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Pulak Prasad

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2024-01-02
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2024-01-02
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  1. “If you follow the investing greats long enough, you'll notice many of them have striking similarities in how they think. One of these similarities is the use of multiple mental models. Charlie Munger says, you must know the big ideas in the big disciplines and use them routinely, all of them, not just a few. Most of them are trained in one model, economics, for example, and try to solve all the problems in one way. You know the old saying, to a man with a hammer, the world looks like a nail. This is a dumb way of handling problems. In this episode, I want to discuss a book that dives into the mental models of one of the greatest minds in history, Charles Darwin. An investor named Pulak Prasad, who helps run Nolanda capital out of India, wrote the book. The question you might be asking is why should I listen to this investor that I've never heard of about a subject that is completely unrelated to investing? The answer to that question is track record.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  2. “Can teach us about risk, why you should be more focused on risk than returns, how things in nature and investing mostly say the same, what are Russian scientists can teach us about the power of focusing on one investing metric to help identify wonderful businesses, the importance of robustness in nature, and why you should search for the same attribute in business, how to identify businesses that can evolve in a fast-changing world and remain on top, why we should prioritize the past over making bold predictions of the future, how to use the presence of noise as an opportunity to outperform, and so much more. I had a great time discussing these concepts with members of the TIP mastermind community recently as well. Now, without further delay, I hope you enjoy today's episode covering Pulak Prasad's book, What I Learned About Investing from Darwin.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  3. “Thanks for the great introduction, Stig. I hope you enjoy my first episode of We Study Billionaires discussing my key takeaways from what I learned about investing from Darwin. In today's episode, I'm sharing the lessons I learned from reading What I Learn About Investing from Darwin. The book is authored by Pulak Prasad, an investor out of India who founded his hedge fund, Nalanda Capital. From 2007 to 2022, they compounded their capital at nineteen percent per annum, turning one rupee into 13.8 rupees during that time sample. But more important than their track record is the unique ways they run their fund. The book illuminates three principles that Alanda uses for its investing framework. One, avoid big risks. Two, buy high quality at a fair price. And three, don't be lazy. Be very lazy. To help readers understand why he invests this way, he dives deep into many of Darwin's principles to help you understand their potential power in investing. During this episode, I will touch on what achieved”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  4. “Of Seven Powers, one of my favorite books on Moats, and he's also the chief investment officer of Strategy Capital. And Dade Aisan, the chief investment officer of Jenga Investment Partnership and author of Global Outperformers, which is an incredible research paper that looks at the best performing stocks between 2012 and 2022.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  5. “Steak, yeah. So, my first episode on We Study Billionaires will be an episode on a book that has impacted me the most in 2023. The book is called What I Learned About Investing from Darwin by Pulak Prasad. I think this is a fitting episode as it talks about one of Charlie's biggest influences, Charles Darwin, who helped Charlie Munger learn things about investing like ecosystems, adaptability, survivability, dominance, and challenging your own cherished beliefs. My colleagues at the Investors Podcast have done some incredible tributes to Charlie Munger already. So William Green did a wonderful episode discussing a number of his favorite Munger moments and lessons on Richard Wise or Happier episode 37. Additionally, he shared some of his best insights from Charlie that investors like Moniche Pagrai, Tom Gayner, Joel Greenblatt, and Chris Davis have shared with him on the show. And Clay will be having an episode in the next few days where he'll be discussing his main takeaways from Charlie Munger as well. So a few of my upcoming guests for We Study Billionaires podcasts include Hamilton Helmer, the author,”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  6. “Overlook cracks and the fundamentals of the business that I own. And this has helped me let go of a lot of the ideas that I've had that no longer attractive, but like Charlie Munger and his psychological misjudgments say, we make a lot of mistakes. So I think inversion has helped me minimize the effects of things like the liking tendency that he likes to go on and talk about anchoring bias, doubt avoidance, and consistency bias. And inverting has helped me minimize the effects of a lot of these misjudgments to a certain degree. Obviously, you can never be perfect, but yeah, I've learned so much from him and it's too bad that he's gone, but he lived a very, very good life.