*Get Mohnish's 9 investment principles:* https://clickhubspot.com/1i6b Episode 827: Shaan Puri ( https://x.com/ShaanVP ) sits down with Mohnish Pabrai to break down the mental models that made him a billionaire value investor. — Show Notes: (0:00) Intro (1:25) Mental models of the top 1% (3:38) The mistress is always hotter than the wife (6:37) Introduce Randomness in your life (10:47) Humans are poor at copying (20:13) Take a simple idea seriously (23:02) Be and inch wide and a mile deep (30:29) Never use Excel (35:03) Wait for fat pitches (39:38) the stock market is like a church with a casino (44:01) Paying $650,000 to have lunch with Warren Buffett (45:43) The cautionary tale of Rick Guerin (47:22) The inner score card (49:25) The future of Berkshire Hathaway (51:29) Mohnish’s best investment (1:02:39) The hardest question (1:06:16) How to beat the index (1:11:25) Mohnish's stock picks for 2026 (1:22:26) S&P 500 (1:24:57) life advice disguised as investing advice (1:29:32) Studying the greatest investors (1:37:51) if you remember nothing else, remember this — Links: Mohnish Part 1: https://www.youtube.com/watch?v=XikIr0kedY8 Mohnish Part 2: https://www.youtube.com/watch?v=TN5aKByr3Rs The Dhando Investor - https://a.co/d/0hkx1t8g — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /