Mohnish Pabrai’s talks discussed at Dalal Street’s Chai ki Tapris
“Mohnishbhai ne bola hai ke Rain Industries mein 400% gain hai,” Jigneshbhai said, as he sauntered to meet his fellow punters at Shyam’s Tea Stall, the nerve center of Dalal Street.
Jigneshbhai had to contort his face while talking to prevent the gutka juice dribbling from his mouth.
Mukeshbhai stared at him unblinkingly.
“Logic kya hai?” he asked, with the air of an intellectual, even as he expertly tore open a sachet of Kamala Pasand and tossed its contents into his mouth.
The question stumped Jigneshbhai. It never occurred to him to inquire into the logic for buying a stock.
He spat out the gutka and took a sip of the kadak chai, his brow furrowed with deep thought. He was determined not to let Mukeshbhai get the upper hand.
“Yeh Dolly Khanna ka stock hai,” he blurted out, knowing that the logic is irrefutable.
Now, it was the turn of Mukeshbhai to be on the back foot. He gracefully conceded defeat.
“Phir kya problem hai? Stock daba ke lene padega,” he replied with a toothy smile, even as the other punters gave Jignesh a pat on the back for the brilliant sleuthing.
(Punters at Dalal Street debating stocks)
Balancing act between intellectuals and punters
At this stage, we have to compliment Mohnish Pabrai for tailoring his talks such that it is not only the high-brow intellectuals who find merit in it but even the punters at the bottom of the food chain find it worthwhile to listen.
Mohnish cleverly mixes up his talk with references to Charlie Munger and Warren Buffett (which the intellectuals adore) with practical examples of multibagger stocks that he has personally snared (which the novices find irresistible).
Mohnish also smuggles in stock recommendations in a subtle manner in his talks.
We saw a stellar example of this in Mohnish’s talk at the Google HQ. He revealed that he has bought a massive chunk of a specialty chemical company which will prosper from the unending demand for automobile tires. This created great excitement amongst the novices. The stock was later discovered to be Oriental Carbon and Chemicals, a high quality small-cap stock which is destined to be a multibagger.