Investors / stance tracking
What Mohnish Pabrai is saying
FollowFollowingUnfollowFund manager — Pabrai Investment Funds
123 dated public stances tracked since 2014-07-29, most recently 2026-10-25. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Mohnish Pabrai's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Mohnish Pabrai is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
123
tracked stances
81
themes
2
side flips
2026-10-25
last heard
Returns 90d +1.9% 52% correct · 42 calls · 180d +3.2% 56% correct · 36 calls · 1y +5.7% 68% correct · 28 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-08-02 | V | bullish | +16.6% | — | — |
| 2026-08-02 | KSPI | bullish | +3.7% | — | — |
| 2026-06-25 | SPX | bearish | -4.8% | — | — |
| 2026-05-26 | COST | owns | -3.0% | — | — |
| 2026-05-26 | AMZN | bullish | -1.2% | — | — |
| 2026-05-02 | ENERGY | bullish | +1.0% | +17.2% | — |
| 2026-03-23 | TOI | bullish | +56.1% | — | — |
| 2026-03-23 | SPX | bearish | -13.9% | -18.6% | — |
| 2026-03-23 | RSSS | bullish | -6.4% | -9.4% | — |
| 2026-03-23 | RIG | bullish | -16.3% | -15.6% | — |
| 2026-03-23 | KSPI | bullish | +20.2% | +39.6% | — |
| 2026-03-23 | HCC | bullish | +1.8% | +2.5% | — |
| 2026-03-23 | AMR | bullish | -12.7% | -12.5% | — |
| 2025-05-12 | India Equities | bullish | -3.8% | -0.3% | -12.5% |
| 2025-05-12 | COST | bullish | -2.6% | -9.6% | +1.1% |
| 2025-05-09 | SPX | bearish | -12.4% | -20.8% | -32.5% |
| 2025-02-27 | Commercial Real Estate | bullish | -3.9% | +0.2% | +6.8% |
| 2024-05-17 | SPX | bullish | +4.8% | +13.5% | +13.8% |
| 2024-05-17 | Commercial Real Estate | bullish | +9.0% | +13.8% | +10.8% |
| 2024-05-17 | BITCOIN | bearish | +14.2% | -35.1% | -54.0% |
| 2024-04-01 | RAIN | bullish | +0.0% | +0.0% | +67.7% |
| 2024-02-22 | RACE | bullish | +1.2% | +13.8% | +22.7% |
| 2024-02-22 | MSFT | bearish | -4.8% | -3.6% | +0.1% |
| 2024-02-22 | CEIX | bullish | +19.8% | +16.9% | — |
| 2024-02-22 | BYD | bullish | -16.1% | -7.7% | +21.8% |
| 2023-09-26 | India Equities | bullish | +9.5% | +14.0% | +33.0% |
| 2023-08-16 | TSLA | bullish | +5.2% | -16.6% | -5.1% |
| 2023-08-16 | RACE | bullish | +12.9% | +23.6% | +45.5% |
| 2023-08-16 | MSFT | bullish | +15.6% | +29.9% | +32.4% |
| 2023-08-16 | AMZN | bullish | +7.9% | +27.6% | +31.5% |
| 2023-08-16 | AMD | bullish | +11.8% | +60.4% | +37.5% |
| 2023-08-16 | AAPL | bullish | +6.3% | +6.3% | +27.9% |
| 2023-06-16 | RAIN | bullish | -34.0% | -12.6% | -10.4% |
| 2023-06-16 | BITCOIN | bearish | -0.7% | -62.9% | -100.0% |
| 2023-06-16 | BABA | bullish | -4.4% | -22.4% | -16.2% |
| 2023-05-23 | SPX | bullish | +6.5% | +10.5% | +29.8% |
| 2023-05-23 | India Equities | bullish | +6.2% | +9.7% | +29.8% |
| 2023-05-23 | AMT | bullish | -6.2% | +8.1% | +5.3% |
| 2022-10-18 | RAIN | owns | +79.9% | +39.6% | -79.9% |
| 2022-03-22 | SBUX | bullish | -16.4% | +6.2% | +15.5% |
Showing the 40 most recent of 42 scored calls.
