Other[Music][Music][Music] foreignforeignforeign [Music][Music][Music][Music]thank you very much so I think mudit isthank you very much so I think mudit isthank you very much so I think mudit is just joining and supposed to do a quickjust joining and supposed to do a quickjust joining and supposed to do a quick intro we are so happy to have you we areintro we are so happy to have you we areintro we are so happy to have you we are eagerly looking forward to this eventeagerly looking forward to this eventeagerly looking forward to this event and along with EO gurgaon we haveand along with EO gurgaon we haveand along with EO gurgaon we have various other members of the EU Southvarious other members of the EU Southvarious other members of the EU South Asia Community from various chaptersAsia Community from various chaptersAsia Community from various chapters joining us todayjoining us todayjoining us today
Otherokay that's wonderful do you want tookay that's wonderful do you want tookay that's wonderful do you want to take it ontake it ontake it on
Otheryeah hi hi everyone and welcome to youryeah hi hi everyone and welcome to youryeah hi hi everyone and welcome to your gurgaon's first virtual learning eventgurgaon's first virtual learning eventgurgaon's first virtual learning event of the yearof the yearof the year Independence today are the members andIndependence today are the members andIndependence today are the members and spouses from hero gurgaonadditionally we have also speciallyadditionally we have also speciallyadditionally we have also specially invited members of the my EU Investmentsinvited members of the my EU Investmentsinvited members of the my EU Investments club called the finserv which hasclub called the finserv which hasclub called the finserv which has members from all over EOS of Asia themembers from all over EOS of Asia themembers from all over EOS of Asia the champion of the fin Surf Club ayushchampion of the fin Surf Club ayushchampion of the fin Surf Club ayush manjal will also join me in askingmanjal will also join me in askingmanjal will also join me in asking questions at the end of the eventquestions at the end of the eventquestions at the end of the event today we have the privilege to speaktoday we have the privilege to speaktoday we have the privilege to speak with Monieswith Monieswith Monies monish is the founder and managingmonish is the founder and managing
Othermonish is the founder and managing partner of the babri investment fundspartner of the babri investment fundspartner of the babri investment funds the founder and CEO of the dundo fundsthe founder and CEO of the dundo fundsthe founder and CEO of the dundo funds and the author of the dundo investor andand the author of the dundo investor andand the author of the dundo investor and Mosaic Prospect perspectives onMosaic Prospect perspectives onMosaic Prospect perspectives on investinginvestinginvesting he is also the founder and chairman ofhe is also the founder and chairman ofhe is also the founder and chairman of the dakshana foundationthe dakshana foundationthe dakshana foundation but to truly give you a flavor of whobut to truly give you a flavor of whobut to truly give you a flavor of who monishes I will quote his friend guymonishes I will quote his friend guymonishes I will quote his friend guy Speer from the education of a valueSpeer from the education of a valueSpeer from the education of a value investor uh 63 where he says monish hasinvestor uh 63 where he says monish hasinvestor uh 63 where he says monish has a colorful background he's a grandson ofa colorful background he's a grandson ofa colorful background he's a grandson of a well-known magician and the son of aa well-known magician and the son of aa well-known magician and the son of a businessman who's had at least as manybusinessman who's had at least as manybusinessman who's had at least as many failures as successesfailures as successesfailures as successes born in 1964 monish grew up in Mumbaiborn in 1964 monish grew up in Mumbaiborn in 1964 monish grew up in Mumbai Delhi and Dubai and arrived in the U.SDelhi and Dubai and arrived in the U.SDelhi and Dubai and arrived in the U.S as a pennile student in the 1980sas a pennile student in the 1980sas a pennile student in the 1980s he went on to build an I.T Consultinghe went on to build an I.T Consultinghe went on to build an I.T Consulting and servicing business called Trans Techand servicing business called Trans Techand servicing business called Trans Tech which he financed with seventy thousandwhich he financed with seventy thousandwhich he financed with seventy thousand dollars in credit card debt and aboutdollars in credit card debt and aboutdollars in credit card debt and about thirty thousand dollars from his 401kthirty thousand dollars from his 401k
Otherthirty thousand dollars from his 401k trans tax revenues grew to 20 million dollars and he ultimately sold the company for six million dollars monis discovered Warren Buffett and value investing through the lowest ing biography and by studying Berkshires annual letters to shareholders he was so captivated that in 1999 he set up his own investment firm the returns of the public funds have been superb in September September 2013 Forbes published an article headlined how monies probably crushed the market by 1100 since 2000.
Otherum monisho speak to us for a short while and then we have some pre-prepared questions after that time permitting we will take some questions from the audience if you have any questions please type them in the chat box Manish thank you so much for being here with us the floor is yours
Questionerwell uh thank you thank you it's a pleasure and honor to speak to IO
Questionerpleasure and honor to speak to IO gurgaon and I've been in a deep admirer of EO for a very long time and I've also been a member of YPO now for almost 26 years so it's been a long time I used to have a head full of hair when I joined YPO and the impact YPO has had with Forum Etc which a lot of you are familiar with has been transformational they wouldn't have been up of Rye funds without my Forum they wouldn't have been Abduction of foundation so just and a lot of impacts on my personal life which have been very positive I'm always very excited to speak to entrepreneurs and Business Leaders because I job creation and such is the key to Shared prosperity for a large sort of population and it all starts with entrepreneur having an Impossible Dream and then taking it from there just a few remarks before we go to what you have on your mind Buffett has a quote he says
Questioneryour mind Buffett has a quote he says I'm a better investor because I'm a businessman and I'm a better businessman because I'm an investor there's a lot of cross-pollination between being a good investor and being a good business leader and most of you spend most of your time running and managing your various businesses and actually if you have a little better understanding of how investing works and how Capital allocation works it can actually be very useful to you on how you run your business and one of the one of the key tenets of capitalism is that capitalism is creative destruction it's basically very brutal so if you end up with some mouse trap that is doing really well growing well High Returns on Capital and so on a lot of people will try to take that away from you and usually they will succeed so it is the it is in the nature
Othersucceed so it is the it is in the nature of capitalismof capitalismof capitalism that pretty much almost every businessthat pretty much almost every businessthat pretty much almost every business that is will eventually disappear if youthat is will eventually disappear if youthat is will eventually disappear if you look at the number of businesses thatlook at the number of businesses thatlook at the number of businesses that are around 100 years from now 100 yearsare around 100 years from now 100 yearsare around 100 years from now 100 years back was still with usback was still with usback was still with us it's a very small number if you goit's a very small number if you goit's a very small number if you go further back to 300 years it's almostfurther back to 300 years it's almostfurther back to 300 years it's almost close to zeroclose to zeroclose to zero there's one hotel in Japanthere's one hotel in Japanthere's one hotel in Japan that has been in business for 700 yearsthat has been in business for 700 yearsthat has been in business for 700 years in the same family like a 40 room hotelin the same family like a 40 room hotelin the same family like a 40 room hotel somewhere in Northern Japansomewhere in Northern Japansomewhere in Northern Japan and that's very unusual to have thatand that's very unusual to have thatand that's very unusual to have that many generations be able to keep amany generations be able to keep amany generations be able to keep a business solvent and so on but mostbusiness solvent and so on but mostbusiness solvent and so on but most businesses may not even get past fivebusinesses may not even get past fivebusinesses may not even get past five years or two yearsyears or two yearsyears or two years or one year after they start very fewor one year after they start very fewor one year after they start very few will make it past 10 yearswill make it past 10 yearswill make it past 10 years and even fewer couple of decades and soand even fewer couple of decades and soand even fewer couple of decades and so on and even the ones that survive theon and even the ones that survive theon and even the ones that survive the issue is that they if they are any goodissue is that they if they are any goodissue is that they if they are any good they will attract a lot of competitionthey will attract a lot of competitionthey will attract a lot of competition and eventually for most businesses the
Questionerand eventually for most businesses the competitive advantage tends to be a diminished or closed over time that's the nature of capitalism but what we also end up with is we end up with some quirks which sometimes are not predictable and these quirks kind of accidents of History uh Brands get built and so we have with us some businesses like Coca-Cola or American Express or Pepsi or VISA and so on which have endured and lasted for a very long time and many of these businesses when they started the founders couldn't see that they were just trying to put one foot in front of the other so accidentally a lot of these things get built and get sustained and so on so one of the one of the things that I think that can be very useful to entrepreneurs and CEOs is that in your business when you are looking at adding capital or allocating some of the earnings
Questionersome of the earningssome of the earnings into growth or into expansion it shouldinto growth or into expansion it shouldinto growth or into expansion it should be fairly apparent what the likelybe fairly apparent what the likelybe fairly apparent what the likely returnsreturnsreturns are expected to be for your neighborare expected to be for your neighborare expected to be for your neighbor you're putting up some plantyou're putting up some plantyou're putting up some plant youryouryour in the retail business you're openingin the retail business you're openingin the retail business you're opening some retail stores or whatever so yousome retail stores or whatever so yousome retail stores or whatever so you can clearly see because you've had pastcan clearly see because you've had pastcan clearly see because you've had past history that okay this land is going tohistory that okay this land is going tohistory that okay this land is going to cost me 100 crores or 50 crores and I'llcost me 100 crores or 50 crores and I'llcost me 100 crores or 50 crores and I'll borrow some of it and maybe there's aborrow some of it and maybe there's aborrow some of it and maybe there's a certain Equity that goes in and you cancertain Equity that goes in and you cancertain Equity that goes in and you can get a sense of what theget a sense of what theget a sense of what the return profile on that Equity is goingreturn profile on that Equity is goingreturn profile on that Equity is going to be and if that return profile is notto be and if that return profile is notto be and if that return profile is not attractive so what happens with mostattractive so what happens with mostattractive so what happens with most businesses is they're on a treadmill sobusinesses is they're on a treadmill sobusinesses is they're on a treadmill so someone's in the cement businesssomeone's in the cement businesssomeone's in the cement business and they have a bunch of cement plansand they have a bunch of cement plansand they have a bunch of cement plans and all they can think about when theand all they can think about when theand all they can think about when the cash comes in is let's expand thecash comes in is let's expand thecash comes in is let's expand the capacity let's build another plant andcapacity let's build another plant andcapacity let's build another plant and so on so forth because there's nothing
Otherso on so forth because there's nothing else they know how to do that's all they know how to do and they just go down that path and someone in the cement business in India had told me that every 10 years we have two great years or three great years so it's a tough business it's a cyclical business and so on but if you if you add a couple I would say mental model to the way you think about allocating capital so the first mental model is that if you're not getting at least 15 20 25 return on incremental Capital going into your business it may not be worth thinking about it I'm just saying you might be able to get close to double digits with debt instruments and such so really I would say that the bar should be close to around 20 at a minimum in terms of the incremental returns so if you're going to invest 20 crores into your business
