indifferent to their lives I think we have a moral responsibility to pull it and it's very important that GDP growth in India comes back at 6 7 % because without that the economic inequality which is being exacerbated by what's happening is going to be fairly severe the last point I'd like to invest is how do we invest in this time and I think Manish and I will take this up but broadly my view is that if you're busy in your life you're you know working as a lawyer you're working as a doctor you're working in a shop you know and you don't have time for investing the best way for most of you is probably to do an index investing and do it when markets are lower like they're at the current time but make sure you're doing it for like feed 20 appeared if you want to look at that index every three months or six months to see if you made money or you doing better you probably are not going to do better so unless you have a 20 year view I would suggest that index investing is not good for the rest of you if I for example that there is a second wave coming of coronavirus cases we might see the market headed lower headed to the lows it made on March 23rd so if you are the type who get very nervous when the markets go lower is perhaps better to wait it out with the caveat that in any time in life if you find something that's very attractively priced you think the risk is all in the price you should by all means go and buy it even today but generally my feeling is that the market is a bit disconnected from the reality on the ground and that might be due to liquidity it might be due to any other reason but I would be careful about putting all my money to work at this point the last thing I'd like to do is a shout out to my friend Bonnie she's joined us I've had the privilege of visiting his facility and - Chennai Pune and I can tell you from firsthand experience that it changed me because what I saw was the future of India I want a democratic India a secular India Milind based India educated India and one man having such an outsize impact is the philosophy that my friend practices that you have no risk but high upside and it's really remarkable and I would suggest to Raj now that whenever we start travelling again whenever it becomes normal I hope you all get a chance to visit the deduction of foundations it's really an extraordinary work that Mommy she is doing so it's a great honor to be sharing the platform with it with that we'll open it up - it would be an honor sir - yeah I think you guys are really enjoy so we can now start the conversation Mohnish absolutely great shall I ask you the first question yeah yeah go ahead yeah Manisha other than Munger and Buffett who we all know you admire I admire my kids at my head well who are your heroes in life who do you feel that you learn from or you wish your life was more like their lives and why well I think I think that there are there are and you know Charlie Charlie Munger always say that we should not limit our heroes to people who are living and he always says that the eminent dead have some of the some of the best people who can be are our heroes are the eminent dead and even even for me that even though I you know I I have gotten to know Warren and Charlie and I have a friendship lower Charlie then then Warren I think most of my learning from them has come not from the interaction with them but just from mr. popper I can tell what about now yeah yeah no it's fine okay all right so so basically you know that we have we have many heroes when we move beyond you know the living ones and of course for all of us I think our greatest true heroes are our parents you know I think those those individuals always you know tower tower large in our brains and I think I think in my case I got tremendous head start in life on both my parents on a number of fronts but I think that if one if one opens up to to the eminent dead and I think if you go if you look at I would say the the cast of characters who are living I think that you know there's so many there are so many people that one crosses paths with and you know you you can you can learn and take things from for many people I mean I remember like one of my one of my good friends is in the UK his name is Nick sleep and some of you may have heard of him and Nick sleep you know he used to run I think north of a billion dollars and the portfolio just had three stocks he just owned Amazon Berkshire and Costco and he's owned those three stocks forever like you know more than ten years or so so a few years back he wrote to his investors and he said look I am going to return all your capital because these are the three stocks I own 10 years from now these will be the three stocks I own and every year you paying me ridiculous fees and this is not the way I want to live my life so please take the money I'm sending you back by these three stocks and you don't need to pay anyone and I don't want to you know be coming into the office or dealing with anything to do with investing business so I've never heard of other than Warren Buffett right now his partnership Nick sleep actually just shut down things Warren shut it down because he thought prices are too high Nick and his partner gave up what would have been probably hundreds of millions of dollars of future income and then he went on to write a bicycle across China and a bunch of different things that he did so you know and I and I was just thinking like you know now we're in the time of corona those three stocks are corona proof okay I mean nothing's happened to Amazon Costco is booming and Berkshire sitting on a big cash pile and they are they're in great shape so even though Nick may not have planned for a pandemic it's interesting that is you know it's three stock portfolio it just suddenly hits a pandemic and there's no impact it's amazing and so you know we can learn we can learn from from all kinds of places then and there's a lot to learn from people like Nick sleep not just about investing but about about life so so I think you just pick up different things from different people and that works out just fine I share with you just to go ahead you know Muniz talked about you know other than Buffett and Munger which of course have been my heroes too and for a long time in the stock market you know you said people I give Rogers all of them who I studied in you know sometimes I've met I work very closely with them sometimes but as I've aged as I've crossed 60 you know you want to do different things in life and I'm trying to think things people have done that had a great impact either had a great impact or lived the second life and to see names that really stood out to me from what I admire one of course is lately what Bill Gates has been doing I mean he was ahead of the pandemic curse pandemic that was happening four or five years before it actually hit us and he would he's pouring billions of his personal money into vaccine not knowing whether it be curable as always in that factory plus he's lived what I always admired a second life he's built the greatest technology company in the world even today it's a trillion dollar market care and one point he just woke up one morning gave the keys to an immigrant from India Satya Nadella and said hey you guys run it I don't want to run anymore think about that think about rebuilding a trillion dollar company and then handing the keys over to some immigrant and saying hey you run it I won't do something else in life and so there's a deep desire I think within all of us to do something else to have a second act in life so I think I really started admiring him and if I would be bold enough to guess I think when this settles down he's probably gonna win the Nobel Prize for the work he's done a global health and particularly with the pandemic so he's