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| SPX | 8 | 2 bullish / 4 bearish / 2 neutral | 2026-10-25 | |
| CSU | 4 | 4 bullish | 2026-10-06 | |
| India Equities | 4 | 4 bullish | 2026-10-25 | |
| RAIN | 4 | 4 bullish | 2024-04-01 | |
| RYSAS | 4 | 4 bullish | 2026-10-05 | |
| BRK | 3 | 3 bullish | 2026-08-02 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
US equity valuations are so stretched that the S&P 500 will deliver essentially flat real returns — between +2% and -2% per year — over the next decade.
“it's not going to be a good place to be for the next 10 years”
Market Masters | Mohnish Pabrai's Global Investment Playbook | EXCLUSIVE
2026-10-25
India Equities
bullish
Mohnish Pabrai · video
India's financial services penetration remains embryonic relative to its population — retail investor participation has grown sharply over 7-8 years but is still a fraction of where it will be in 10-20 years, creating a long multi-decade runway for…
“compared to where it will be in the next 10 or 20 years, it's still very embryonic”
Market Masters | Mohnish Pabrai's Global Investment Playbook | EXCLUSIVE
2026-10-25
TURKEY EQUITIES
bullish
Mohnish Pabrai · video
The Turkish market is dominated by hyper-short-term traders (average float cycles every 17 days) doing no fundamental analysis, leaving 70-80 well-governed businesses trading at extreme discounts to intrinsic value that a patient buy-and-hold investor can…
“I was picking up assets worth a dollar for two or three cents — 3%, 4% of liquidation value”
Market Masters | Mohnish Pabrai's Global Investment Playbook | EXCLUSIVE
2026-10-25
METALLURGICAL COAL
owns
Mohnish Pabrai · video
Metallurgical coal shares the same low-cost-producer and forward-selling-with-collars economics as thermal coal but offers superior economics, making it an even more attractive application of the locked-in-cash-flow framework
“I switched the bet to metallurgical coal, which is even more attractive.”
Buffett's 7-Step Investing Strategy that Made Mohnish Pabrai Rich.
2026-10-23
TURKISH EQUITIES
owns
Mohnish Pabrai · video
Turkey's market is dominated by hyper-short-term traders (average free float cycles every 17 days) with virtually no fundamental analysis, creating extreme mispricings in quality businesses that patient long-term holders can exploit
“I was picking up assets worth a dollar for 2% or 3%... widely widely mispriced”
Market Masters | Mohnish Pabrai's Global Investment Playbook | CNBC-TV18
Massive AI capex flows directly to infrastructure enablers—Nvidia, TSMC, and memory chip makers—who capture it at 80-90% margins while AI software companies pay ever-inflating prices for compute
“in a gold rush, you want to own the companies making the pickaxes”
Market Masters | Mohnish Pabrai's Global Investment Playbook | CNBC-TV18
2026-10-23
Big Tech
bearish
Mohnish Pabrai · video
Nvidia, Apple, and TSMC are great businesses but are priced to perfection today, so investors buying at current valuations should not expect strong 10-year stock returns regardless of underlying business quality
“if you were to invest today into Nvidia or into Apple or into TSMC in Taiwan, I don't think you'll be looking at great results 10 years from now”
Market Masters | Mohnish Pabrai's Global Investment Playbook | CNBC-TV18
2026-10-20
CEIX
bullish
MOI Global · video
CONSOL Energy is a low-cost Appalachian thermal coal producer that has never gone bankrupt, is now net-cash after the 2022 boom, and sits in a capital-cycle-constrained industry where closed mines cannot be restarted quickly due to lost equipment, permits…
“if a company with a market value of $2 billion would produce on average a billion dollars a year for 50 years... that would to me be the definition of an exceptionally great business”
Mohnish Pabrai: The Dhandho Investor
Said again: 2026-10-20 (MOI Global), 2026-10-21 (MOI Global), 2026-10-25 (Mohnish Pabrai)
2026-10-20
METALLURGICAL COAL PRODUCERS
bullish
MOI Global · video
Same capital cycle logic as thermal coal — permanent supply destruction after price downturns, long lead times to rebuild capacity, and debt-free balance sheets after the 2022 boom create asymmetric upside; Pabrai explicitly bought a basket of met coal…