Questionerto invest 20 crores into your business you should be able to see four or five crores come out of it the second is that a Hallmark of a great business is that it does well High returns and equity without much use of Leverage so that's the second thing is to consider whether you need to have a lot of Leverage to make their numbers work and that's usually a red flag so what do you do if you're in the cement business and you are looking at a new plant and the plan is going to give you like low teens or 15 and those are projections which can be off so it could actually end up being nine percent as well it could be much lower than what you think and we as entrepreneurs we're all always optimistic so we should always discount the numbers we ourselves come up with so what do you do what's your plan B so I would say that there are two things that if you add to your arson can be very
Otherif you add to your arson can be veryif you add to your arson can be very helpful to you one is thathelpful to you one is thathelpful to you one is that you always have the optionyou always have the optionyou always have the option to put the the cash into a low costto put the the cash into a low costto put the the cash into a low cost Index FundIndex FundIndex Fund so if you don't have a good way to growso if you don't have a good way to growso if you don't have a good way to grow Capital significantly in your businessCapital significantly in your businessCapital significantly in your business you could use the business as a cash cowyou could use the business as a cash cowyou could use the business as a cash cow and buy like a mid cap index orand buy like a mid cap index orand buy like a mid cap index or something yeahsomething yeahsomething yeah a small cap index or something multi-capa small cap index or something multi-capa small cap index or something multi-cap whatever and just allow the money therewhatever and just allow the money therewhatever and just allow the money there as the cash is coming it could go intoas the cash is coming it could go intoas the cash is coming it could go into and those may get to double digits andand those may get to double digits andand those may get to double digits and you don't have to do much work with ityou don't have to do much work with ityou don't have to do much work with it and so on so forth that's one oneand so on so forth that's one oneand so on so forth that's one one approach you could take and because it'sapproach you could take and because it'sapproach you could take and because it's going in over timegoing in over timegoing in over time it gets risk adjusted as it goes alongit gets risk adjusted as it goes alongit gets risk adjusted as it goes along because it's not going inbecause it's not going inbecause it's not going in at one point in time it's going in kindat one point in time it's going in kindat one point in time it's going in kind of dollar cost average over time orof dollar cost average over time orof dollar cost average over time or because averaged the second the secondbecause averaged the second the secondbecause averaged the second the second framework which is probablyframework which is probablyframework which is probably likely to give you better results butlikely to give you better results but
Otherlikely to give you better results but also would require a significant change in mindset and very few companies can do this is to be creative about planting new seeds and so what I mean by that is there are there are companies it's a small minority of companies which have the ability to enter new businesses and or enter a Json businesses so here what I would say is that what you want to do is you want to keep the BET sizes really small so if you can think of areas or opportunities outside your core business you're on the cement business business you're on the cement business business you're on the cement business you know how to run plants they could be somewhat of a different take on a little bit of different type of manufacturing that may be less commodity like and you could make some small investment and use those small Investments as the tuition bill to learn and and since the invested capital is small if the return is low or even if it
Othersmall if the return is low or even if it disappears it doesn't work it's not the end of the world because you didn't put a lot of a lot of money in and you could do a number of these serial bets so you could try one that doesn't work okay let's try something else doesn't work and and you could keep going and the thing about the whole investing business I mean the whole entrepreneurship and capitalism is that the payoffs are asymmetric so the maximum you can lose is what you put in the maximum you can win could be 50x 100x 20x 10x so because of that Ace symmetry it's worth pursuing that and if and when you find something like that then once you have something working and now you have two engines you can gradually take the foot off one accelerator and pump it on the other one whichever one has better better Returns on Capital and Better Business and so on so forth
QuestionerBetter Business and so on so forth another approach you can take which would take some work but you could look at that is in my opinion control is overrated so a lot of entrepreneurs think that when they control their business they control their destiny and actually really the market controls you you don't control anything your competitors control you and your customers control you your employees control you a lot of people control you and so one other I would say one of the uh Geniuses I mean it was an aha moment for me when I first heard about Warren Buffett in 94 about like 28 years ago is I was at that time running my I.T business it was just like three years old at that time and it was growing pretty rapidly we were growing like maybe 70 80 a year and what I uh when I read about Buffett so when you run your own business what happens is
Otherhappens is you will spend maybe three or four percent of your time on figuring out strategy and direction and then 96 97 98 of time goes into all the blocking and tackling to make that strategy happen and so there's a lot of heavy lifting to make you know what ideas you have come to reality and work and so on and in my case what I found is that I really enjoyed the three or four percent of time a lot more than the 96 I think the 96 was fine it was fun especially it was fun when I was doing it for the first time but really what I what I really liked was the three four percent in and in my I.T business what was happening is every three or four years probably what would happen every three years is that whatever Focus we had tended to get commoditized more companies came into that area the margin started to go down and so on so I had to constantly reinvent new
Otherso I had to constantly reinvent new practices and new directions within the business that were newer and had higher margins and whenever I was doing this exercise of trying to figure that out I really enjoyed that time and then of course I had to work on making that happen which was pretty good but not as enjoyable as the pure strategy when I first encountered Buffett and I was reading about him what I realized is basically what he had done is that he had taken that four percent of time and expanded it to 80 percent and instead of doing the heavy lifting himself he spent all his time figuring out which businesses were great and which businesses were mispriced and which businesses had great business models and then he would make passive investments into those businesses so he didn't control those businesses like he made an investment in Coke made an
Warrenmade an investment in Coke made anmade an investment in Coke made an investment in American Expressinvestment in American Expressinvestment in American Express or he bought the railroad and so on so aor he bought the railroad and so on so aor he bought the railroad and so on so a railroad of course the own it completelyrailroad of course the own it completelyrailroad of course the own it completely but he bought it like an intact businessbut he bought it like an intact businessbut he bought it like an intact business is already running with management andis already running with management andis already running with management and all of that and I said wow this isall of that and I said wow this isall of that and I said wow this is awesome that I could take four percentawesome that I could take four percentawesome that I could take four percent to 80 percentto 80 percentto 80 percent and I don't have to do the heavy liftingand I don't have to do the heavy liftingand I don't have to do the heavy lifting I don't have to have any employees ifI don't have to have any employees ifI don't have to have any employees if you don't have any employees you have noyou don't have any employees you have noyou don't have any employees you have no problems and I don't have to really doproblems and I don't have to really doproblems and I don't have to really do much and I said this is the Holy Grailmuch and I said this is the Holy Grailmuch and I said this is the Holy Grail I'm gonna go down this pathI'm gonna go down this pathI'm gonna go down this path and so that's really what drew me intoand so that's really what drew me intoand so that's really what drew me into investing because it's the same part ofinvesting because it's the same part ofinvesting because it's the same part of the brainthe brainthe brain so actually entrepreneurs and businessesso actually entrepreneurs and businessesso actually entrepreneurs and businesses are already set upare already set upare already set up to be great investors becausethe part of your brain you use for thatthe part of your brain you use for thatthe part of your brain you use for that three four percent of the timethree four percent of the timethree four percent of the time is the same part of the brain that getsis the same part of the brain that getsis the same part of the brain that gets used when you're trying to figure outused when you're trying to figure out
Otherused when you're trying to figure out which company or Which business or whichwhich company or Which business or whichwhich company or Which business or which stock you should buy or sell and so onstock you should buy or sell and so onstock you should buy or sell and so on so the Frameworks between the twoso the Frameworks between the twoso the Frameworks between the two are very similar they use the same brainare very similar they use the same brainare very similar they use the same brain cells and that's why Buffett says I'm acells and that's why Buffett says I'm acells and that's why Buffett says I'm a better businessman because I'm anbetter businessman because I'm anbetter businessman because I'm an investor I'm a better investor becauseinvestor I'm a better investor becauseinvestor I'm a better investor because I'm a businessman so when I heard aboutI'm a businessman so when I heard aboutI'm a businessman so when I heard about Buffett in 94 and I read everything IBuffett in 94 and I read everything IBuffett in 94 and I read everything I could about him I said okay what I'mcould about him I said okay what I'mcould about him I said okay what I'm going to do is I'm I had sold a smallgoing to do is I'm I had sold a smallgoing to do is I'm I had sold a small portion of my business then after taxesportion of my business then after taxesportion of my business then after taxes I had about a million dollars which II had about a million dollars which II had about a million dollars which I really didn't need the business didn'treally didn't need the business didn'treally didn't need the business didn't need capitalneed capitalneed capital I said okay I'll take this million I'llI said okay I'll take this million I'llI said okay I'll take this million I'll start investing it into public equitiesstart investing it into public equitiesstart investing it into public equities and I want to see how I do what theand I want to see how I do what theand I want to see how I do what the results are and and I want to see how Iresults are and and I want to see how Iresults are and and I want to see how I enjoy this so I started spending like 10enjoy this so I started spending like 10enjoy this so I started spending like 10 15 20 hours a week on15 20 hours a week on15 20 hours a week on studying businesses and making somestudying businesses and making somestudying businesses and making some Investments and so on and I think from