someone I've started marrying a lot if you read his biography is such a hard struggle businessman but today he's the greatest philanthropist that the world has known so that would be one the other one is also very close to where Manish stays this is a guy you may have heard of he's much younger than me but I truly admire the work he's done he's called Sal Khan of Khan Academy and what he does is he put you toriel's on math English history on the net free to use so everyone can access it suddenly his Democrat is democratizing knowledge and it's become a huge it started with you know to tree his cousins now there's 60 million people who use it Bill Gates talks about fondly and his I wish I had that idea it's such a great idea that he came up with such beautiful execution he did it not because he wanted to make money he did it because he wanted to give back to society and that small amount of giving back has made such a huge impact with so many kids in emerging markets that I think as we age as we get to that 60 65 we all want to think of what our impact in life will be is it going to be only monetary only in financial markets or is there some deeper calling and I hope I can find my deeper colleague these are the people who've inspired me in the last few years yes is just on sale you know we recently did I think about a year ago we did a MoU and a when joint venture with khan khanacademy where we're experimenting with something we call the action 2.0 so we've we started to work with some common schools in India where we are seeing if the the math teachers if they if they didn't have math teachers and Khan Academy has a set of offerings which are designed for the classroom there are super set of the media that they have and so we are leveraging those and those have a lot of tools built in for testing and tracking the progress of each child and we've been now working for close to a year and so it's actually it's it's phenomenal because they have more a 30% team in India and we get some great support and help from them and it's it'll take us a few years to you know get get the data we're looking for but I'm quite excited about that thanks Manish monisha of course we can't have a conversation without bringing in Buffett and Munger and talking a little bit about them as you can imagine give me something off the wall that you learned from Buffett or Munger I think one of the biggest lessons that came out was one that just came out at the Berkshire annual meeting I mean I think most people would have been surprised that Warren did not go shopping he always complained that he had all this cash and he had no place to put the money the data that he gave at the meeting I mean he actually even suggested during the meeting that Berkshire doesn't have much money he says you know when you look at the range of outcomes the cushion of the cash cushion they're sitting on is not that high we have never heard him say that before and and the other thing was that I think what Munger mentioned was that they're like a ship captain a tempest the worst tempest you ever saw he says our objective is to get to the other side safe and sound not to go and focus on buying a bunch of businesses so I think they mentioned that they will they're open to doing deals that make sense but it was interesting to see that they have actually been net sellers of equities in the last four months completely are the airline's which i think is there was a no-brainer decision to make there but I think the second thing is there is a disconnect big disconnect between what markets have done so far even though I don't you know overdose on what markets do and what is happening in the real world I mean if you look at it on the US perspective we've had more than 33 million people file for unemployment it's more than 20% of the workforce it does not include all the uber drivers and all the you know gay economy workers and all that so the real damage is even higher than that at the peak of the Great Depression we hit 20 commerce and unemployment we may go past that peak here which is quite stunning the stock market has just brushed it off and and Warren talked one at the meeting way he said that you know now the crash of 1929 is not really the crash of 1929 because the market went down a bit they came came back up and then people thought ok we're done and that's when the real decline came over the next two years when I dropped 85 said so so to me I think that there is a big disconnect between what is happening in the real world and what is happening in the equity markets and I think the only conclusion I can draw from there is it's not a bad idea to build cash even if one ends up even if none of these gloom and doom scenarios cannot play out one can start putting it to work have from now and such but I think that the recovery from what we are seeing happen in the in the world will take a long time so you know most of you probably know this but most businesses are extremely fragile creations they they have been they have learned to survive with very brutal come competitive forces acting on them and they are barely able to survive you know this they make a few percentage points of profit on in in normal times you know Bill Gates used to say when he first started Microsoft that he wanted the company to have enough cash so it would go for two years without getting paid that he could he could pay his staff for two years if Microsoft never got any revenue most businesses cannot pay their staff for even 30 or 45 days if there is no revenue so most businesses cannot survive for even a few weeks and so what we are seeing going on in the real economy with small businesses across the board is a lot it's huge and not accounting for so so I think portion caution is a good way to approach this I just follow up with the question one each for you because I want you to introduce him to our audience mungus CIO he will is the guy called me Lou right now ah talk a little bit about him I know you know him a why does Munger like him so much and do you have a contemporary view of what he thinks of what's going on I mean Lou and I have been friends for many years I think I prefer that lelou I think it was 11 years ago and and Charlie introduced the two of us and and he actually he forced us he said I don't really care whether you really like each other or not but I want you guys to meet at least once a month for lunch and so what we used to do is we we did that we basically used to get together and meet and I got to I got to know him quite well over the years I think Leeloo has had a I mean this would become a a long long topic to go through but on this call but I think he's had a very unusual childhood a very difficult childhood you know he was one of the most mom wanted men in China because he was one of the leaders of Tiananmen Square and the Chinese government basically wanted to put him away for good and some people in Hong Kong helped smuggle him out of China and then they called him to Colombia and he actually did three business I mean three degrees at Columbia simultaneously he did an undergraduate degree and he did an MBA and he did a law degree and he finished all three degrees in four years and that's kind of unprecedented at at Columbia no one's ever done that before or since and and you know the thing is he was on he was on student loans at Columbia and so they used to give him the money kind of you know ahead of maybe three four months ahead of when he had to pay his rent and other things that he used the in effect student loan float and invested that and you know by the time he finished at Columbia he had made a million dollars on the float you know so he was yeah so he was a millionaire basically like they would give him you know twenty thirty thousand dollars for the semester and