The Dhando Framework

lessons by Mohnish Pabrai

• Buy existing businesses with a proven business model & history of operations.

Buy existing, simple and  distressed businesses

• Buy simple businesses in industries with a slow rate of change. • Buy temporarily distressed businesses in distressed industries.

Buy existing, simple and  distressed businesses

• Buy businesses with durable and widening competitive advantages. • Buy copycats rather than innovators.

Buy companies with  economic moat

• Buy businesses at large discounts to its intrinsic value. • Bet heavily when the odds are very much in your favour

Buy companies with a  margin of safety