“Einhorn had not followed him into the metallurgical coal producers the funds bought afterward”
Mohnish Pabrai: The Dhandho Investor
Said again: 2026-10-20 (MOI Global)
2026-10-06
long EDEL / long NUAMA
basket
Mohnish Pabrai · video
India's financial services sector is embryonic relative to its population and growth trajectory — analogous to the US in 1980-82 — making long-term positions in both Edelweiss and its wealth-management spinoff NUAMA compounding bets on a decades-long expansion
“kind of reminds me of the way the US was in kind of 1980 or 1982...that would have been an incredible home run”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
CSU
bullish
Mohnish Pabrai · video
Despite Mark Leonard's health challenges and reduced day-to-day involvement including leaving the board, Constellation Software's capital-allocation DNA is deeply embedded across the organization and businesses should continue executing on the established…
“I think that DNA is pretty hardcoded in how they run.”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
AMR
bullish
Mohnish Pabrai · video
Alpha Metallurgical is also a met-coal compounder with near-infinite effective reserves and a trading/blending business, though it is disadvantaged versus Warrior by single-railroad dependence that extracts roughly $60/ton and higher operating costs
“Alpha is a compounder. Not as good as Warrior because they're higher up on the cost curve.”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
GMAT
bullish
Mohnish Pabrai · video
GMAT is run by an exceptionally selfless, servant-leader founder whose low ownership stake is offset by high integrity and customer-first operating philosophy — Pabrai holds the position confident minority shareholders will be treated fairly even if low…
“he is the true definition of a servant leader he is not money motivated”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
TAVHL
bullish
Mohnish Pabrai · video
TAV Airports benefits from rapid low-cost carrier growth at its Turkish airports (same per-passenger fee, faster gate turns) and a negotiated per-passenger fee increase at Almaty not yet reflected in financials but expected to show in 2027 results
“we still very much like the business. They're pushing cash out and there are opportunities they're looking at in the region.”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
Warrior Met Coal sits at the absolute bottom of the seaborne metallurgical coal cost curve due to long-wall mining, dual rail-and-barge transport optionality, and proximity to port — making it the 'Saudi Aramco of met coal' that generates profit in virtually…
“Warrior is like kind of scraping the bottom of the cost curve, which is really an exceptional place to be”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
RSAS
owns
Mohnish Pabrai · video
Turkish industrial REIT run by an extraordinarily high-energy, creative founder (Egamman) compounds equity at double-digit rates with zero leverage, is deeply discounted even to its own asset value, and is Pabrai's single highest-conviction position across…
“RAS is our strongest highest conviction idea. When the family sells, that's when we will sell.”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
2026-10-06
RAS
bullish
Mohnish Pabrai · video
The holding company trades at a material discount even to the embedded REIT assets alone and owns additional businesses including an organic tomato export operation, yet Pabrai is voluntarily capped at 30% due to founder preference, making it the…
“the logistics business would be the better bet to make because it's trading at a considerable discount even to just the REIT assets”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
Danaos trades at a deep discount to NAV despite a years-long visible cash-flow backlog and a structurally unique low-cost Japanese SPV financing structure unavailable to 99% of peers — the high-quality balance sheet and management compound NAV while the stock…
“Still deeply undervalued from a NAV perspective. And they're doing very intelligent things, which is moving their NAV up.”