then he'd start investing that and it would be 70 80 thousand mile time he actually had to give the money and so on and so he did really well as a as an investor he was he used to be mainly a venture capital investor doing early-stage businesses and such and then he later switched but he's Leeloo is very much kind of a Swiss Army knife kind of investor he's he likes to get to know the company as well he tends to hold them for very long time he has a very rich understanding of these businesses and and and I've had I've had some amazing conversations with him I don't know how much of it he wants me to put on the public domain but but I would say that he has got unusual very unusual wiring and both Buffett and Munger one of the big things they bring to the investing game is they're really good at focusing on the downside they immediately hone in on what can go wrong rather than what can go right and they are able to put a lot of things away very quickly and Lilu is quite similar he's he's very very focused on what can go wrong but he's also very good at identifying long runways you know getting to know the entrepreneurs and the business leaders and then you know he has some companies in his portfolio that have been with him he's been he's had them for 15 20 years in the portfolio so yeah unusual wiring wonderful guy what is his current view on the market if we can share something what does he feel about this he I think that his his perspective is similar to what I'd outlined where I think that we have a lot of unknown unknowns here the one thing about the this crisis is unlike other crises that we've had is there is a definitive end date almost for sure a definitive end date when we can not have a fear of of catching the virus and such and that definitely indeed maybe it's 18 months away maybe it's 15 months away we'll have to see hello man when that when that date comes oh that's one thing good about it but I think that the degree of damage that and you know many of these things that can happen with the pandemic are not easy to forecast the the second order third order effects are not easy to forecast I mean like for example there are US hospitals that are suffering suffering a lot they're laying off people because they have no business we have shut down the elective procedures and the hospitals make all the money on elective procedures so one worth on health care is booming but the one-fifth of the economy in the US which is healthcare is having issue then like CVS was saying that their normal prescription filling rate has gone down a lot and so there's there's a lot of concern about like health issues that will pop up because we are kind of deferring a lot of stuff so we get we can get unusual effects so if you look at auto manufacturers for example you know those supply chains are so fine-tune that the tire shows up 20 minutes before it you know put on the car those those are very finely tuned supply chains so many when you have this type of shut down takes place and you know three parts are they saying your your your your line down move forward you know so you you will have a lot of impacts of that kind that go on so I think that and the other thing about this crisis is that the have-nots the have-nots are the ones who are really really impacted we've seen that in India but globally it's the have-nots that were the first to lose the jobs the have-nots who have the lowest amount of you know staying power and you know savings and so on and so the polarization of wealth that we seen over the decades is going to get exasperated with this crisis so I think I think that Leeloo would be quite bearish we already know Buffett and McNair are quite bearish and and you know what I have learned with these guys is that their intellect is beyond human into so I don't even fully understand all the reasons that by Buffett and Munger a better show all I do know is attention yeah that's exactly what the point I wanted to understand from you because a lot of the smart money that I got to hear also Mohnish unusually bearish I mean he go on 30 years or buying the dips markets recovering but a lot of the sense I get from the smart money is that they believe this time is different that we will not have a v-shaped recovery we just because the stocks are down 30% is no reason to step up and buy those stocks and the strength of the Nasdaq for example here today it is showing gains now his public has even though I understand the technology is playing a huge role in people's life where is this surprise in the speed at which the market has recovered as opposed to the real economy which is still in doldrums I want to just share Michelle I mean if if we were on a desert island and someone told us all the things happen in the real economy and you know someone asked me to guess where the Sensex is or where the Dow is I would say more than 50% down right you know that's what I would expect it if you if you take 30 33 million people or the workforce I'd say 50 60 70 % up you know and that's what where we are I agree with you someone told me where World War two ended on May 7th 1945 all right exactly 75 years ago someone told me where you don't realize it but World War 3 is already started and the protagonists antagonists are China and the rest of the world what do you think about that Malaysia in the history of the world they has never been a situation where a Power has risen to challenge an incumbent power and everything has been peaceful that has never happened in the history of the world so so the rise of China is inevitable and and I think on many fronts you know we we will see significant growth and and power increase on the Chinese side and the United States has been so used to you know getting its way for so long I mean for a while we had the Soviet Union then that went away so we've had this unipolar world whether US cannot run the round and does whatever it wants and it's not used to someone else telling them you can't throw your weight around and it's throwing its weight around actually and right now us-china relations are probably at a multi-decade low it's an extremely dysfunctional relationship right now and it's a very sad situation that we are we are in that type of situation because the world is a vastly better place when the United States and China have a lot of cooperation and goodwill towards each other so so we may we'll have to see I mean these are you know this kind of like form a form of war it's kind of hard to tell when you're in the middle of these things but I would say that China is clearly rising it's less and less interested in being relegated to a secondary role it's trying to assert itself in a number of different ways and the u.s. is not used to someone else serving themselves and and so there's a lot of conflict on a lot of front between these two countries and I hope we can get past the pandemic and we can start resolving these things you know you talked about there not being a comparable period but let's go back to World War two which I started with in the 1930s late 1930s they used to be saying the Sun never sets on the British Empire meaning everywhere the Sun rose there was a British colony somewhere and then America became the emerging power of the 20th century and Britain accepted its role in life is being you know second cousin poor neighbor to America and that transition was handled pretty peacefully you feel that there was something in history that they can be peaceful transitions the outside the downside is so extreme for Humanity that everyone has a lot of incentives to get there peacefully but I'm just saying that there there's there are inherent issues here which which could be good I mean the range of outcomes is wide and some of the outlier possibilities are ugly and I hope we don't get there let's