Mohnish Pabrai – 95% Of Your Portfolio Should Be In One Stock If You Do Your Job Correctly

Mohnish Pabrai, Managing Partner of Pabrai Investment Funds (PIF), spoke at The Ben Graham Centre’s 5th European Value Investing Conference. During the Fireside Conversation, titled “The Joys of Being a Shameless Cloner!”, Pabrai laid out his investment and life philosophy: success is found not in complexity or innovation, but through the wholesale adoption and replication of the best ideas already proven by history’s great minds, particularly Warren Buffett and Charlie Munger. Pabrai, who structures PIF as a close replica of the original 1950s Buffett Partnership Rules, asserted that the failure of intelligent individuals to embrace cloning creates a significant, enduring competitive edge for those who are willing to "shamelessly borrow other people's best ideas".

Also see our coverage of the 2025 Ben Graham Conference, 2025 Morningstar Investment Conference and the 2025 Value Investing Seminar.

Cloning the Operational Model: The Enduring Monopoly of 0/6/25

Pabrai’s first  cloning success was structural: replicating the fee model of the highly successful Buffett Partnerships, which ran from 1956 to 1969. When Pabrai established PIF in 1999, 30 years after Buffett had ceased active investing in the partnership, he was astounded that "nobody had cloned the model".