OtherInvestments and so on and I think from 95 to 2000 that million became like 1395 to 2000 that million became like 1395 to 2000 that million became like 13 million of course from 95 to 2000 wemillion of course from 95 to 2000 wemillion of course from 95 to 2000 we also had a good bull market which wasalso had a good bull market which wasalso had a good bull market which was which was helpful so I said well donewhich was helpful so I said well donewhich was helpful so I said well done monish very well done and at the samemonish very well done and at the samemonish very well done and at the same time I was running my I.T businesstime I was running my I.T businesstime I was running my I.T business and in some yearsand in some yearsand in some years I was making more money aloneI was making more money aloneI was making more money alone part-time doing investingpart-time doing investingpart-time doing investing then my business was making with 70 80then my business was making with 70 80then my business was making with 70 80 people like I said okay there'speople like I said okay there'speople like I said okay there's something wrong with this picture heresomething wrong with this picture heresomething wrong with this picture here So eventually what I did in 99 is I wasSo eventually what I did in 99 is I wasSo eventually what I did in 99 is I was losing interest as the company gotlosing interest as the company gotlosing interest as the company got bigger my job was turning more into anbigger my job was turning more into anbigger my job was turning more into an HR job I was just herding catsHR job I was just herding catsHR job I was just herding cats about 200 people or soabout 200 people or soabout 200 people or so and I really didn't enjoy running theand I really didn't enjoy running theand I really didn't enjoy running the company and usually when I didn't enjoycompany and usually when I didn't enjoycompany and usually when I didn't enjoy what I was doing I just resigned findwhat I was doing I just resigned findwhat I was doing I just resigned find something else to do I had two rules ifsomething else to do I had two rules ifsomething else to do I had two rules if I was not excited to go to work onI was not excited to go to work onI was not excited to go to work on Monday morning rule number one was don'tMonday morning rule number one was don't
QuestionerMonday morning rule number one was don't go to work and Rule Number Two was hit the reset button and so when I was losing interest in the it business in 99 there was no one to resign I owned the company it was a monster I had created all the problems or because of me and as I felt trapped and then my forum my IPO Forum told the moderate I need to really present because I'm not in good shape here and I told them listen I have no interest in this company I own this company and I really don't even want to go to work and so they actually walked me through it they came up with something which I should have thought of myself they said you can always own the business without running it you just find another CEO to run it and I said hey why didn't I think about that that's a good solution and they said it'll take you six months to find someone put a smile on your face go to work
Otherput a smile on your face go to work every day you know it's ending in six months and I did that and in a few months we found a guy who was really excited to run the company and gave them incentives and all of that and I moved on and then actually just a few months ago I think he was only there for two months and he called me and said someone wants to buy the business so he had relocated he relocated from Dallas to Chicago and I didn't want to pull the rug out from under him so I said what do you think we should do he said oh sell it all his options and everything were going to vest immediately on change of control and so he was going to collect what would have taken him five years or two months of work and then the people who are buying the company they wanted him to run it so they were going to give him a new package so he was for him with a
Otherpackage so he was for him with a no-brainer just held the business and and for me I really didn't have any great love for the business I said okay I'm not end up best part was they were not looking at me because I'd already left they were not looking at me to run the business or be involved in any way all they wanted with for me was a five-year non-compete so I said look I can give you a 50-year non-complete can we just increase the purchase price because I was so sure I would never go back into the I.T business they didn't have any sense of humor about that they said we want five years and that's it so basically I got cashed out my CEO went on to run the business it's still running actually it's been the company is now 31 years old still running and I haven't been involved in it for 23 years or something 22 years so that that's a little bit about what I would
Questionerthat's a little bit about what I would suggest is the two or three Frameworks are you like I said control is overrated when Buffett bought Coca-Cola he didn't control the company still doesn't but like he says that sometimes he owes he used to host these MBA students and he's doing session sessions with them and tell them look at the back of the song back of the room we have some drinks for you core products and so on he said I really don't care whether you drink the cokes or not but just open the can and his thing was that every eighth can that gets opened the Coca-Cola company makes one or two cents per cam and then every eighth can that one or two cents comes to Berkshire Hathaway and so he says it doesn't matter whether you drink the coconut just open the can and then all he does is count how many cans get open every day life is good so
Questionercans get open every day life is good so I think with that maybe we can switch to what you have in mind and take it from there
Otherokay thanks uh I really enjoyed the humor that that you bring to this this is a new one for us on the side of you that we know um I'd love to hear a little bit more about uh asymmetries and the concept of decoupling risk and reward that you speak about specifically in the context of uh entrepreneurship
Questioneryeah so I think in general basically we know this all running businesses many of you are founders just the nature of successful entrepreneurship is you can take a very small amount of capital and convert it into a very large amount of capital just because the Venture takes off and defend me you send me some names of some of your some of your companies Kapoor watches or the Amber Enterprises and so on the thing is these businesses were small
Otherthing is these businesses were small embryonic businesses that didn't take that much Capital to get going and we see that all the time in entrepreneurship on the other hand you can also have failures the maximum you can lose is what you put in if so your you can't lose more than one x what you put in but you could make 10x 50 x 100x what you've put in and the same thing applies on the investing right the most you can lose is what you put in and the most you can win is could be Infinity so so I think that asymmetry is what is very helpful and what I have found useful because I'm not I'm not operating funds of the business but I'm not really operating a company with lots of people and operations and all of that so when I allocate Capital what I'm looking for is the same thing entrepreneurs looking for I'm looking for a high asymmetry in returns and one of
Othera high asymmetry in returns and one of the things that happens in the public markets is that because these are auction driven markets they're like it's like the horse racing perimutuel system auction driven markets tend to overshoot and undershoot so for example if if you own a luxury apartment in gurgaon for example and you ask your realtor friend real estate agent friend what is my apartment worth today and he'll say oh it's worth 10 crores and okay that's great and then you go to him tomorrow and say hey what's my apartment worth today he'll tell you it's worth 10 crores then you go on the third day he'd say listen idiot it's still worth 10 crores okay and if you keep going to him every day and you ask him to tell you what your apartment's worth maybe after a few months or a year he'll tell you it's worth 12 crores for example it's
Questionerit's worth 12 crores for example it's gone up or something but if that if that same apartment or group of Apartments were a listed business listed on the BSC NSC Etc what would happen is that if that market cap was 100 100 crores for example at some point and you looked at it over a course of a year it would vary from 60 to 120 crores okay so the the fluctuations in the value of the underlying asset would exceed the amount by which the underlying acid is changing by quite a margin and this would not happen if that business were not listed if it were a private company for example 100 crores has some apartments rented in gurgaon and so on um if someone wanted to sell that there's a bunch of intelligent buyers facing on an intelligent seller they would arrive at an Italian price and that transaction would take place and that'd be the end of it but in the public markets you
Questionerof it but in the public markets you could buy potentially the hundred crores of real estate in gurgaon for 70 crores or you could even pay 130 crore it could go both ways and so the fact that things can get mispry is what pays the bills for me right and in some cases the mispricing can be very extreme and and so then that can really do wonders and so you see that range with the public markets and gives you the asymmetry and with the entrepreneurship that really in the early stages of your business because just the amount going in was what you're getting out is huge great thanks so that plays in a little bit with with the Mr Market uh philosophy as well you know about the Miss pricing of of listed assets or public assets the other part which you speak often about isometries is this concept of uh it entails I don't lose much I hope I've said it right
Othermuch I hope I've said it right um You talk a little bit uh you know about about that yeah I mean I think that's the Justice classically how us entrepreneurs think about everything right people think that entrepreneurs take risks they always think that business people take risk actually we don't take risk we do everything in our power to minimize risk and so to an outsider looking in it looks like we are taking risk but we aren't we aren't really taking risks so for example when I was when I was leaving my job and I was starting my first business I was going to lose my paycheck and I was going to be dependent on the business taking care of me and and to an outsider that would look risky but what I had done is I started working on my startup about 10 months before I quit and I was 25 years old it was actually my third startup
Questionermy third startup so the first startup which I had when Iso the first startup which I had when Iso the first startup which I had when I was 22was 22was 22 it probably lasted about four weeks andit probably lasted about four weeks andit probably lasted about four weeks and it probably cost me like 300 and itit probably cost me like 300 and itit probably cost me like 300 and it disappeared and that had no downside fordisappeared and that had no downside fordisappeared and that had no downside for me the second one which I had two otherme the second one which I had two otherme the second one which I had two other co-founders we were all working but weco-founders we were all working but weco-founders we were all working but we were trying to get a software toolswere trying to get a software toolswere trying to get a software tools coming off the groundcoming off the groundcoming off the ground that probably lasted like four or fivethat probably lasted like four or fivethat probably lasted like four or five months and maybe cost me like a thousandmonths and maybe cost me like a thousandmonths and maybe cost me like a thousand or fifteen hundred dollarsor fifteen hundred dollarsor fifteen hundred dollars and that went by the wayside nothingand that went by the wayside nothingand that went by the wayside nothing happened and that money was losthappened and that money was losthappened and that money was lost and the third startup which I did myselfand the third startup which I did myselfand the third startup which I did myself when I was 25 which was Trans Techwhen I was 25 which was Trans Techwhen I was 25 which was Trans Tech basically by the time I quit my job inbasically by the time I quit my job inbasically by the time I quit my job in nine months after I startednine months after I startednine months after I started the business already had clients itthe business already had clients itthe business already had clients it already had cash flowsalready had cash flowsalready had cash flows and the cash flows were exceeding what Iand the cash flows were exceeding what Iand the cash flows were exceeding what I was getting paid and I was working likewas getting paid and I was working likewas getting paid and I was working like probably 80 90 hours a week and I wasprobably 80 90 hours a week and I wasprobably 80 90 hours a week and I was desperate to go full time into that
Questionerdesperate to go full time into that business and work 100 hours just on that business and work 100 hours just on that business and work 100 hours just on that business so when I quit my job I had a good understanding of the risk profile so I said okay if this business fails what happens so I had thirty thousand dollars in my 401k which I had pulled out and I was investing in the company so I said okay right thirty thousand dollars goes away I'm 25 years old retirement is like 35 40 Years of later I can take a job and rebuild that not a problem then I had also taken all these credit cards which I was going to borrow from the 70 000. and I had researched U.S bankruptcy law at that time the laws were a little bit different they've changed them now but basically if my business went bankrupt and I couldn't pay that 70 000. a court in the U.S would wipe it clean they would basically look at my situation and they'd say okay your debts
Othersituation and they'd say okay your debts are forgiven now the way bankruptcy law worked in the US at that time is if you filed once personal bankruptcy you couldn't file for seven more years so you actually became a very good credit risk after a bankruptcy filing because you couldn't file again and so actually anyone's willing to lend you money they just said okay this guy he wants a car loan the car loan is for four years he can't file for seven years we're fine we can make a loan to him and so actually it was very helpful so I said okay this 70 000 if I'm not able to pay it back what I'm going to do is I'm going to shut the company and go back and find a job and I was an engineer and I thought I could find a job and all of that so finally when this company had some traction I went to my boss and I met him and his boss and I resigned and they basically said monish