just talk about a little bit about this Chinese America problem from what I understand 80% of American medicine is made in China 95% of antibiotics are made in China I don't know how much of the Treasury bill market with Chinese zone of America maybe 30 40 % of that the Treasury market is owned by China I mean can this is it a political stunt by Trump to paint a villain in order to ensure the election or is there some deeper festering issues because my sense is that this is a battle both will lose and as the saying goes when the elephants fight the grass gets trampled so all of us who've been trying to get out of the emerging market syndrome will probably lose in this the United States has some very valid grievances against China created in China was not fair China took significant advantage of the United States for a long time and the United States to large extent allowed that to happen across the world because it benevolent wanted the world to rise so the US did the Marshall Plan to help Europe gets back on its feet it and it has it has given lot of countries very favorable trade trade deals including China to help them rise up and the u.s. perspective is that well once you have written enough then those things need to get revisited which is what the United States is doing so I don't I don't see the a lot of the trade issues that the US has brought up as being irrational or extreme but for my Chinese want vantage point they will appear to be irrational and extreme and and so that's where we get the the beginnings of conflict also I think what will happen as a result of the pandemic is the United States and many countries around the world are going to redo their medical supply chains and the United States is not going to have I would be very surprised if 10 years from now the United States has the dependency it has on India or China on this level of medical stuff coming from overseas I think they're going to make sure that there is there are huge stockpiles in the US and I think all the world is going to make sure the stockpiles but also they're going to make sure about having critical capacity in the US for what it is what is perceived as you know core core products and services that are required so I think there will be a lot of redoing of supply chains global supply chains along those lines you talked about China and India a lot of us in India salivating that India is going to become the new China the supply base to the world it seems a bit too optimistic to me what do you think are the prospects that investment in India will come to make it a alternate supply base to China yeah drop the ball big time I think right the time that the United States started increasing the tariffs on China India had a very wide open playing field to take that business and it didn't take that business and and if I just contrast India with Vietnam Vietnam is running out of labor and people with the amount of work that's moved from China to Vietnam almost no work has moved from China to India and the reason it hasn't moved is India is a difficult country for many multinationals to move their supply change to and the government I'm just sorry to say didn't didn't wake up to this fact and didn't act on this fact so I think that that the the red tape bureaucracy and all the nuances that are there which prohibit manufacturing coming to India it's a very different picture in Vietnam versus India so Vietnam a small country yes has rained a lot India has a very favorite relationship with the United States on a personal level level Trump and Modi get along really well the United States would love to have more of their trade with India and a lot of the Chinese stuff more to India so all the pieces are there except North Block and Delhi not being not being where it needs to be would you be encouraged by the recent investment that Facebook and Silver Lake partners and Vista have made in reliance is that opening the door a little little bit to American investments coming in as more of a exception I mean the big the big money is in is in not in you know these passive investments that you're making inside you know blue CH opinion Indian businesses I think the big money is that when you move you know some small bicycle manufacturer now manufactures all these bicycles in India and sells them to the US you know just those types of things we have not seen happen and we've seen those move and mass to Vietnam so I think that I'm not I mean I think that we can't really read much into the Saudis or Facebook's investing with the Ambani is because you know that's extremely well run operation you know just you know huge market position dominant share a lot of good things about that footprint but that's not that will not get us to the Holy Grail agree I mean generally will be very hostile to foreign investments historically speaking and the other the current contemporary times whether it was water phone in India or whether it was Walmart in India you know we've had ministers come and say we change the rules you know they they aggressive part and then we change the rules you know and and and and I think that the the core of you know allowing allowing businesses to come into India and have a very seamless experience unfortunately that is still not there and it is very sad because it would dramatically increase employment and we are the incumbent to take it I agree but assuming that we cannot replace China or even part of what's in China what's the India story I mean we you know a long time talked about India's 1 billion population striving middle class has been the narrative that has driven markets for you know the last ten years at least what is the narrative in the next ten years even what does what moves in India I mean how does we how do we become a more prosperous society according to you like they say India grows while the government sleeps at night and and I think I think that we've had a lot of good things taken is in the private sector so if I look at like I know what has happened with geo and broadband and Internet and you know 4G 5g access those those are very critical pieces of infrastructure that enable growth we we need that so the area the government has to play a major role is to lay the brickwork lay the infrastructure so you know great road great highways great you know train service and plane service and all that so we've had the private sector take over a lot of that like Indian aviation sector is very competitive and robust India's you know mobile sector is very robust and doing very well but I think some of the other places we fall down we fall down on physical infrastructure places where the government is involved where the private sector is not so involved and where the government is not you know pulling this weight I mean if I just look at what China has done with rail with high-speed rail and the amount of tract every lead and if I just compare that to India I mean if I looked at India when the British left in terms of the kilometers of track then in 1947 and versus today it's it's a pathetic growth rate it's hardly changed and and in China you know tens of thousands of of kilometers of track laid and these bullet trains and all that that is real infrastructure that is led to real growth and so I think the role of the government is to enable the growth and and and make it seamless and then stay in the background but we have a lot of issues you know we have you know induction election of ali in in pune we don't get three-phase power for 4 days a week you know India has power plants that are sitting idle so why would you not have power available all across the country when you have more than enough generating capacity so we have these kind of backwards policies that lead to these kind of strange outcomes it's terrible you cannot have