Pabrai Wagons ETF Shareholder Call Replay - September 23, 2026
Current S&P 500 valuations mirror the overheated 1965 and 1999 periods that each preceded roughly 15-17 year flat stretches, making expected returns of -2% to +2% annually for the next decade the base case
“the next 10 years the best guess I have is that it's probably not a good place to be”
Mohnish Pabrai's Interview with Knowledge Inside podcast on August 19, 2026 - Episode 1
Said again: 2026-10-23 (Mohnish Pabrai)
2026-10-05
RYSAS
bullish
Mohnish Pabrai · video
Reysas, Turkey's largest warehouse operator with inflation-indexed leases and a near-zero debt balance sheet, has compounded 100x in seven years yet is still undervalued as management has grown the underlying asset base from ~$800M to ~$3B while foreign…
“it's still undervalued in this particular situation... the people making the decisions are better than me”
Mohnish Pabrai's Interview with Knowledge Inside podcast on August 19, 2026 - Episode 1
Said again: 2026-10-21 (MOI Global), 2026-10-23 (Mohnish Pabrai), 2026-10-25 (Mohnish Pabrai), 2026-10-25 (Mohnish Pabrai)
Memory chip makers form an AI-proof oligopoly—whoever wins the AI race still needs memory—and all three incumbents are locking in revenues via take-or-pay long-term contracts with hyperscalers, while patent/capex moats make a fourth entrant nearly impossible
“the pickaxe makers are the memory guys... they've locked in their revenue and profitability”
Mohnish Pabrai's Interview with Knowledge Inside podcast on August 19, 2026 - Episode 1
2026-10-05
KS
bearish
Mohnish Pabrai · video
Hyundai falls into the 'too hard' pile because extreme capital intensity, commoditized competition against Toyota, and EV disruption that erodes legacy manufacturing moats make a 10-15 year competitive outcome genuinely unknowable
“it falls into what I would call the two hard pile”
Mohnish Pabrai's Interview with Knowledge Inside podcast on August 19, 2026 - Episode 1
2026-09-23
RACE
bullish
Mohnish Pabrai · video
Ferrari's ultra-luxury positioning — 80% margins, 10-minute sellouts on every new model, no substitute for ultra-wealthy male status expression — means it should never be sold, and selling at fair value cost a 100x return
“I used to own 1% of Ferrari. Biggest mistake I made was selling them when they approached fair value”
Mohnish Pabrai: I Spent 30 Years in Investing. Here's Everything in 30 Minutes
Apple's ecosystem lock-in is so strong that even the CEO of a competing Android manufacturer (Oppo/Vivo founder) owns Apple stock, acknowledging the software moat is unreplicable
“they would give up the private jet before they gave up the iPhone”
Mohnish Pabrai: I Spent 30 Years in Investing. Here's Everything in 30 Minutes
American Express commands pricing power above Visa/Mastercard because merchants cannot drop it without losing high-spending customers, generating 30%+ ROE with no lending risk — a brand-only moat
“if they raise it from 3% to 4% I'll still pay it”
Mohnish Pabrai: I Spent 30 Years in Investing. Here's Everything in 30 Minutes
Walmart's durable competitive moat means permanent-decline risk is near zero, so selling at fair value destroys the compounding that made the Walton family the world's second-wealthiest
“don't worry about how expensive or cheap it is. Just keep it”
Mohnish Pabrai: I Spent 30 Years in Investing. Here's Everything in 30 Minutes
Among AI-related investments, memory chips are the only area worth considering because they are the infrastructure 'pickaxe' play with less hype-driven valuation than pure AI names
“the only area I would look at possibly is memory — the pickaxes”
Mohnish Pabrai: I Spent 30 Years in Investing. Here's Everything in 30 Minutes
2026-09-09
long RYSAS / long Commercial Real Estate
basket
Mohnish Pabrai · video
Istanbul prime warehouse assets trade at roughly 40% discount to appraised liquidation value (~$1.8B market cap vs ~$3B liquidation) while management compounds the underlying portfolio at 15-25% annually in USD terms, making hard-asset exposure that naturally…
“the liquidation value is 3 billion and that 3 billion liquidation value is compounding at 15 to 25 to 30% a year”
Mohnish Pabrai's Session with Copenhagen Business School Investment Club on August 25, 2026
2026-09-09
long CSU / long TOI
basket
Mohnish Pabrai · video
Constellation Software and its spinoffs offer durable compounding via Mark Leonard's capital allocation DNA at a valuation that became relatively attractive after AI-displacement fears caused an indiscriminate selloff
“After the AI threat, the stock got taken out back and shot. And when it got taken out back and shot, I got interested”
Mohnish Pabrai's Session with Copenhagen Business School Investment Club on August 25, 2026
2026-08-02
BRK
bullish
Mohnish Pabrai · video
Berkshire's ~40% cash pile plus quality public and private holdings is fairly or under-priced vs the S&P, and any market dislocation triggers Greg Abel deploying capital aggressively — embedded optionality with limited downside
“Don't buy the S&P. Buy BRKB, the Berkshire Class B shares.”