Otherresigned and they basically said monish resigned and they basically said monish we couldn't really figure out we couldn't really figure out we couldn't really figure out what was going on with you for the last what was going on with you for the last what was going on with you for the last nine months because suddenly your nine months because suddenly your nine months because suddenly your performance had dropped considerably I performance had dropped considerably I performance had dropped considerably I said look what I did nine months ago is said look what I did nine months ago is said look what I did nine months ago is I decided that a career path I decided that a career path I decided that a career path or getting great reviews without the or getting great reviews without the or getting great reviews without the window I didn't care about that window I didn't care about that window I didn't care about that what I cared about was not getting fired what I cared about was not getting fired what I cared about was not getting fired so I said what I did is I took my time so I said what I did is I took my time so I said what I did is I took my time in the company down to just about firing in the company down to just about firing in the company down to just about firing lab he said the funny thing is we lab he said the funny thing is we lab he said the funny thing is we discussed this several times and we said discussed this several times and we said discussed this several times and we said something has changed but he's not so something has changed but he's not so something has changed but he's not so bad that we can fire him but somehow the bad that we can fire him but somehow the bad that we can fire him but somehow the magic is not there so I said exactly I magic is not there so I said exactly I magic is not there so I said exactly I was just trying to be about firing them was just trying to be about firing them was just trying to be about firing them and so they said to me in this look when and so they said to me in this look when and so they said to me in this look when your business failed they didn't say if your business failed they didn't say if your business failed they didn't say if your business failed they said when your your business failed they said when your your business failed they said when your business fails you come back you got business fails you come back you got business fails you come back you got higher pay you got a promotion
Otherhigher pay you got a promotion higher pay you got a promotion everything we want to have you back everything we want to have you back everything we want to have you back so I said this is even better than I so I said this is even better than I so I said this is even better than I thought basically when I when the thought basically when I when the thought basically when I when the business goes under one day later I'll business goes under one day later I'll business goes under one day later I'll have a job I do not need to and I'm have a job I do not need to and I'm have a job I do not need to and I'm getting paid more and all of that so I getting paid more and all of that so I getting paid more and all of that so I said it was wonderful so where was the said it was wonderful so where was the said it was wonderful so where was the risk risk risk there was no risk the risk at the end of there was no risk the risk at the end of there was no risk the risk at the end of the day was 30 000 in a retirement the day was 30 000 in a retirement the day was 30 000 in a retirement account account account or a 25 year old who was single and I or a 25 year old who was single and I or a 25 year old who was single and I knew that at some point I'm going to be knew that at some point I'm going to be knew that at some point I'm going to be married and I'll have kids and all of married and I'll have kids and all of married and I'll have kids and all of that and at that point these things will that and at that point these things will that and at that point these things will become a lot more expensive to try out become a lot more expensive to try out become a lot more expensive to try out and thankfully that business never and thankfully that business never and thankfully that business never failed failed failed and I kept in touch with my boss and his and I kept in touch with my boss and his and I kept in touch with my boss and his boss boss boss and 10 years later they both became and 10 years later they both became and 10 years later they both became investors so it was really funny I'm investors so it was really funny I'm investors so it was really funny I'm still in touch with them they're very still in touch with them they're very still in touch with them they're very old but but anyway so I I think that the old but but anyway so I I think that the old but but anyway so I I think that the the the the heads I win Tails I don't lose much
Questionerheads I win Tails I don't lose much
QuestionerI think if we go back to the beginnings of many of your businesses parents may have started or father father may have started and so on you'll find similar Dynamics they didn't have any money if you didn't have any if you don't have any money how can you have any there's nothing to lose so by definition it's a low risk proposition and and then once the business gets going it just got its own momentum and takes it from there so it works out so this this kind of reminds me of the part in your book then though about the uh well two parts about the uh Manila and as well as the uh the report about the hotels uh would love to hear your thoughts about any one of those two stories uh you know for the benefit of those who haven't had the opportunity of reading your book I think that when I wrote the book The patels
Questionerwrote the book The patelswrote the book The patels owned something like 40 percent of allowned something like 40 percent of allowned something like 40 percent of all the motels in the U.Sthe motels in the U.Sthe motels in the U.S and now I think that number is over 70and now I think that number is over 70and now I think that number is over 70 70 or 75 it's moved the book came out70 or 75 it's moved the book came out70 or 75 it's moved the book came out about 15 years agoabout 15 years agoabout 15 years ago and I mean there and they've goneand I mean there and they've goneand I mean there and they've gone upscaleupscaleupscale so now a lot of Hiltons and Marriottsso now a lot of Hiltons and Marriottsso now a lot of Hiltons and Marriotts and westerns are under Patel ownershipand westerns are under Patel ownershipand westerns are under Patel ownership and they've gone into other businessesand they've gone into other businessesand they've gone into other businesses sososo you know there are aboutyou know there are aboutyou know there are about three or four million Indians in the U.Sthree or four million Indians in the U.Sthree or four million Indians in the U.S and probably something likeand probably something likeand probably something like half a million five or six hundredhalf a million five or six hundredhalf a million five or six hundred thousandthousandthousand are from the state of Gujaratare from the state of Gujaratare from the state of Gujarat and probably maybe two or three hundredand probably maybe two or three hundredand probably maybe two or three hundred thousand are patelsthousand are patelsthousand are patels something like that so patels aresomething like that so patels aresomething like that so patels are something like point one percent of U.Ssomething like point one percent of U.Ssomething like point one percent of U.S population and a group that is 0.1population and a group that is 0.1population and a group that is 0.1 percent of the US populationpercent of the US populationpercent of the US population controls seventy percent of the motelscontrols seventy percent of the motelscontrols seventy percent of the motels in the countryin the countryin the country when they were not even in the countrywhen they were not even in the countrywhen they were not even in the country 50 years ago50 years ago50 years ago and did it with no Capital they didn't
Otherand did it with no Capital they didn't come to the country with a lot of capital so theirs was a classic case of Thunder with enzyme in Tails I don't lose much because when they came to the U.S at that time they came as refugees got thrown out of Uganda and their all their businesses got nationalized and all they could do was they converted some few thousand dollars into gold or something got it out of the country and came as refugees to mainly the UK the US and Canada and the motel business is very attractive because it gave them a place to stay the family needed a place to stay it gave employment to the entire family because they could put the kids and the wife and everyone to work on Manning the front desk motels are very labor intensive it's really you need people 24 hours someone has a man to front desk and someone has to do the laundry and
Questionerand someone has to do the laundry and clean the rooms and all of that so the family would move into these small motels take one or two rooms and then they would fire all the staff and they would do all the work themselves and they became the low-cost operator because they looked at every facet of the business and they looked at how can I reduce costs so first way they reduce cost was there was no payroll the second is that the patels were all vegetarian at that time in the U.S so you're a vegetarian you were a Man Without a Paddle hardly any places you could eat out and get a decent vegetarian meat so by they were forced to dine in cook their basic vegetarian meal they need so there was very low grocery expenses there was no rent there was no commuting we didn't need a car so all their expenses were very low and they ran the motel all of the family
Questionerthey ran the motel all of the family and they would just look at what the other motels around were charging if someone was charging 35 a night they would make it 32 an hour and so their occupancy levels were always high and the other people couldn't match their prices because they would lose money because they had employees and costs and all these things and what the Patel started doing is they used a lot of Leverage because these were non-recoast loans with the motel so they would then buy the second Motel and then send some cousin to run the second motel by the third motel and then keep going and we end up with this compounded Journey today where they've done extremely well and that's worked out really nicely for them and a lot of that dovetails with many of the journeys you guys have had as entrepreneurs we do that that's what we
Otherentrepreneurs we do that that's what we dododo sososo greatgreatgreat thanks uh I'm going to introduce ayushthanks uh I'm going to introduce ayushthanks uh I'm going to introduce ayush munjal Now who is themunjal Now who is themunjal Now who is the champion of the investment uh my EOchampion of the investment uh my EOchampion of the investment uh my EO filter uh I wish I had some questionsfilter uh I wish I had some questionsfilter uh I wish I had some questions for you
Questionerhi Manish uh really loving thisfor you hi Manish uh really loving thisfor you hi Manish uh really loving this atmosphere of chatting with you soatmosphere of chatting with you soatmosphere of chatting with you so casually sitting at home in what lookscasually sitting at home in what lookscasually sitting at home in what looks like your library and you know casuallylike your library and you know casuallylike your library and you know casually discussing 70 80 growth in your IDdiscussing 70 80 growth in your IDdiscussing 70 80 growth in your ID business that you were bored of and youbusiness that you were bored of and youbusiness that you were bored of and you just wanted to start investing on thejust wanted to start investing on thejust wanted to start investing on the side so I think many of us would killside so I think many of us would killside so I think many of us would kill for that kind of growth in ourfor that kind of growth in ourfor that kind of growth in our businesses uh I have I'm going to askbusinesses uh I have I'm going to askbusinesses uh I have I'm going to ask you two questions the second one isyou two questions the second one isyou two questions the second one is optional uh the first one is uh you knowoptional uh the first one is uh you knowoptional uh the first one is uh you know uh what's in your room uh I see a bust auh what's in your room uh I see a bust auh what's in your room uh I see a bust a painting I saypainting I saypainting I say five or six bookshelves uh you knowfive or six bookshelves uh you knowfive or six bookshelves uh you know what's uh what makes you at homewhat's uh what makes you at homewhat's uh what makes you at home um the second question which is moreum the second question which is moreum the second question which is more serious uh you know um you've talkedserious uh you know um you've talkedserious uh you know um you've talked about control is overrated