a rapidly industrializing society which is power strapped this cannot happen can happen but do you feel that this is the price you pay for a democracy that in fact the way for an emerging market out is perhaps a benevolent dictatorship that if you're gonna have a democracy will always underperform Churchill used to say is the worst system except all the others and yeah I mean I mean definitely a benevolent dictatorship would be better but we we would be very hard-pressed to know and advanced whether a dictator is going to be benevolent or not and the odds are against a dictator being benevolent the author so that communist system blows up like Russia blew up I mean the odds are that the Chinese well India has a lot of chaos underneath the surface you know China has no chaos but it could blow up I mean is that the risk of investing in China say that the Chinese people the Chinese people have given the Communist Party of China a long rope and the Communist Party for by and large has delivered on that long role so if you look at the economic growth that has taken place in China most people in China would agree there would not be possible in a democracy and so the mandate was given to the Communist Party and the Communist Party has delivered and of course there are a lot of dissatisfaction and rumblings with lack of freedom speech and so on so forth but so far that society has been willing to pay that price because of the development yeah we will have to see overtime overtime as economies get prosperous then at that point you know the citizens are looking for more than just economic prosperity so so that whole equation will go through some tension we'll have to see how that how that plays out Manish at least you have the option of investing anywhere in the world that you want yet you choose to invest a large percentage of your portfolio in India why is that and can you suggest to us how you tailor your portfolio based on current events or my entry into India has not been wise it has been very unwise so we haven't we haven't so farhad a great outcome from the investments we've made in India I've had far better outcomes with my investments in China for example and and in the US but yeah it also is a is a kind of point in time we don't have enough history I do believe that the investments we have in India I do believe in the next five or ten years they'll do very well so India I think I think has a number of positives very great class of entrepreneurs good class of business leaders governance getting better and because we have such a large growing population there is pent up demand or a number of areas as long as the government is providing the underlying infrastructure and of great education great physical infrastructure and such the rest of it will will follow but that's a big if we'll have to see how that how that works out I hope it works out but we have a great demographic dividend we have a very young country I also don't think that India will face a big issue from a CV 19 perspective because the average age is 28 and it's super hot you know very few parts of India get really cold so I think that age is going to help us out a lot dodge quite a big bullet over here so I think I don't know about that Manish even 1% of 100 crores is a pretty big number as you know so I'm not sure whether you know a real the real CV 19 fatality rates they're starting to believe is in the much less than 1% so I think they had the point to so range so and that but what is also a skewed with age so if you if you have fewer people who are older you know generally going to have an overall lower mortality already for example in all the weeks and months that India has exposure so far the the numbers have been quite low the operative word is so far and my point is that given the poor social distancing the poor sanitation bad crowded conditions I mean we I hope you're right but you know as you say prepare for the worst and I hope you're right I hope it doesn't happen but let me share with you some of my thoughts on where to bed in the markets and then maybe you can share some of the bets that you made in India for the benefit of our audience to me the one thing that seems obvious now in India is that globally is communication I think companies will be evaluated based on the communications fine individuals I mean I have a three-year-old grandson who needs to be connected onto the net to take his classes so you know the first play in India post cd19 seems to me to be communication and if you look very hard there may be two point one place in India in communication so that's a good sector that you know investors can start looking at content of course going to be very important that's much harder to play but there are a few ways that you can probably play content mainstream television sporting events people own the rights to the sporting events I think that would be a good place to play I read something mohnish that started me today in the Financial Times is said that when Wuhan long term was going on the banks were closed but nobody noticed because they've all moved to digital banking in China so given all these things can you tell what do you your portfolio construct is and are you going to add or subtract based on some of the things I've said I would rather not go there reason I'd rather not go there is that I think that it's it's dangerous in my opinion for individual investors to listen to some names and then you know go place by orders whatever I just think that it fool's game there because I think the thing with investing is that what what makes things difficult is I mean yes we can we can clearly tell which businesses have great tailwind and which businesses will do well but whether the investors on those in those businesses do well or not is a different question because you know if a company is I mean if I take a example of a company like Amazon there's no question that Amazon will do very well in the future but when you start looking at well how the investor and Amazon do when you're buying into a trillion dollar market cap that becomes a more difficult question to answer and and it's not an obvious answer and you know I remember that in in late 99 out maybe it was early 2000 there was a there was always one of the most senior guys in a Indian in in Microsoft Word he had left he had left Microsoft buddy was one ago one of the very first Indians who had worked under Bill and he actually ran he ran PowerPoint for them and actually PowerPoint was an acquisition that he came and for them and then eventually retired but he if he had joined he joined public funds a few months after it started and told me look if you have in Seattle I can introduce you to some people at Microsoft who might be interested I said you know by coincidence I'm going to be in Seattle day after tomorrow and so he said yeah come on over so I went to Seattle and I spent a day where he took me from one office to the other and a lot of these very early Indians in Microsoft who eventually rose in some cases all the way to top they became investors in in / - and at that time I told them I I told him listen you guys have 95 percent of your net worth in Microsoft and your livelihood comes from the company and I think you're going to have a terrible outcome holding Microsoft's talk from here on out and Microsoft at that time was a six hundred billion dollar market cap you know earning less than ten billion it was a great business then just like it's a great business now but these these guys who I was mentioning this to looked at me and said okay this is some guy who's trying to get us to give him money to invest and whatever he has no understanding because they had never seen they had never seen a decline in Microsoft stock price ever from the time the company went public to