Mohnish Pabrai's Brutally Honest Thoughts on the Stock Market.
Said again: 2026-08-27 (Mohnish Pabrai), 2026-10-05 (Mohnish Pabrai), 2026-10-06 (Mohnish Pabrai), 2026-10-25 (Mohnish Pabrai)
Kaspi is the WeChat monopoly of Kazakhstan ($2B annual cash flow, ~10% dividend yield, 5-7x cash flow) with a high-integrity rockstar CEO optionally replicating the model in Turkey (8x the population) — downside protected by dividends alone even if Turkey…
“Heads I win. Tails I win. It's not even Tails I don't lose much.”
90d +3.7%
Mohnish Pabrai's Brutally Honest Thoughts on the Stock Market.
Said again: 2026-08-27 (Mohnish Pabrai), 2026-09-09 (Mohnish Pabrai), 2026-10-06 (Mohnish Pabrai)
Businesses with proven multi-decade moats should not be sold until valuations reach truly egregious levels (he cites ~250x trailing normalized earnings as the threshold), and none of these names are currently near that level, making continued holding the…
“don't step away quickly”
90d +16.6%
Mohnish Pabrai's Brutally Honest Thoughts on the Stock Market.
2026-06-25
CSU
bullish
Mohnish Pabrai · video
Mark Leonard has built an un-clonable serial acquirer of vertical market software at 5-6x cash flow with proprietary deal flow touching 70-100K private companies twice a year, compounding cash flows at 20-25% annually with no private-equity or strategic…
“You've basically got a mousetrap that's growing cashflows at 20-25% a year.”
Mohnish Pabrai's Interview with My First Million on May 5, 2026
2026-06-25
BIST
bullish
Mohnish Pabrai · video
Prime Istanbul warehouse assets are naturally inflation-hedged (land/cement/steel are inflation-indexed) and currency-immune, purchased at ~3% of liquidation value when Turkish lira was under pressure from sellers who fled currency risk without distinguishing…
“In dollars, I'm up 90x. In lira, I'm up infinity. Who cares?”
Mohnish Pabrai's Interview with My First Million on May 5, 2026
At a trailing PE of ~23x, historical data shows forward 10-year S&P returns have oscillated between -2% and +2% at this valuation level, making the index a poor expected-value bet
“Bearish. Yeah, I Howard is very smart. I don't disagree with that.”
90d -4.8%
Mohnish Pabrai's Interview with My First Million on May 5, 2026
Said again: 2026-08-02 (Mohnish Pabrai), 2026-09-23 (Mohnish Pabrai)
2026-06-25
TAV
bullish
Mohnish Pabrai · video
Revenue entirely in euros while costs are in collapsing Turkish lira, creating a structural margin expansion; trades at 3-4x PE vs Indian airport peers at 50-70x simply because it sits on the Istanbul Stock Exchange among day-traders who fled the lira
“Their revenue was in euros and their costs are in lira. So the employees are getting poorer every year.”
Mohnish Pabrai's Interview with My First Million on May 5, 2026
2026-06-25
VERTICAL SAAS / SOFTWARE INCUMBENTS (ADOBE, WORKDAY AS EXAMPLES)
bullish
Mohnish Pabrai · video
AI automates coding (at most 1/5 of software value), so incumbents like Adobe reduce headcount costs without losing pricing power or moats, meaning cash flows are stable-to-growing while the market prices in disruption
“I actually feel the market has got it wrong. The advantage will go to the incumbents.”