Questionerabout control is overrated umumum what are the Tailwinds you were left with if not control of your business I with if not control of your business I with if not control of your business I I'm phrasing it a little uh you know weirdly on purpose so you can you know answer the gist of uh what I'm getting at at um you're delegating control or you're uh becoming a passive investor like uh becoming a passive investor like uh becoming a passive investor like Buffett or like Pub right uh and uh you know you select businesses but what do know you select businesses but what do know you select businesses but what do you look for in that selection you look for in that selection you look for in that selection um I'm not asking for your current um I'm not asking for your current um I'm not asking for your current portfolio but more of your thought portfolio but more of your thought portfolio but more of your thought process on what are you left with if not process on what are you left with if not process on what are you left with if not controlled controlled controlled
Otherokay so before I answer your question you know you have a prominent last name so are you are you with the Hero Honda so are you are you with the Hero Honda so are you are you with the Hero Honda family I yes um with the family my family I yes um with the family my family I yes um with the family my business is separated now but yes you've business is separated now but yes you've business is separated now but yes you've got it right you you probably like my got it right you you probably like my got it right you you probably like my uncles uncles uncles I I just I just read the book you know I I just I just read the book you know I I just I just read the book you know that that I think one of the one of the that that I think one of the one of the
Questionerthat that I think one of the one of the kids wrote yeah he's not a kid he's not a kid anymore he's not a kid anymore yeah but I really enjoyed and I was my grandfather and his brothers yes yeah and I think I really enjoyed that story and I think it's it's a dando story you know it's a classic uh so it was really uh wonderful to read it I really enjoyed the book by the way I would say that so I moved to Austin about a year ago I used to be in California my my home library in California exploded the number of books were way more than the bookshelves I had and all that so they were like all over the place and so what I did when I moved to Austin is I basically remodeled the home a little bit that I bought and I basically tripled the size of the library and so what behind me is probably like 20 of it and so there's uh it goes around basically instead of having a
Questioneraround basically instead of having a a library room what I did is I made the external walls of one of the rooms all bookshelves and and yeah I have I think I'm good for a good 10 20 years with the book so I should be okay what are you reading this month
Questionerthere's a really wonderful book I'm reading which is called Roy Thompson of Fleet Street and it's not an easy book to get it's out of print okay there's actually three books on Roy Thompson since I actually got all three and I'm just finishing the first one this is just fantastic to read and anyway this guy basically ended up owning something like 300 newspapers and a lot of television stations and he was like broke basically with he had no money and so that Journey just is this incredible journey he went through was just wonderful to read so I I enjoy business biographies the most I think that's to
Otherbiographies the most I think that's to
Otherme the autobiography the biography of my
Otherthe autobiography the biography of my
Otherfavorite genre and in fact the books to
Othermy left you can't obviously the titles
Otherbut that bookshelf
Otherthat part of it is only biography
Otherbusiness biographies and so those are
Otherwonderful to to read there's I want to
Othertell you a story which is probably one
Otherand done but just to highlight what is
Otherpossible
Otheris I started making trips to Turkey
OtherIstanbul about four years ago and four
Otherfour and a half years ago and I started
Otherdoing that because the market has
Otherdislocated a lot turkey has very high
Otherinflation the currency devalues like
Othercrazy every year and foreign investors
Otherhad left and when I just looked at it
Otheroptically it looked really cheap
Otherand I had a good friend there who was a
OtherBuffett Munger Graham disciple and I
Otherknew that he was investing in Turkey so
OtherI said listen I want to come to Istanbul
QuestionerI said listen I want to come to Istanbul can we just go visit all the businesses you already have an investment in and he said oh yeah they'll be fun it'll be fun to hang out and this and that and so I went in 2018 then in 2019 I went again and again I went in with some more companies that he had invested in and I remember we were driving to a business he was taking me to where he said Monisha the market cap is 20 million dollars and the liquidation value is like 800 million so I said fraudic yeah in my in English at all either is a fraud he said no I have an investment in it as far as I can tell so basically he said there's no fraud and he says it's really simple they have 12 million square feet of warehouses they're 99 leased you can very easily get a value on those it's about 80 a square foot on average so you have about a billion dollar value of
Questionerhave about a billion dollar value of these warehouses and there's 200 million of debt and the 800 million and these are all leads to Amazon Ikea car for 99 least inflation index leases or dollar leases and there's nothing there so I went and the father and son that run the business I met them I liked them I thought they were really smart business people and then I've spent the afternoon visiting the warehouses and they looked great and I really couldn't find anything wrong with the company and I started buying the stock and turkey is a is a dream Market to invest in because the average investor they don't say investing in the market they say playing the market so people want to invest at 10 o'clock they want to exit at three o'clock and they want to make ten percent okay that's their model for investing and good luck with that and I
Questionerinvesting and good luck with that and I was surprised the volumes in the Turkish market are really high because you've got this Gambler type Behavior if you take out the promoter stakes and the international investors Stakes which don't move the float in the market which is about 20 of the entire Turkish market cap turns over every nine days the whole thing just it's on a very rapid and local Turks told me we are surprised this nine days we thought it'd be one day because everyone wraps up every day so
QuestionerBuffett has a quote he said the stock market is a mechanism to transfer wealth from the active to the inactive so I started buying the shares and I was surprised for seven million dollars I got one third of the company and the founding Family actually they were not very Savvy on the stock market I think they are now they had about 35 36 so my stake is almost
Questionerabout 35 36 so my stake is almost at the level of the estate now they've increased their stake they're like 42 or 43 and the second thing what I noticed about this father-son that run this business is that they didn't just have the warehouse business they also had the largest freight train Network in Turkey so in Turkey the rail cars are private and you can run trade business and so on they have the largest truck Fleet in Turkey they have 2000 trucks they have a huge forklift rental business they have a vehicle inspection business every car has to go through inspections every two years and that's like you get sanctioned by the government and so on so they're like four or five businesses each one has very favorable economics and each one is a high quality business and so there model is that if they don't get their money back in two to three years in
Othermoney back in two to three years in dollars they have no interest in investing so I found that unlike a lot of entrepreneurs and business managers the father never went to college but he just understands that if I put a dollar out he wants to know your dollar kidneys and if it's not coming back in three years he's not interested so he doesn't understand irr he doesn't understand return Equity he doesn't understand any of those terms he just understands this particular fact which your grandfather understood yeah you know he just understood the fact that I put money out and what comes back and that's what matters so when we invested in 2019 the company was worth about seven eight hundred million at least it'll probably worth more but that's the amount I could figure out I think the value now maybe about a billion and a half it could be more and the the stock that was
Othercould be more and the the stock that was a 20 million market cap is now like 350 400 million so it's moved you know this is in dollars the leader has collapsed in the meanwhile and even with the collapse of leader in dollars we're up a lot but even at the 350 400 million it's very undervalued and the thing is that Abby foreign
Questionerwhat do I have to do
Otheryeah I have to be in Austin just reading whatever I want to read okay do I have control no do I care about control no do I want to be on the board no all those things mean I have to do work my job is to just cheer them on I go meet them once a year I talk to them every few months and they are very smart about how they I've never seen them make them they're very creative what I was telling you guys about the creativity they have extreme creativity of entering new businesses but they make it extremely tiny bits
Warrenbut they make it extremely tiny bits so they'll see some opportunity they'll actually go in where they don't have competence what half a million one million dollars whatever and they see what happens if it works then they just press on the accelerator and they go and if it doesn't work they back off and then try something else so basically ABI with this business if it went to a billion dollar market cap today we're not selling we've gone to five billion and we're not selling because basically if someone is reinvesting capital 25 35 return and this father-son do all pretty smart about doing it I basically I need to leave them alone for 20 years so what difference does it make whether I'm the founder of the business or the manager of the business or a passive investor the best position is a passive investor because I'm going to give a little thing
Questionerbecause I'm going to give a little thing right and your grandfather worked very hard your uncles work very hard everyone worked very hard I just not that hard working you know so I think that I think that there are because of the auction driven nature of markets something like this race Us in Turkey will show up once in a lifetime but you only need one you don't need ten but there are plenty of them that show up which will give you a 10x give you a 20x raceas might give us three 400 eventually by the time we've done it might be several hundred times the return and all we got to do is be a cheerleader nothing else and life is good so I think that's how I look at it is I think that like this year I made a resolution I said that I really want to deeply study 50 businesses so far it's January 10th and I've only deeply studied one new
Todd Combsand I've only deeply studied one new business and I didn't know about onbusiness and I didn't know about onbusiness and I didn't know about on January 1st and I rejected it but it wasJanuary 1st and I rejected it but it wasJanuary 1st and I rejected it but it was a good one to look at a pretty decenta good one to look at a pretty decenta good one to look at a pretty decent business to do well but didn't excite mebusiness to do well but didn't excite mebusiness to do well but didn't excite me that much sothat much sothat much so if I actually fulfill thatif I actually fulfill thatif I actually fulfill that resolution and I actually do deep Divesresolution and I actually do deep Divesresolution and I actually do deep Dives on and because when I say study 50on and because when I say study 50on and because when I say study 50 businesses most businesses I look at Ibusinesses most businesses I look at Ibusinesses most businesses I look at I get rid of them within five minutesget rid of them within five minutesget rid of them within five minutes so I don't consider those as part ofso I don't consider those as part ofso I don't consider those as part of that equation because they have to havethat equation because they have to havethat equation because they have to have high returns in equity they have to havehigh returns in equity they have to havehigh returns in equity they have to have Runway they have to have greatRunway they have to have greatRunway they have to have great management they have to have all thesemanagement they have to have all thesemanagement they have to have all these things before I'm willing to spend timethings before I'm willing to spend timethings before I'm willing to spend time right so usually you look at a businessright so usually you look at a businessright so usually you look at a business and return Equity is low you can forgetand return Equity is low you can forgetand return Equity is low you can forget about it so there you're that doesn'tabout it so there you're that doesn'tabout it so there you're that doesn't count it's ones that make it past one orcount it's ones that make it past one orcount it's ones that make it past one or two hours of screening or three hours oftwo hours of screening or three hours oftwo hours of screening or three hours of screening and then you say okay let mescreening and then you say okay let mescreening and then you say okay let me go deeper into it so if I can do 50 of
Questionergo deeper into it so if I can do 50 of those in a year
QuestionerMy Hope Is I find one right and then what do you look at I mean how where do you get all this information about a business I mean to Read 50 you must be discarding 500.