two thousand and and from 2000 till almost 2013-2014 the stock was flat in fact it wasn't even flat it went down more than 50 50 percent and then came back so it was a terrible ride for the next 15 years even though the company grew a lot in that 15 years and the money they they put in for iPhones did a lot better than the money that they kept with Microsoft so I think that when we look at these businesses I mean if I if I look at let's say reliance you know with Geo and Facebook has invested recently in Silverlake his investment it's hard to find businesses higher quality with more dominant market share than Geo I mean incredible business run by superb executors all of these good things right but how an investor does investing today is a very different question then how investor would have done investing 20 years ago or 10 years ago so I strongly encourage the Millenium mam's to focus on on indexing dollar cost averaging and in most of your cases you've got several decades of runway ahead and most of your assets are in the future earning power of your families so that's where the bulk of the the wealth sits and so I think the bigger bigger question here is the bigger suggestion here is to increase savings while having a good time and and and if you have several decades of runway ahead then equities have a good place to be and the index is a good place to be and actually the other thing that a lot of Indian family is especially wealthy Indian families don't take enough advantage of is that the government allows the quarter million a year to be sent out of India so getting exposure to the S&P 500 and such is not a bad idea because then you get exposed to the the Amazons and Microsoft's of the world as well way of saying what you said Manisha's of course why do the margin of safety that not necessarily that a good company is a great investment so yeah the points I think that people need to understand this because the business is good is it priced into the stock prices what and this have to figure out all the time manage what we do is Manish will talk a little bit about gold because as you know a lot of the millennium bands and women all over India are in love with gold what is the view on gold what is your volume gold lending we discuss that and then I think we'll just look at the questions we have another 15 minutes remaining in our session so what's your view on gold do you guys have heard you know maybe you heard what Buffett's view on gold is he said that if you if you put all the gold in the world together in one place you would get a cube that would be 80 feet on each side so it would be 80 feet cubed would be the size of this block of gold and and he said that if if you were a Martian looking at planet Earth you would see these humans digging these holes in the ground taking out this shiny material melting it and making it into kind of blocks then finding making more holes in the ground where you're building walls and sticking this metal back in the ground and they would see this whole activity and wonder what the hell's going on right so gold gold I mean from Buffon's perspective is a non-productive asset that 80 feet cube does not grow every day 100 years from now it's still gonna be 80 feet cube if I take that money and I don't recommend you do that but if you put it into reliance and they okay well I send me five hundred for example that's growing that's a growing because those are productive businesses where they create output Golda sits there so it has value because people give it value intrinsically it doesn't really it's not a productive asset so I think my perception has been that the the Indian woman has been moving away from gold I think it used to be forever in India that you put all your money in real estate or in gold maybe some in fds and everything did really well you know because real estate never went down and gold always did fine and the regulation because of yeah the reality is that gold has gone down quite a bit over the last several decades and and it hasn't had a straight ride and real estate has not gone you know it used to be more than 20 percent a year for several decades that is not been the case so I think that what I see happens in India is a move towards equity markets I think that move is is going to continue to keep going but I would I would say that if you like gold jewelry and you're going to wear it and enjoy it and all of that you should absolutely buy that and enjoy it but I don't think you should be investing in gold as a as a way to invest family assets I think that's not a good way to go you know Manish my favorite quote about gold was from Buffett also but he says yeah you can buy gold and you can fondle it but it won't follow you back but one thing that Buffett and I just wind up with this question mohnish a lot of the New Age people that you meet in Silicon Valley in California for example say yes gold is a relic of the past we don't like gold we don't understand gold and people will lose confidence in gold at some point it's only the value because we say it's valued so much but we do believe in bitcoins in the digital alternatives you have a view on that do you think the world will move to bitcoins is a gold standard would you will invest in bitcoins there's a friend of mine who's a venture capitalist in Chicago and I hadn't you know I've known this guy for like maybe 25 years I used to live in Chicago and you know you know Christmas cards what I already have we hadn't really kept in touch and he he contacted me a few years back and said look I'm coming to Orange County and I'd love to you know meet you for coffee whatever else and so I said yeah sure you know Matt let's let's meet and so he came to the office and and I was I was a how's it been going and he says you know did you did you see my profile in Forbes I said no what what did you like what happened you know educate me like you have no idea so Forbes had apparently profiled these Bitcoin millionaires and he was one and and he said monisha you know based on current Bitcoin prices my net worth has gone well past a billion and and you know I I thought it was just kind of a okay we see you know nothing like Sequoia or something and I said well Matt that's awesome man I said listen unload unload the whole thing man just take the billion and you know put an end to the ride so he said no no no no the ride is just getting started you know this is gonna go to hundreds of billions and so we so I said okay you know I I I told him listen I'm the village idiot on Bitcoin since you're over here why don't you educate the world is village idiot on why you know I should be going all-in on Bitcoin and you know he's very articulate we spent a couple of hours and I did not change my viewpoint that Bitcoin quite frankly the value the value of a Bitcoin I think you just take taken and cash it out I don't think that long term it has a value but anyway so what he said to me was he said look I really want you to understand this universe and so what I'm going to do is I'm going to send you a Bitcoin okay and and then I want you to you know open up an account at coinbase and he explained all these things to me so you know I said whatever so then I was surprised a couple of days later he sent me a whole Bitcoin okay and at that point I think the Bitcoin price was like four or five thousand dollars okay so I told Matt I said I can't take five thousand dollars from you he said no no no we had such a good conversation blah blah I want you to have money back so so I opened a coinbase account I put my one Bitcoin there and then the next thing when I blinked it was there like nineteen thousand so I said I am outta here okay so I placed my sell order of a Bitcoin and for some reason they would only sell less than ten thousand so half a