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  7. “Because there aren't a lot of people that go through their life of being 99 years old and not having very many enemies. And it seems like that's how he lived his life. And I think that's really a rare characteristic in business. So Charlie showed me a lot. You know, obviously I could probably speak for hours about all the things he's taught me, but I won't do that. One thing I think that really had the biggest impact on me was his mental model of inversion that he imparted on us from Jacoby. And that model alone has helped me in all walks of life, not just necessarily investing, but it's really helped me make better decisions and pay more attention to the risks and the downside of any of the decisions that I make. So it also helped me identify a lot of common problems that other investors make and that I know I make on my own and really helps you self-reflect and improve yourself. And so with that mental model, you know, I'm always trying to poke holes in my thesis and find weaknesses in my thinking or”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  8. “Yeah, Charlie Munger meant a hell of a lot to me, as I'm sure he did for you, and I think he did for a lot of the investment community. For me, you know, the only people that really come close in terms of being what I consider a mentor, even though they never knew me was Buffett and Moniche Pabrai. But Charlie spread so much wisdom to the investing community and not just necessarily with how to invest well, but also just how to be a really good person and live a really good fulfilling life. And I think.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  9. “And so, yeah, a couple other specific attributes that I look for in businesses, growing businesses. I want businesses that are growing top and bottom lines and free cash flows at hopefully around 15% or higher. I want higher insider ownership, hopefully 10% or higher. Great management teams, you know, that's all qualitative, but talent, integrity, all the things that Buffett always talks about. High and sustainable returns on invested capital. You know, I want businesses that can hopefully have also higher reinvestment rates so that they can reinvest that capital at high rates of return.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  10. “Poleska, I think, are good examples of this. And now I've been looking for where I can find businesses that I think have a lot more potential both in earnings power, but also in multiple expansion as well. So I do look a lot at microcap and nanocap world because I think that there are insanely high amount of mispricings. And I want to take advantage of that. So yes, they are smaller businesses. Yes, they are earlier in their growth cycle, but the margin of safety that you get from investing in these like little known businesses is very high because you just simply can buy them for a very cheap price and there's actually quite a bit of quality there. And then back to you what you were talking about when you look at someone's portfolio and they tell you, you know, they own 50 names. Well, that's different than if you know someone owns five names. So for me, right now I own 11 stocks. I try to stick basically to around 10 stock. And I basically want to find and invest in ideas that I can put, you know, 10% of my portfolio.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  11. “Yeah, I completely agree with that, Stig. You definitely learn a lot. So I think what you can learn the most from is someone's largest position. So I'll just tell you my top three to five largest positions right now are evolution, which is 20% of my portfolio, Technion, 15%, topicus is 12%. And then Thermal Energy International and Arizi are 10%. So these are names that I think, I guess depending on how deep people go are kind of obscure. I'm not someone who invests in Amazon and Microsoft or well-known names. I actually prefer names that aren't well known or aren't talked about extensively. So those are kind of some of the names that I own. And then just a little bit about my investment strategy. I really got a lot out of Chris Mayer and his twin engines of earnings and multiple expansion over a long time periods. And I am willing to forego a little bit of that multiple expansion, just looking for high quality businesses. If I can find a business that has durability and its earnings power. So businesses such as like Topicus, Technion and D.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  12. “As I possibly can, and just consuming information. And then also, obviously, using that information to manage me and my wife's portfolio. So now I'm just in stocks. I'm long only, and I'll talk a little bit more about my investing process in a bit. But yeah, I'm purely self-taught and I love investing very much. And it's something that consumes a lot of my time and energy.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT

  13. “Absolutely. So I'm Kyle. I've been the host of the Millennial Investing Podcast since the beginning of August. I've been investing myself since 2017. I made all the mistakes that you could possibly make back then. Basically, I was speculating on crypto and doing everything that you could possibly do wrong, whether that's shorting using leverage, looking at charts all day, not knowing what you own. I did all that. And unfortunately, I did really well for a time, thought I was a genius, and then everything crashed and I lost a large percentage of my money. And I basically learned a lot from that. And I took a huge break. It was a painful experience for me. And then in 2020, COVID arrived and I looked at the newspaper, saw a massive drop in prices, and that kind of just got me interested. And luckily for me, when I got back in, I learned value investing. And so since 2020, I basically been down this gigantic rabbit hole just learning as much.”

    2024-01-02 · We Study Billionaires · TIP597: Darwin's Investing Lessons w/ Kyle Grieve · IDENTIFIED FROM THE TRANSCRIPT