Mohnish Pabrai: “From Ben Graham to Phil Fisher”

In the middle of April, value investor Mohnish Pabrai the Managing Partner at Pabrai Investment Funds presented the topic "From Ben Graham to Phil Fisher" at the Ben Graham Centre for Value Investing's 2021 Virtual Value Investing Conference.

Q1 2021 hedge fund letters, conferences and more

Deep value

Pabrai started his career as a deep value investor. Some of his best investments over the past three decades have been what he would call stocks trading at a P/E of 1. As well as investments that offer a "heads I win, tails I don't lose much" type risk-reward scenario.

This strategy worked incredibly well initially. His long-only fund returned a cumulative 517% net...