Bitcoin sold in my account got locked I couldn't do much and then recently I went to a lot of cross has got it all done and I got rid of the second half I think at twelve or thirteen thousand and so I got like fifteen thousand whatever from the Bitcoin and that is a good 15,000 for me to use in Vegas whenever it opens up to start a new compounding engine but that's my my view on Bitcoin I think it's just it files you know I put you know put it in a to hard pile of a strange file or whatever else and don't go there what's your take commission you know I used to share your view and I used to share the Buffett Rule that it's trash but after this crisis I'm not so sure anymore I mean I can't believe the Fed will keep printing money and you will still have faith in the dollar and still have faith in gold I think people would want something removed from the central bank so what I put what a percent of my wealth into a Bitcoin I might do it because as you say there's an asymmetric payoff sometimes in these things and unlike other assets like dollars or Treasury bills the only so many bitcoins are going to be mined in the world so as close as I was to the idea I think even three months ago suddenly after what has happened in the world I'm not that close anymore I want to I want to give you a Lilu book recommendation you know we always get these buffett book recommendations and the under book recommendations yeah I'm ready no one's ever going to give you a loop that's a great day only it's only in the Millennium mam's zoom call when you get nowhere else it's only it's exclusive content for Millennium Maps it should be shared with millennium answer so so leave who had recommended a book to me his most recent book recommendation it's called the other half of macroeconomics and it's written by a guy named kou ko and you know like when a lot of books I think the guy could have finished the book in ten pages you know a lot of books should be ten pages long but then they you know go on for 200 pages but I think that if you read even the first thirty forty pages of the book I think it explains it's the only explanation I've found for wha and it's a very credible explanation for why we did not get inflation when the Fed printed all that money because it was always a mystery right and even now even now when the Fed is printing all the money that it's doing right now which i think is the right thing for it to do it is unclear to me that we will even this time around get inflation so I think it's a it's a good book to read will kind of explain a little bit about what's going on but also I think one more thing just since we're on that subject I think if you think about a family and I'll give it to you from a u.s. perspective if a family in the United States has a net worth of let's say a million dollars for example you know there were seven eight crores and this whole pandemic hits and all this stuff and they eat about fifty thousand or seventy thousand dollars into their savings as they get over this and emic that family can easily absorb that shock and I think if you look at the United States so if you look at household wealth in the whole world every man woman and child in the whole world household wealth globally is around four hundred trillion dollars out of the four hundred trillion dollar one and 100 trillion is in the United States so the entire household wealth of the three hundred million humans in the in the country is the one hundred trillion the GDP of the u.s. is about 22 trillion approximately and that GDP may go down 30 40 percent because of this pandemic before it starts coming back so this family which is if you think of the US as one family the family is 100 trillion that family can lose five trillion or seven Trillian and it won't even feel it and in fact this family that has the hundred trillion now the net worth of this family in 2009 was less than 50 trillion 50 55 trillion so the family has more than doubled its wealth in the last 10 10 12 years so the United States you know what what it appears to be doing like it's printing five trillion dollars and so on you have to look at that in the context of the wealth of the country and it's like a family with ten million dollars spending half a million dollars a 1 million dollars spending $50,000 so I actually have the viewpoint that the US Fed and Buffett alluded to that Jerome Powell actually will go down probably one of the greatest friend governors because the actions he took are unprecedented I mean no one the Fed has never dealt with anyone other than banks they for the first time ever bought commercial paper direct from directly from issuers they've never done that ever in their history so he did a number of things and he's gonna continue doing a number of things but we have taken the context of his family worth 100 trillion if they spent five trillion or seven trillion or even 10 trillion this family can handle that and so it should be okay but you'll enjoy the book thanks for the recommendation I think we'll take one or two questions from the chat format if you have a few minutes left yeah yeah maybe one or two questions so yeah so you can look through the chat questions monisha yeah yeah why don't you ask the question you want because there's so many questions here why don't you guys one of you just asked a question yeah yeah Sheila would you like to ask a question afternoon sir this is Sheila from Calcutta and it's been a very enlightening session but just like to know your thoughts on there is at the end of the day a huge trust deficit with China so how do you see that trust deficit affecting the world with its incumbent growth how do you see it affecting us I think your China may have a trust deficit they understand that they are also trying to build some bridges you know they sent ha doctors to Italy and they've been sending a lot of medical supplies all over the world so China is trying to do its part they're working very aggressively on the vaccine they are hoping that it's a Chinese vaccine that goes global so I think China understands that they've got a image problem and they are trying to work on that in the long run the world needs China and China needs the world and it's too important a part of the globe to ignore or write off or cut off so I think in the end of the day we will find a way to work it all out and one last question yes okay so Sushma wants to her ask the other half of macroeconomics and the fate of globalization hardcover that's the book I told you guys to read to go ahead and read but even before that book if you haven't read por Charlie's almanaque I think that should be the number one book and I think in poor Charlie's I'm gonna you know the last I think came from page 442 494 which is the psychology of human misjudgment you know that's that those 25 psychology human judgment I think those give you such a huge leg up in life because you you start understanding the quirkiness of humans and I think that those things can give you a big a big leg up on relationships Marie shouted I thought you'd recommend the condo investor partly and already that's fine but I would say that you know like many times when I go to meet Charlie for dinner in fact the last time we had you know it just before the COBIT shut down I think March 7th was the last time I had dinner with them you know I'll be talking about some dysfunctional relative of mine with him you know on this and and he is super interested you know and I'm telling Charlie here this guy you never want to interact with this guy he's got all these problems but no Charlie is very curious about humans and he doesn't really care about you know who these humans are or whatever else he wants to figure them out right and he wants to understand that and many times I have gone to Charlie with my