Questionerum where do you get all of these data points you have a team that sends it to you you have friends who send you pictures
Unknown Respondentokay no the thing is is we don't need a team for doing this for example in the US we have something known as 13f filings which are basically every quarter large investors have to disclose everything they want you have something similar in India what main investors own is well known we want to know what RK Damani owns that's available publicly available he owns a company called VST tillers in Hyderabad they're a tobacco company license to print money will cigarettes Etc so what I'm saying is
Questionercigarettes Etc so what I'm saying is that I can look at what Buffett's bought that I can look at what Buffett's bought that I can look at what Buffett's bought last quarter I can look at what number last quarter I can look at what number last quarter I can look at what number of great investors have bought and I can of great investors have bought and I can of great investors have bought and I can put those into the hopper and say let me put those into the hopper and say let me put those into the hopper and say let me study these for example I can also have study these for example I can also have study these for example I can also have some notion so let's say if I look at some notion so let's say if I look at some notion so let's say if I look at India okay and India is going to go India okay and India is going to go India okay and India is going to go through a lot of growth in a number of through a lot of growth in a number of through a lot of growth in a number of different different different one area that's bound to grow a lot one area that's bound to grow a lot one area that's bound to grow a lot Is wealth management and asset man all Is wealth management and asset man all Is wealth management and asset man all of you probably either have wealth asset of you probably either have wealth asset of you probably either have wealth asset managers or are getting hounded by them managers or are getting hounded by them managers or are getting hounded by them or whatever else right it used to be or whatever else right it used to be or whatever else right it used to be there were three choices the money went there were three choices the money went there were three choices the money went under the mattress under the mattress under the mattress or it went into real estate or it went or it went into real estate or it went or it went into real estate or it went through cold one of those three right through cold one of those three right through cold one of those three right now people are not so interested in real now people are not so interested in real now people are not so interested in real estate definitely not so interested in estate definitely not so interested in estate definitely not so interested in gold and the under the mattress is also gold and the under the mattress is also gold and the under the mattress is also not that interesting and so a lot of not that interesting and so a lot of not that interesting and so a lot of these the wealth creation and even the
Questionerthese the wealth creation and even the existing wealth will end up in financial assets they'll end up in stock Bond mutual funds and all of that so if I look at people who have the large mutual fund houses they are like four or five of them that have most of the ads them that have most of the ads some of them are listed in some cases even if they are their valuations are look optically expensive the runway is so big that I could pay 20 times earnings for something still work out well because just because that business that's the business I'm in so I know that the return on Equity is very high you don't need any Capital you have a few people they are highly paid but when the people leave the assets only like IFL got three guys three or four senior guys from kotak when they started their wealth management business those four senior guys could only bring with them 15 percent
Otherwith them 15 percent of the assets they manage 85 stayed with kotak even after these guys so the brands have staying power even when the name brand individuals right and and I can see that right because that's a business I've been in for a long time so for example that's an area of interest to me because I said okay let's scan the radar on the Indian asset managers web management and see what's going on right with them and see which ones and probably the answer is you could buy a basket of all of them and control keyword problems
Questionerno problem what do you say are you a fan of ramdev
Otheryes I think all of us are in fact um yeah so they've got Tailwinds they've got high returns Equity we want to get it at a reasonable price and then the rest is just leave them alone and be cheerleaders and and don't touch it for 20 30 years
QuestionerI want to invite some members to ask their questions directly to Manish if
Othertheir questions directly to Manish if that's okay Rishi can you join us on screen hi Manish uh can you hear me yeah yeah all right so I have a couple of questions uh one is uh how do you see uh the Indian market performing in 2023 looking at uh what's going on in the world and different markets and challenges it has uh second question was around if you were to start investing overseas in 2023 from India and looking at long term where would you invest
Otheryeah so actually I never really have a view on markets I have really no idea what markets will do I think it's very hard to just figure out what the trajectory of one business is going to be okay so to try to figure out the trajectory of 500 businesses that pools there's so many factors if you looked at 2022 start of 2022 who would have thought the Ukraine Invasion would outlier event that comes out or no kovit
Otheroutlier event that comes out or no kovit
Otheris still with us it's been three years
Otheris still with us and
Otherso all these things are difficult to
Otherfigure out so there's no point spending
Othertime on them my take is I want to just
Otherfigure out
Otherparticular businesses
Otherand what likely possible trajectories on
Otherthose businesses and if I can do
Othersomething with I think your second
Otherquestion is a is an interesting one
Otherbecause what I noticed with a lot of
Otherwealthy in the Indian families
Otheris that if they are business family
Otherbasically the wealth is in the business
Otherit's in real estate now it might be in
Othersome
OtherFinancial assets a little bit and that's
Otherthe end of it
Otherbut now you have permission from the
Othergovernment to send money out
Otheruh which is great so I think if you were
Othergoing to put something like a fourth of
Otheryour family wealth into
Othersomething like the S P 500 index for
Questionersomething like the S P 500 index for example which would be low cost approachexample which would be low cost approachexample which would be low cost approach to doing this that's a good thing to doto doing this that's a good thing to doto doing this that's a good thing to do so you don't have to think about it tooso you don't have to think about it tooso you don't have to think about it too much you will own pieces of Amazon andmuch you will own pieces of Amazon andmuch you will own pieces of Amazon and Microsoft and Salesforce and all theseMicrosoft and Salesforce and all theseMicrosoft and Salesforce and all these great businesses and those churn verygreat businesses and those churn verygreat businesses and those churn very slowly and they all of those have greatslowly and they all of those have greatslowly and they all of those have great runways aheadrunways aheadrunways ahead and you don't have to do much work andand you don't have to do much work andand you don't have to do much work and you can get that done for 10 basisyou can get that done for 10 basisyou can get that done for 10 basis points or somethingpoints or somethingpoints or something so the cost is like point one percent aso the cost is like point one percent aso the cost is like point one percent a year or somethingyear or somethingyear or something so that's what I would do I would justso that's what I would do I would justso that's what I would do I would just look at a broad index like thatlook at a broad index like thatlook at a broad index like that and then since you're averaging it outand then since you're averaging it outand then since you're averaging it out over timeover timeover time it doesn't really matter what happensit doesn't really matter what happensit doesn't really matter what happens Market goes down five ten percentMarket goes down five ten percentMarket goes down five ten percent whatever that's not really relevantwhatever that's not really relevantwhatever that's not really relevant you're looking at this over the Longyou're looking at this over the Longyou're looking at this over the Long Haul so that should be okay read anotherHaul so that should be okay read anotherHaul so that should be okay read another question is from ayush singhaniaquestion is from ayush singhaniaquestion is from ayush singhania hi monish so World Bank in fact recentlyhi monish so World Bank in fact recently
Questionerhi monish so World Bank in fact recently maybe I think today they've announced that you know 2023 we're close to Global recession what's your view on that and especially what's your view on what effect could that have on India on the Indian markets
OtherI would just say similarly I have no idea I have no idea whether I would say that it's likely India will do well I think India just has a lot of Tailwinds going on and I think number of things are just going in its favor so it'll probably do well but I don't think about it like that right so I just look at specific businesses and then I say okay this particular business with this particular Nuance one of your companies is Kapoor watches Rana Kapoor I never heard of Kapoor watches I'd like to know more about it probably a private company so no chance for me to do nothing about it but that's okay but what I'm saying
Questionerit but that's okay but what I'm saying is that you look at something like Kapoor watches and what do they do in the next one to five years all these factors International and kovid and recession in U.S whatever is really irrelevant it's the noise level what really matters is how well do they connect what are their products and brand positioning and all those sorts of things do they engage with their customer base and so on and so I think that's where the
Other[Music]
Questionerum the focus needs to be we had we had a great Indian investor Rakesh jinjala who passed away recently and Rakesh was a interesting split brain on one side he was always with four screens in front of him and did a bunch of Rapid Fire trading and all kinds of stuff on the other hand he had some positions that he never touched for decades I think he had Titan for 25 plus years
Questioneryears and Titan used to be like four percent of his portfolio when he passed away it's like a multi-billion dollar position so Rakesh could have been wrong on 96 of his portfolio 96 could have gone to zero he still would have had half as well and he would have had half his wealth on so he never managed money for others he never until he started this uh Asaka air or whatever he never really had a real business he was running and uh non-controlling interest in Titan they love the tatas he just love the governance and everything else with the tatas I ended up with a great result and all he had to do was just be patient and do nothing and it worked so basically we don't need to be right a lot we just need to pay attention when seven moons line up so there are times when you look at some things and you say wow this is this looks amazing this is obvious this is
Warrenlooks amazing this is obvious this is whatever and and you can step up and hit that ball and you don't need to hit too many balls and you don't need to have a high hit rate on those it can work out pretty well
