The Quest for 10-100 Baggers: TheSecondValue Investing Lecture Given by Mr. Mohnish Pabrai

2016年10月14日下午，《价值投资》课程第二次公开讲座于北京大学斯坦福中心举行。《价值投资》课程是由成人直播 开设、喜马拉雅资本赞助支持、姜国华教授主持并对全校同学开放的创新性课程，通过邀请嘉宾进行主题讲座的形式展开。在以往公开讲座中，喜马拉雅基金董事长李录先生、喜马拉雅基金合伙人常劲先生、中投公司债券与绝对收益投资部总监范华博士、高毅资产管理合伙企业董事长邱国鹭先生、平安保险委托投资部总经理卢安平先生、UCLA Investment Company总裁与投资总监Srinivas Pulavarti先生、Aquamarine Fund管理人Guy Spier先生、银华基金A股投资总监王华先生分别进行了精彩的主题演讲，得到了同学们及业界人士的广泛关注和一致好评。

The second lecture of Value Investing was held on October 14th, at Stanford Center of Peking University. It was hosted by Professor Guohua Jiang. Funded by Himalaya Capital, Value Investing course is offered by Guanghua School of Management and hosted by Professor Guohua Jiang. This course is intended to teach students the fundamentals of the value approach to investment management, and to expose students to the practical implementation. In previous lectures, Mr. LI Lu (Founder and Chairman of Himalaya Capital), Mr. CHANG Jing (Partner of Himalaya Capital), Ms. FAN Hua (Director of CIC Bond and Absolute Return Department), Mr. QIU Guolu (CEO of Gaoyi Asset Management Corporation), Mr. LU Anping (Director of Ping An Insurance Entrusted Investment Department), Mr. Srinivas Pulavarti (President and CIO of UCLA Investment Company), Mr. Guy Spier (Manager of Aquamarine Fund), and Mr. WANG Hua (Investment Director of Yinhua Fund Management Corporation) gave speeches about value investing, which attracted much attention from both universities and the society.

本次课程邀请了Pabrai Investment Funds合伙人兼Dhandho Holdings Corporation首席执行官Mohnish Pabrai先生进行远程在线演讲。Pabrai先生现担任Pabrai Investment Funds合伙人兼Dhandho Holdings Corporation首席执行官。自1999年成立至2015年，Pabrai Investment Funds的资产管理规模已从100万美元增长至5.18亿美元。基金始终坚持巴菲特与芒格式的价值投资风格，并在上述期间取得14.2%的年复合回报率，远超同期5.3%的道琼斯指数回报率。Mohnish Pabrai先生曾与Guy Spier先生于2007年6月与一起竞拍于巴菲特的慈善午餐，并于2014年募资1.5亿美元，在波多黎各成立了Dhandho Holdings。此外，他还曾担任TransTech Inc.首席执行官及Dakshana Foundation主席，并于1999年获得KPMG Illinois High Tech Entrepreneur award。

Mohnish Pabrai is the Managing Partner of the Pabrai Investment Funds and CEO of Dhandho Holdings Corporation. Since inception in 1999 with $1 million in assets under management, Pabrai Investment Funds has grown to over $518 million in assets under management in 2015. The funds invest in public equities utilizing the Munger/Buffett Focused Value investing approach. Since inception, the funds have widely outperformed market indices and most investment managers. A $100,000 investment in Pabrai Funds at inception in 1999 would have been worth $889,900 as of December 31, 2015 – an annualized gain of 14.2% (versus 5.3% for the Dow).Pabrai founded and raised over $150 million for Dhandho Holdings in early 2014. Dhandho Holdings is an insurance-focused holding company based in Puerto Rico. Dhandho has filed a patent and launched an “index-plus” set of funds called Junoon.

Mohnish Pabrai先生首先分享了他对于价值投资的认识以及他个人的投资经历。继而，他为大家总结了搜寻价值股的基本策略，包含搜寻“傻子都可以经营的公司”、同时拥有优质品质和优秀管理层的公司、在高不确定性环境中的低风险公司等。最后，通过回答同学们提出的问题，Pabrai先生认为投资者最重要的品质是耐心，并分享了他对于管理投资基金的心得体会。

Mr.Mohnish Pabrai first Shared with us his insights about value investing and his personal investing experience. Then, he talked about how to find multi-baggers. Companies that any idiot can run, good companies with great management, and less risky companies in high uncertainty are all good opportunities. Finally, when answering questions, he expressed his ideas about running a fund, and considered patience to be the most important quality of an investor.

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成人直播 本科研究生项目是成人直播 的品牌项目，以高水平、精品化、国际化为核心特色。项目汇集了海内外最为优秀的年轻学子。在顶尖的师资力量、科学的培养计划、自由的学术氛围和全覆盖交流机会的国际化平台的基础上，成人直播 本科研究生项目还在不断创新与进步，相继推行了“大班授课、小班研讨”、与学院其他项目资源整合等课程改革，鼓励学生追求更为开阔的求学视野与扎实的知识技能，真正实现“创造管理知识、培养商界领袖、推动社会进步”的社会使命。

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