personal issues and different things and the way he's able to slice things in terms of understanding how humans work and understanding our life works it's just amazing it just gives you a big advantage in life so I think that that that that last part of the book where he which is the talk he gave at Harvard and he modified that I think that talk I try to read it every year we read it and there's so much wisdom and so much because it took Charlie 5060 years to distill that wisdom into that talk and we can just get that by reading at one shot so it's a huge advantage mr. Perret I would like to tell my members is one thing I do on a charity lunch with mr. Buffett so take away you would like to discuss here as platform well that lunch went on for more than three hours and I think we had more than 50 different questions for mr. Buffett in fact he told us that he has nothing going on all afternoon so whenever we get tired of him we can tell him to leave and he leave so he didn't even set any time limit but that was a wonderful that was a wonderful lunch because my my dollars at the time were 10 and 12 years old and so they actually sat on either side of him and so they actually got a lot of I think a lot of input and direction from him so it was better fall to come from from him than from than from us and yeah we covered a lot of topics and that for example he told my daughter's that the single most important decision you will make in your lives is who you decide to marry and I'm glad he was the one who said that because if I said that too late but you know the thing is they still remember that they still remember that they I think they understand what he meant by that and and I think they and I think for women the thing is you know on many fronts they get the shortest straw in life but I think it makes it makes massive difference who your spouses are you planning to luncheon soon mr. pobre with mr. Buffett mr. Buffett khaya we lunch is both limited drag ahead but you know I should say this about the about the Buffett lunch so after after the lunch with Buffy you know what in the process of setting up the lunch and where we were meeting or I got to know his assistant Debbie quite well okay so I told Debbie I said hey listen to every guy and I would love to take you out for lunch okay so she said listen just come to Omaha one day earlier like come on to Thursday and we'll go for lunch so for a few years I think four or five years guy and I would go one day earlier to Omaha and go out with Debbie for lunch and the lunches would be Debbie more better than the lunches lunch with Buffett okay way better because I used to tell Debbie I said look Debbie between us girls can we talk can we talk as like close girlfriends she'll say yeah of course Mohnish what do you want to know okay so then I would ask him and of course now we know something I said doesn't Warren have a cell phone okay so he would say she started laughing she'd say he has a cell phone it's in my drawer and he doesn't use it and when he leaves Omaha I charge it and give it to him and he only knows how to call me from that cell phone so what he does he opens the phone he calls me and then he tells me to tell so-and-so to call him and then they call him and that's how he uses the cell phone okay and then then I asked you know like about for example the way he handles his correspondence right his mail that comes in and his work habits you know this minutia I want to understand how he how he spends his day and and so I found I found lunch with Debbie was way better than lunch with war it was just it was just a lot of fun and in fact one time one time I went to just to just share the kind of person mr. Buffett is that so one time guy and I we would we would always go to Bush's headquarters we'd go up to the 14th floor then we'd meet Debbie and then we'd go for lunch right and so we went up to the 14th floor and Warren was standing at the elevator to greet us okay and I was really surprised because we had no we have nothing scheduled with him so he said listen Debbie told me you guys were coming you want a tour of the headquarters so I said you want to give us a tour he said yeah I got nothing going on let's take a tour okay so then he we spent like half an hour 45 minutes going through the whole Berkshire headquarters and he's going through all the art on the world this is the long-term capital letter I sent this is the first bnsf you know sparks sort of came this was some arbitrage I was doing with Ben Graham all these you know this memorabilia throughout the office then he goes and shows us his coke fountain we can get his cokes and all that so finally you know we were about to go for lunch and I felt like you know maybe the guy has no company for lunch so maybe he wants to join us right so I said one listen if you guys if you want to come and crash the lunch when we're having a Debbie you're more than welcome you know you don't need to like we have no problem having you join us right he said no no no they have already brought me my lunch so he said debbie has my lunch she said it's in the fridge okay so it goes to the fridge and I kid you not the strawberry milkshake must be at least 1 feet high this huge big strawberry milkshake okay take the milkshake and then he goes to the office I said this is going to be a great lunch and then then he shudders don't look in many ways I think my daughter my younger daughter after a lunch with muffin I asked her what she thought she said he's just a kid and actually I think that's the most correct description I've ever heard of Warren Buffett for anyone because Warren Buffett says he only eats what he used to eat when he was 5 years old he has not changed any of his nap not added a single dish to his repertoire of what he eats what am i 85 years old he still eats there are no vegetables that are in the diet like his daughter was one ask you know the G have any vegetable she says is ketchup a vegetable you know so he has no vegetables and he's 90 and he's in great health and he's exactly like a kid in all these different ways and it's like a kid playing the game of Monopoly you know that's that swarm of it thank you so much mr. Perret Thank You mr. Devaney and I would like to read few messages before I would before I sign off I would like to share our memories of last year in Omaha so let's just read the few comments by our members brilliant session amazing amazing amazing takeaways can we like keep the session going most of us are you know questions have got answered such a fantastic session oh my god and so on like it's endless thank you so much for being with us today and taking our time from your such a pressing schedule and mr. Damania mr. Bob Rae and we would like to end on a positive note with a video a throwback video which we experienced about experience at Omaha last year so at again we have the video please but we encourage you to do is sadness is important and again not just a lick you touch directly but again because that representation matters for all the people who see you that's a mere impact it really makes a difference I think financial literacy is it's much more than just the bathrooms actually helps you understand that a lot better [Music] [Music] [Music] [Music] you know yes we do yes you need great box and yes we need a great price and finding all the things at the same time [Music] [Music] thank you so much gentlemen today's conversation is going to be a game changer for us and I'm sure we shall incorporate these takeaways we'll be ever grateful to both of you thank you for sharing your own estimates thank you everyone thank you so much

Channel: Mohnish Pabrai

Views: 30,413

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Id: _2aFw40NqP8

Length: 96min 8sec (5768 seconds)

Published: Thu Jun 11 2020