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Mohnish Pabrai Interview With GuruFocus: Finding Value in India and the US

- By Holly LaFon

One of today's foremost value investors, Mohnish Pabrai (Trades, Portfolio) joined GuruFocus this week to share his insights and discuss recent portfolio moves.

Pabrai, the founder of Pabrai Investment Funds and Dhandho Funds, manages around $1 billion and has far surpassed the market, with a 14.2% annualized return from 1999 through 2015, versus 4.3% for the S&P 500 index. In 2007, he and friend Guy Spier also placed the winning bid for an auction for lunch with Warren Buffett (Trades, Portfolio), whose letters and biography first inspired him to sell his business and go into investing.

In the interview, the bottom-up stock picker known for his guideline, "Heads I win; tails I don't lose much," delved into why he has shifted most of his portfolio from the U.S. to India even though its market is near an all-time high, and disclosed that he made new investments in Turkey and South Korea as he adapts his investing approach to overpriced U.S. markets. He also described what drove his fourth-quarter investment in the only U.S. company in his portfolio, Micron Technology Inc. (MU), and how he thinks about the future of the auto industry in light of his position in Fiat Chrysler Automobiles NV (FCAU).

Regarding his investment style, the Buffett disciple talked more about some of his key concepts, including price-earnings ratio of 1 stocks, his checklist and the No. 1 mistake investors make. Finally, he answered some questions from GuruFocus readers, which they asked here.

Listen to this and more podcast episodes with other renowned investors here.

See Mohnish Pabrai (Trades, Portfolio)'s U.S.-listed portfolio here.

This article first appeared on GuruFocus.