Questionerdo you want to go next um hi Manish quick question you have a lot of books in your library uh which are your favorite uh books related to investing
Warrenthe favorite book is the one behind has the best books you should go to his place there you go he's adjusted so we don't see his face but we see the book so he's going to zoom in there you go so the best book I have in my library and the one I like the most is poor Charlie's Almanac that's the one he's showing you on his on his screen and I try to actually reread it every year and I think that book is better than a college education so that would be my number one pick for you and just
Questionerbe my number one pick for you and just to give you a quick synopsis of whatto give you a quick synopsis of whatto give you a quick synopsis of what that book is all aboutthat book is all aboutthat book is all about at the back of the book the second halfat the back of the book the second halfat the back of the book the second half of the book is a bunch of talks andof the book is a bunch of talks andof the book is a bunch of talks and speeches that Charlie manga has givenspeeches that Charlie manga has givenspeeches that Charlie manga has given over the years to various groups one ofover the years to various groups one ofover the years to various groups one of those speeches which he gave at Harvardthose speeches which he gave at Harvardthose speeches which he gave at Harvard is the psychology of human misjudgmentis the psychology of human misjudgmentis the psychology of human misjudgment so that speech probably took Charlieso that speech probably took Charlieso that speech probably took Charlie about 50 years of experience to actuallyabout 50 years of experience to actuallyabout 50 years of experience to actually be able to write that speech and thebe able to write that speech and thebe able to write that speech and the good news for us is we can just read itgood news for us is we can just read itgood news for us is we can just read it in one hour or something and pick upin one hour or something and pick upin one hour or something and pick up that whole 50 years of experiencethat whole 50 years of experiencethat whole 50 years of experience withoutwithoutwithout going through the Journey but to givegoing through the Journey but to givegoing through the Journey but to give you an example soyou an example soyou an example so the thing is that one of the things tothe thing is that one of the things tothe thing is that one of the things to be aware of is that when you look atbe aware of is that when you look atbe aware of is that when you look at human evolutionhuman evolutionhuman evolution the way we have evolved and does wherethe way we have evolved and does wherethe way we have evolved and does where we are is our brains our brains arewe are is our brains our brains arewe are is our brains our brains are weird in the sense that there areweird in the sense that there areweird in the sense that there are portions of the brain that are reallyportions of the brain that are reallyportions of the brain that are really
Otherportions of the brain that are really ancientancientancient and their portions of the brain that areand their portions of the brain that areand their portions of the brain that are relatively new and it's a mishmash itrelatively new and it's a mishmash itrelatively new and it's a mishmash it has come out this wayhas come out this wayhas come out this way because of the nuances of evolution andbecause of the nuances of evolution andbecause of the nuances of evolution and a lot of it doesn't make sensea lot of it doesn't make sensea lot of it doesn't make sense with the way our brain is in the currentwith the way our brain is in the currentwith the way our brain is in the current context ofcontext ofcontext of how we live and how our world is so justhow we live and how our world is so justhow we live and how our world is so just one example is through most of humanone example is through most of humanone example is through most of human historyhistoryhistory humans are not ingesting enough calorieshumans are not ingesting enough calorieshumans are not ingesting enough calories it was hard to get food and difficult toit was hard to get food and difficult toit was hard to get food and difficult to get enough food so the body evolved okayget enough food so the body evolved okayget enough food so the body evolved okay whenever you get more food than you needwhenever you get more food than you needwhenever you get more food than you need the body became really good at storingthe body became really good at storingthe body became really good at storing it now the body doesn't understandwe will never be in a calorie deficitwe will never be in a calorie deficitwe will never be in a calorie deficit but that the body is not going to adaptbut that the body is not going to adaptbut that the body is not going to adapt to that for almost infinite amount ofto that for almost infinite amount ofto that for almost infinite amount of time so we are stuck with havingtime so we are stuck with havingtime so we are stuck with having overweight bellies and all these thingsoverweight bellies and all these thingsoverweight bellies and all these things because Evolution doesn't understandbecause Evolution doesn't understandbecause Evolution doesn't understand that we don't need the bodies tothat we don't need the bodies tothat we don't need the bodies to function this way but it's just the way
Otherfunction this way but it's just the way it is so one thing about the human brain is reciprocation is a trait that's built into the human brain and they think it comes about a long from a long time ago because some humans lived in these small groups 20 30 40 people some guy kills a big animal and brings it to his community now he can't eat the whole animal himself and he can't store it there's no Refrigeration so what does he do he stores it in the bellies of his neighbors he calls everybody and says let's have a feast I did I killed this big beast everyone has a good time everyone gets fed and what they know in their brain is Suraj gave me a great meal today and Suraj the great guy and someday I'll try to do Suraj a favor okay that's all the brain understands that's the words of the good guy he fed me today so later when I have success
Otherso later when I have success and I bring down animal I'll definitely invite right because he took care of me I'll take care of him so the brain has reciprocation built in because reciprocation enabled survival and so the people who reciprocated were the ones whose genes got passed on but there's a quirk in the brain with reciprocation we don't have a calibration engine on the reciprocation so what happens is I can remember that Suraj did me a favor that's etched in my brain I cannot remember the size of that thing I just have a good feeling towards him so sales people and marketing people and business people take advantage of this Quirk I take advantage of this quote so for example if someone wants to someone contact us and says they want to invest in public interested now we can send everything digitally we can send all the documents everything
Othercan send all the documents everything digitallydigitallydigitally but we don't just do that what we do isbut we don't just do that what we do isbut we don't just do that what we do is we send the guy a packagewe send the guy a packagewe send the guy a package now this package has a 50 paymentnow this package has a 50 paymentnow this package has a 50 payment okay it has a couple of books it has aokay it has a couple of books it has aokay it has a couple of books it has a bunch of thingsbunch of thingsbunch of things sososo the guy doesn't want the penthe guy doesn't want the penthe guy doesn't want the pen okay he doesn't want any obligation withokay he doesn't want any obligation withokay he doesn't want any obligation with me but only like maybe one in 200 peopleme but only like maybe one in 200 peopleme but only like maybe one in 200 people will return the whole package to mewill return the whole package to mewill return the whole package to me saying I looked at it this is not for mesaying I looked at it this is not for mesaying I looked at it this is not for me thank you very much warm regards thethank you very much warm regards thethank you very much warm regards the other 199 or so it's too complicated toother 199 or so it's too complicated toother 199 or so it's too complicated to return themreturn themreturn them takes too much worktakes too much worktakes too much work so what ends up happening is they haveso what ends up happening is they haveso what ends up happening is they have been givenbeen givenbeen given a pen that they are not able to throwa pen that they are not able to throwa pen that they are not able to throw awayawayaway and they use that penand they use that penand they use that pen so they have favorable perspectivesso they have favorable perspectivesso they have favorable perspectives towards moneytowards moneytowards money because monish did them afraid now tobecause monish did them afraid now tobecause monish did them afraid now to return the favorreturn the favorreturn the favor the minimum investment is 3 millionthe minimum investment is 3 millionthe minimum investment is 3 million though because that's how reciprocationthough because that's how reciprocationthough because that's how reciprocation works and so the thing is that thisworks and so the thing is that thisworks and so the thing is that this notion of the asymmetry of reciprocation
Othernotion of the asymmetry of reciprocation which our brains are not able to comprehend and what you want to do you want large portions of the world to have good feelings towards you you want them to feel like they owe you something and then the way they would reciprocate that would work out in your favor so this is like one of the mental models like so manga is the 25 000 human misjudgment they're like 25 models like that 30 models if you actually understood and used those models and especially when you overlay models you get a huge advantage over the rest of humanity this morning is a model which is a very powerful model the not having self-pity as a model so they're like many models you can use it'll improve your personal life into your business life improve your career so watch Charlie's Almanac is a great book to read okay I think uh it's time
Otherbook to read okay I think uh it's time for us to wrap up I just want to read one little thing and then I want to hand it over to our president uh this is from the book Richard wiser happier which says that uh by William green the chapter about munition there which says nobody I've ever met lives more determinately by his own rules than Buffett's example strengthened his commitment to construct life congruent Brothers personality on a typical day where I sleep today and arrived from his office after 10 Am With No Agenda today uh Murray joined us at 9 30 which is significantly below before 10 o'clock and I'm really grateful thank you so much I'd like to introduce our president nimish Arora further vote of thanks please
Questionerhi Manish uh thank you so much uh for for an amazing amazing session um before before I say thank you I would also take the opportunity to uh ask one