Mohnish Pabrai's Interview with My First Million on May 5, 2026
2026-06-05
TURKISH EQUITIES (REYSAS AND RELATED)
bullish
Mohnish Pabrai · video
Exceptional Turkish businesses available at cigar-butt prices where business-level micro fundamentals overwhelmingly dominate macro/political risks, making macro concerns largely irrelevant
“the micro is going to trump the macro...95% dependent on what the managers of those businesses do”
Mohnish Pabrai's Interview with The Investor’s Podcast on March 23, 2026
2026-06-05
BROAD INTERNATIONAL / ASIA-HEAVY INDEX
bullish
Mohnish Pabrai · video
Long-term portfolio construction should include international exposure weighted toward Asia and China as a diversifier alongside US equities and Berkshire
“I would like to get some good broad international index which has more exposure to Asia and China”
Mohnish Pabrai's Interview with The Investor’s Podcast on March 23, 2026
2026-05-26
FAMILY-CONTROLLED PUBLIC COMPANIES
bullish
Mohnish Pabrai · video
Limiting investment universe to family-controlled public companies (e.g. Walmart with 40%+ family ownership for 54 years post-IPO) historically produces better returns than the broad market due to aligned incentives and long-term orientation
“if you were to actually limit yourself to that universe, it's generally going to be a better return”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
RESA
bullish
Mohnish Pabrai · video
Purchased in 2019 at less than 3% of liquidation value, representing extreme undervaluation in the Turkish market
“I invested in this company in 2019 in Turkey, RESA, which was super cheap”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
Costco exemplifies highest-quality business attributes — management, moat, and operations — warranting permanent holding as one of three core positions
“my own money, I'm putting one third into Amazon, one third into Costco, and one third into Berkshire Hathaway”
90d -3.0%
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
JAPANESE TRADING COMPANIES (FIVE SOGO SHOSHA)
bullish
Mohnish Pabrai · video
Buffett borrowed yen at 0.5% to buy five Japanese trading companies yielding 8% dividends, creating a leveraged carry with near-certain income; Berkshire has since increased stakes above 10% in several, validating the thesis
“he puts $5 billion into those five trading companies...collecting 7.5% just by making the investment”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
Amazon is a quality compounder and spawner of new businesses that should be held forever rather than sold, as demonstrated by Nick Sleep's portfolio construction
“Nick told his investors...I'm putting one third into Amazon, one third into Costco, and one third into Berkshire”
90d -1.2%
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
COSTCO (TURKEY EQUIVALENT / COSTCO CLONE)
bullish
Mohnish Pabrai · video
Turkey's version of Costco represents a cloned idea from a proven compounder business model applied in an undervalued emerging market
“the picture on the right is Turkey's Costco...that's my latest cloned idea”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
TURKISH STOCK MARKET / TURKISH EQUITIES
bullish
Mohnish Pabrai · video
Turkish equities have valuations similar to US markets in the mid-1970s to early 1980s, with extreme price-to-value disparities offering exceptional opportunities for value investors
“the Turkish stock market has a lot of parallels to what was going on in the US equity markets in the mid-70s and early 80s”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
ALPHA (UBER CANNIBALS / BUYBACK COMPOUNDERS)
owns
Mohnish Pabrai · video
Companies that aggressively repurchase their own shares (Uber cannibals like NVR, AutoZone, AutoNation) destroy share count and compound per-share value; currently owns Alpha in this category
“the Uber cannibals very important to focus on them like NVR, Autozone...I own one right now, Alpha”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-26
CONSTELLATION SOFTWARE / RAYAS (SPAWNERS THEME)
owns
Mohnish Pabrai · video
Spawner companies that continuously create new businesses generate compounding value beyond their core operations; currently holds Constellation and Rayas in portfolio
“we have a couple in our portfolio, Constellation, Rayas”
Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The UNO on May 1, 2026
2026-05-22
RYSAS
owns
Mohnish Pabrai · video
Prime Istanbul warehouse real estate purchased at ~3% of liquidation value is inflation-indexed via underlying assets (land, steel, cement), structurally immune to lira depreciation, and benefits from secular e-commerce-driven growth in warehouse demand.
