Companies with durable and widening advantages can generate better returns on invested capital over the long term. This is a reminder to focus not only on company growth, but on the durability and magnitude of its competitive advantage.
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The Dhandho frameworkĭhandho is a Gujarati word that means “endeavours that create wealth”. In this post, I will summarise the key lessons that I took from Pabrai on value investing and capital allocation.
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For the curious, there’s much to learn about his philosophy and temperament in his book, The Dhandho Investor, which I found an insightful and accessible resource. One striking feature of his methods, amongst many, is his willingness to hold a concentrated investment portfolio, even by value investor standards. Mohnish Pabrai, managing partner of Pabrai Investment Funds, is a more prominent value investor.