Mohnish Pabrai: Focus On “Growing Pies” Not “Discount Pies” For The Best Returns

Writing in his first-quarter letter to investors of the Pabrai Investment Funds, Mohnish Pabrai explained that his investment strategy had changed significantly since the last global crisis.

He wrote that in the last global crisis, the great financial crisis, he was interested in buying cheap stocks at deep discounts to intrinsic value or, as he called them, "discounted pies."

However, Pabrai explained that in the years since he has learned a great deal and today his no longer interested in discounted pies. Instead, the value investor went on to explain, he's only interested in "growing pies,"...