“the largest bet we have, which is a Turkish uh warehouse operator”
Invest in This - It'll be worth 10x more by 2030
2026-05-02
TURKISH EQUITIES (REYSAS / RACE ARTS)
bullish
Mohnish Pabrai · video
Exceptional businesses available at cigar-butt prices in Turkey; micro factors (management quality, market size, execution) dominate the macro/political risk which investors over-weight, making these rare businesses undervalued
“The micro is going to trump the macro... 95% dependent on what the managers of those businesses do”
Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run (TIP812)
Thermal coal company with forward-sold production providing cash flow visibility similar to the IPSCO cigar-butt framework, offering favorable risk/reward at the time of purchase; Charlie Munger independently reached the same conclusion
“It looks very similar to IPSCO... very favorable risk reward”
90d +1.0% · 180d +17.2%
Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run (TIP812)
Said again: 2026-05-26 (Mohnish Pabrai), 2026-06-05 (Mohnish Pabrai)
2026-05-02
OFFSHORE DRILLERS
owns
Mohnish Pabrai · video
Offshore drillers represent a favorable opportunity held in the Wagons ETF as part of a diversified set of compounders that Pabrai wants to let run
“Our offshore drillers... we want to let those run”
Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run (TIP812)
2026-03-25
BRK
bullish
Mohnish Pabrai · video
With the S&P 500 overheated at a PE of ~23 (historically implying 0% real returns over the next decade), Berkshire Hathaway Class B shares serve as a superior index substitute due to Buffett's capital allocation track record and no dividend tax drag
“I would treat Berkshire Hathaway as the index. Dollar cost average into Berkshire class B shares.”
Don't Invest Another Dollar Before Watching This In 2026
Said again: 2026-05-02 (Mohnish Pabrai), 2026-05-26 (Mohnish Pabrai), 2026-06-05 (Mohnish Pabrai)
At a PE ratio of ~23, historical data shows S&P 500 buyers have earned annualized returns of between +2% and -2% over the following 10 years, making current entry unattractive until valuations compress
“If you bought the S&P when the PE ratio was 23, your annualized return over the next 10 years was between 2 and minus 2.”
Don't Invest Another Dollar Before Watching This In 2026
2026-03-23
CSU
bullish
Mohnish Pabrai · video
Constellation Software's stock dropped from 5500 to low 2000s, bringing it into a compelling valuation, while AI acts as a tailwind by increasing the supply of vertical software businesses willing to sell and reducing Constellation's operating costs
“stock that was sitting at 5500 went into the low 2000s and I finally got excited”
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
Said again: 2026-05-02 (Mohnish Pabrai), 2026-05-22 (Mohnish Pabrai), 2026-06-05 (Mohnish Pabrai)
2026-03-23
AMR
bullish
Mohnish Pabrai · video
Alpha Metallurgical trades at under 3B market cap while generating 350M+ in annual cash flow at current trough PLV prices, and is aggressively retiring shares (32% reduction in 4 years) with remaining buybacks set to dramatically concentrate value per share…
“where do I sign? Alpha has reduced their diluted share count by 32%”
90d -12.7% · 180d -12.5%
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
Said again: 2026-05-02 (Mohnish Pabrai), 2026-06-05 (Mohnish Pabrai)
2026-03-23
GMAT
owns
Mohnish Pabrai · video
GMAT is a nascent Walmart/Costco-DNA retailer purchased at a modest valuation with significant real estate holdings providing downside protection and long-term compounding potential as it scales its store count
“we now have more than a quarter of the company, which I'm very excited about”
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
2026-03-23
TAVHL
bullish
Mohnish Pabrai · video
TAV Airports generates revenues heavily denominated in euros with significant international airport exposure, but is mispriced due to being headquartered in Istanbul despite having 46% French government ownership and strong governance
“TAV Airports gets penalized for being headquartered in Istanbul and you get mispricing”
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
Said again: 2026-05-22 (Mohnish Pabrai)
2026-03-23
RSSS
bullish
Mohnish Pabrai · video
Resaas management combines high-hurdle-rate capital allocation (25-35% return threshold), exceptional operational efficiency, and creative spawner-style diversification into new businesses, driving compounding value creation across its growing 12-to-23…
“footprint going to 23 million square feet in the next 3 years and I know he'll get it done”
90d -6.4% · 180d -9.4%
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
Kaspi has a protected core Kazakhstan business providing downside support while its Turkey expansion into a market 7-8x larger offers asymmetric upside driven by an exceptional management team that successfully digitized Kazakhstan's economy
“if they fail I don't think we lose much because they've got a great business in Kazakhstan”
90d +20.2% · 180d +39.6%
Pabrai Wagons ETF Shareholder Call Replay - March 11, 2026
Showing the 60 most recent of 123 tracked stances.
Idea Scout Weekly
Every Sunday: who said what across the tape we track — 1766 voices, 5,177 episodes and articles — with side-flips and points of disagreement called out. Free. How we track it.
Free · double opt-in · unsubscribe in one click