Questioneralso take the opportunity to uh ask one one question to you uh and you know one question to you uh and you know one question to you uh and you know somewhere I think in one of the videos somewhere I think in one of the videos somewhere I think in one of the videos or somewhere I I heard that there was a or somewhere I I heard that there was a or somewhere I I heard that there was a psychological test you took sometime psychological test you took sometime psychological test you took sometime early in the start of your uh or rather early in the start of your uh or rather early in the start of your uh or rather when you were probably transitioning or when you were probably transitioning or when you were probably transitioning or considering transitioning from your considering transitioning from your considering transitioning from your business to investment uh to figure out business to investment uh to figure out business to investment uh to figure out you know what kind of a person you are you know what kind of a person you are you know what kind of a person you are and how that led you to find your true and how that led you to find your true and how that led you to find your true calling if you could just you know throw calling if you could just you know throw calling if you could just you know throw some insights and maybe give us a some insights and maybe give us a some insights and maybe give us a perspective on how each one of us can perspective on how each one of us can perspective on how each one of us can sort of find our true calling or figure sort of find our true calling or figure sort of find our true calling or figure out you know what we enjoy the most out you know what we enjoy the most out you know what we enjoy the most because a lot of times you know we are because a lot of times you know we are because a lot of times you know we are still figuring out uh that is this our still figuring out uh that is this our still figuring out uh that is this our true calling what we are currently doing true calling what we are currently doing true calling what we are currently doing or we want to do something else or we want to do something else or we want to do something else
Warrenyeah I think nimish that's a great question so this was in 1999 and it was
Questionerquestion so this was in 1999 and it was at a forum retreatat a forum retreatat a forum retreat at our YPO form Retreat so one of theat our YPO form Retreat so one of theat our YPO form Retreat so one of the guys basically saidguys basically saidguys basically said that there are these two industrialthat there are these two industrialthat there are these two industrial psychologists and they're going to dopsychologists and they're going to dopsychologists and they're going to do basically a 360 analysis of each of usbasically a 360 analysis of each of usbasically a 360 analysis of each of us so what they would what they did wasso what they would what they did wasso what they would what they did was they had us take a bunch of tests andthey had us take a bunch of tests andthey had us take a bunch of tests and they talked to our employees our friendsthey talked to our employees our friendsthey talked to our employees our friends our spousesour spousesour spouses our siblings and if the kids were oldour siblings and if the kids were oldour siblings and if the kids were old enough they talked to the kids as wellenough they talked to the kids as wellenough they talked to the kids as well and so they did interviews with alland so they did interviews with alland so they did interviews with all these people plus they did all the teststhese people plus they did all the teststhese people plus they did all the tests and what the output was is what I calland what the output was is what I calland what the output was is what I call my owner's manual they pretty much andmy owner's manual they pretty much andmy owner's manual they pretty much and what we did so we did all this beforewhat we did so we did all this beforewhat we did so we did all this before the retreat individually we engage withthe retreat individually we engage withthe retreat individually we engage with these two guys then at the retrieve thethese two guys then at the retrieve thethese two guys then at the retrieve the two of them sat with us for three daystwo of them sat with us for three daystwo of them sat with us for three days and they won by one they went throughand they won by one they went throughand they won by one they went through this personthis personthis person and uh basically what I think everyand uh basically what I think everyand uh basically what I think every humanhumanhuman the problem is that when we're born
Otherthe problem is that when we're born without our owners man like Hero Honda sub proper owner's manual data um um and and and and basically we really don't understand for the most part who we are because we are so influenced by what the world expects us to do so human behavior will be driven towards okay I should go to college I should become an engineer or a doctor I should do this and that we follow these paths that have been prescribed to us and those may be very different from Who We Are so what this what this owner manual did and I actually reread this every year just to make sure is they highlighted who I was which I never knew and the two guys actually who did this for me they actually told me that in my particular case they said look you like to play games that's who you are you're a game player but you don't like to play any particular you you
Questionerlike to play any particular you youlike to play any particular you you don't play any games you like to playdon't play any games you like to playdon't play any games you like to play particular kind of games you say youparticular kind of games you say youparticular kind of games you say you don't like team sportdon't like team sportdon't like team sport so like for example I would not enjoyso like for example I would not enjoyso like for example I would not enjoy playing soccerplaying soccerplaying soccer because he says the outcome of that gamebecause he says the outcome of that gamebecause he says the outcome of that game would depend on the whole team he saidwould depend on the whole team he saidwould depend on the whole team he said you're more of a guy who would enjoyyou're more of a guy who would enjoyyou're more of a guy who would enjoy like table tennis or tennis morelike table tennis or tennis morelike table tennis or tennis more individual sports than team sports rightindividual sports than team sports rightindividual sports than team sports right and then he says there's a second Quirkand then he says there's a second Quirkand then he says there's a second Quirk you like to play games but you like toyou like to play games but you like toyou like to play games but you like to play games where you think you have someplay games where you think you have someplay games where you think you have some odds where you can win the gameodds where you can win the gameodds where you can win the game so they were looking at me with my 200so they were looking at me with my 200so they were looking at me with my 200 people in the I.T business and they saidpeople in the I.T business and they saidpeople in the I.T business and they said we don't even know how you go to work awe don't even know how you go to work awe don't even know how you go to work a bit this is so far away from where youbit this is so far away from where youbit this is so far away from where you are that this is ridiculous and I was atare that this is ridiculous and I was atare that this is ridiculous and I was at that point I was just about to start bythat point I was just about to start bythat point I was just about to start by funds and I was just about to leave myfunds and I was just about to leave myfunds and I was just about to leave my business and all of that and I showedbusiness and all of that and I showed
Questionerbusiness and all of that and I showed them what I was going to do with public funds and it didn't exist at that time it was about three months before it launched they said this is perfect this will work really well for you and one of them became one of my initial investors he was at that time he gave me a hundred thousand so I told him I said Jim look I gave you two thousand dollars for this and you're giving me a hundred thousand I want to lose your money okay he said no I cracked your brain open everything's gonna be fine please take the money okay and and he did fine there's no issues and so the two guys have split up now only one guy does this and I think the two grand is now about maybe 10 grand or so and last I checked but still a bargain I think it's a great deal so what I'll do is I'll send his name is Jack skein I'll send his contact
Othername is Jack skein I'll send his contact info to mudit and I think a lot of itinfo to mudit and I think a lot of itinfo to mudit and I think a lot of it you can do remotely because of zoom andyou can do remotely because of zoom andyou can do remotely because of zoom and all thatall thatall that I would I get nothing whether you do itI would I get nothing whether you do itI would I get nothing whether you do it or not it's I have no Kickback oror not it's I have no Kickback oror not it's I have no Kickback or anything but I would say that it wouldanything but I would say that it wouldanything but I would say that it would bebebe I would say probably the best 10 000 youI would say probably the best 10 000 youI would say probably the best 10 000 you could spend it was and I think all yourcould spend it was and I think all yourcould spend it was and I think all your kids should do it when they I think itkids should do it when they I think itkids should do it when they I think it would help them a lot as wellwould help them a lot as wellwould help them a lot as well so that's that's a great question nimishso that's that's a great question nimishso that's that's a great question nimish and I'll get both at the infoand I'll get both at the infoand I'll get both at the info awesome thank you so much uh thank youawesome thank you so much uh thank youawesome thank you so much uh thank you for your time uh thank you on behalf offor your time uh thank you on behalf offor your time uh thank you on behalf of EO gurgaon and all the members uh who'veEO gurgaon and all the members uh who'veEO gurgaon and all the members uh who've joined from different chapters uh dandojoined from different chapters uh dandojoined from different chapters uh dando was an amazing read and I wouldwas an amazing read and I wouldwas an amazing read and I would recommend each and every person who isrecommend each and every person who isrecommend each and every person who is here to read it if they haven'there to read it if they haven'there to read it if they haven't I would also take the opportunity toI would also take the opportunity toI would also take the opportunity to compliment you for the work that you'recompliment you for the work that you'recompliment you for the work that you're doing with your foundation dakshana uh Idoing with your foundation dakshana uh Idoing with your foundation dakshana uh I think you are doing some amazing impact
Questionerthink you are doing some amazing impact work um with the underprivileged and you know turning lives not just for them but for their family so really my compliments to you and more power to you for that um and lastly thank you for this uh amazing uh insights I have taken lots of notes um and uh it's amazing to know how your YPO Forum has helped you evolve and you know come this far and find your true calling and I think EO has had that impact for a lot of us already we've been part of forums now for three four five seven years and uh thank you again uh I think loads to take for everyone home and uh we look forward to hopefully hosting you sometime whenever you visit next to India at our chapter or one of our events
Warrenyeah I would have actually liked to do this live it would be more fun but you know this is not a bad bad option and I would love to meet all of
Questioneroption and I would love to meet all of you so maybe sometime the future we can do a live event that'll be fun thank you so much thanks for your time I hope you're overstretched but uh appreciate your time again
Otherall right that's wonderful thank you thank you bye