Recently, Indian origin investor Mohnish Pabrai received praises from leading investor Warren Buffet. For the unversed, Pabrai was earlier dubbed as a “Clone of Warren Buffet”. This is how leading financial daily The Economic Times described Pabrai as in one of its reports back in 2021 – “When the rest of the world was busy looking for original ideas, NRI investor Mohnish Pabrai did just the opposite: cloned legendary investor Warren Buffett shamelessly but methodically and rigorously.”
Recently, the investor received a letter from Warren Buffet himself in which Buffet praised him for his philanthropic efforts. Taking to Twitter, Pabrai shared a picture of letter in which Buffet claimed how Pabrai’s efforts were “far more impressive than what business titans, investment gurus and famous politicians ever accomplish.”
For the unversed, the Indian-origin investor is also the founder of Dakshana Foundation, a foundation that aims “on alleviating poverty. Education is the most powerful and enduring weapon to win the battle against poverty”.
The Facts of the Matter
When it comes to mimicking, we have all seen mimick who impersonate a particular actor, singer or celebrity. But what about investment mimicking?
This is what Mohnish Pabrai is all about. Dubbed as the “Clone of Warren Buffet”, Pabrai is an Investor, businessman and philanthropist who owns Pabrai Investment funds, a firm that’s known for being modeled after veteran investor Warren Buffet’s investment partnerships.
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Indian Investor Appreciated by Warren Buffet
Recently, Pabrai took to Twitter and shared a snapshot of a letter of appreciation he received from Buffet himself. However, Buffet in his letter didn’t appreciate Pabrai’s investment acument, but his philantropic efforts.
“I remain incredibly impressed by what you have done, are doing, and will do at Dakshana. It’s simply terrific – far more impressive than what business titans, investment gurus, and famous politicians ever accomplish,” Buffet in his letter wrote.
Buffet also made a witty remark in his letter and wrote, “I’m glad my annual report doesn’t get compared to the Dakshana annual report”.
I must already be in heaven. Thanks @warrenbuffett – https://t.co/TTNay3eeiw pic.twitter.com/GoHZoXMPcV
— Mohnish Pabrai 🇺🇦 (@MohnishPabrai) March 24, 2022
What is Mohnish Pabrai’s Dakshana Foundation?
For the unversed, Dakshana is Mohnish Parbai’s philanthropic foundation that aims on alleviating poverty through education. The foundation provides world-class educational opportunities to bright yet socially under-privelaged students across the globe.
On its website, the foundation has stated how it provides 1-2 years of coaching for IIT and medical entrance exam to bright scholars who are socially disadvantaged. Founded in 2007, Dakshana Foundation has given the world 1,539 scholars with a success rate of 59.76%.
Other than providing coaching to bright scholars, the foundation also boasts a 109-acre property it bought in 2014 called the “Dakshana Valley in Ananda Valley, Maharashtra. The campus started off with gifted 250 scholars and has the capacity of housing over 2,000 such scholars.
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Mohnish Pabrai’s Success in the World of Investment
According to an Investopedia report, Pabrai Investment Funds managed $636.8 million in assets. Pabrai’s portfolio focuses on emerging nations, including India. To put Pabrai’s investment acumen into perspective, if a person invested $1,00,000 back in 1999, Pabrai’s company would have given that person a return of $1.8 million in 2018.
Bidding Over Six-Hundred Thousand Dollars to Have Lunch with Buffet
Pabrai’s fascinating relationship with Warren Buffet is well known. Back in 2007, Pabrai took part in an auction where he bid $6,50,100 just to have a lunch with Buffet, something that he called ‘Guru Dakshina’.
While many would not give a credit to their mentor or someone they follow, Pabrai in his book openly admitted of being a copycat. “I’m a shameless copycat. Everything in my life is cloned. I have no original ideas,” he wrote.
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