Other[Music]as management and it's my pleasure toas management and it's my pleasure toas management and it's my pleasure to welcome you to an other addition of awelcome you to an other addition of awelcome you to an other addition of a device connect over the last few weeksdevice connect over the last few weeksdevice connect over the last few weeks in the lockdown you've joined us forin the lockdown you've joined us forin the lockdown you've joined us for connects with speakers across variousconnects with speakers across variousconnects with speakers across various domains right from Prahlad Kakkar todomains right from Prahlad Kakkar todomains right from Prahlad Kakkar to Vishwanatha nanan today I think we haveVishwanatha nanan today I think we haveVishwanatha nanan today I think we have a very very special personality with usa very very special personality with usa very very special personality with us and I'm so delighted that he's taken theand I'm so delighted that he's taken theand I'm so delighted that he's taken the time to join ustime to join ustime to join us I think Mohnish Pabrai needs noI think Mohnish Pabrai needs noI think Mohnish Pabrai needs no introduction but because I've got theintroduction but because I've got theintroduction but because I've got the pleasure of doing the introduction Ipleasure of doing the introduction Ipleasure of doing the introduction I can't resist doing an introductioncan't resist doing an introductioncan't resist doing an introduction Mohnish Pabrai well-known investor isMohnish Pabrai well-known investor isMohnish Pabrai well-known investor is managing partner of the pariah funds themanaging partner of the pariah funds themanaging partner of the pariah funds the Parra investment funds as many of usParra investment funds as many of usParra investment funds as many of us know were inspired by the original 1950sknow were inspired by the original 1950sknow were inspired by the original 1950s Buffett partnerships and in many sensesBuffett partnerships and in many sensesBuffett partnerships and in many senses are a close replica of the originalare a close replica of the originalare a close replica of the original Buffett partnership rulesBuffett partnership rulesBuffett partnership rules mohnish clearly and closely followsmohnish clearly and closely followsmohnish clearly and closely follows Buffett's principles on value investing
OtherBuffett's principles on value investing in capital allocation I was looking at some data and from 1999 to 2008 in March $100,000 investment in poverty funds has grown to over 1.8 million after fees and expenses that's well ahead of the Dow NASDAQ and most mutual fund managers when he started his career as an entrepreneur which we'll talk about he's also the author of multiple books on value investing of course the Thunder and Westar is something that all of us have known and loved a book all of us have known and loved he's a member of YPO I find that we have one thing in common which is that money she loves playing duplicate bridge and also very interestingly he received his first lifetime ban in 2019 from playing blackjack at a Las Vegas casino because of his ability to win again and again so found that super fascinating and he's
Otherfound that super fascinating and he's been very kind to do this for us sitting out of California I think perhaps the most interesting thing is that in all the wealth that he has created he's also than abduction or foundation which is doing a lot of good work on alleviating poverty in India through education providing intensive coaching for iit and I I am students um so I found that very very fascinating
Otherso Mohnish thank you so much on behalf of a very wise asset management for doing this for us and we are so excited to have this conversation
Otherwell Radhika thank you for that very flattering introduction pleasure to be here and hopefully we can add some value thank you so just for everyone the format of this conversation you are used to this if you've attended editions of Connect I have a bunch of questions to ask Manish and then I know we'll continue that
Otherand then I know we'll continue that session for about 30-35 minutes and I know many of you are posting questions on the chat window I encourage you to post them I try to take some of those questions as well please do refrain from asking questions on single stocks that's the only rule but Monisha in order to kick off this conversation with a port I have heard from you and this is something very close to me you said that the good news in investing is there are no HR problems because if they are new humans there are no problems I want to know why you chose investing as a career because I think you actually started out in sales and marketing you did entrepreneurship and then turned investor and I wanted to know about that thinking in the journey
Otheryeah I think that's a really good question it could be a long answer but I'll try to keep it
be a long answer but I'll try to keep it keep it brief so most of us most of uskeep it brief so most of us most of uskeep it brief so most of us most of us when we grow up you know we basicallywhen we grow up you know we basicallywhen we grow up you know we basically tend to conform to what the worldtend to conform to what the worldtend to conform to what the world expects of us or how the world expectsexpects of us or how the world expectsexpects of us or how the world expects us to act or behave or things to do andus to act or behave or things to do andus to act or behave or things to do and so on and so forth so each of us asso on and so forth so each of us asso on and so forth so each of us as humans has a some has a kind of let'shumans has a some has a kind of let'shumans has a some has a kind of let's say core map of who we are on the insidesay core map of who we are on the insidesay core map of who we are on the inside andandand and then there is how we act on theand then there is how we act on theand then there is how we act on the outside and the problem with the and theoutside and the problem with the and theoutside and the problem with the and the map that we have of the on the inside ofmap that we have of the on the inside ofmap that we have of the on the inside of who we are the theory is that it'swho we are the theory is that it'swho we are the theory is that it's hard-coded at the age of five betweenhard-coded at the age of five betweenhard-coded at the age of five between your genetics and first five years ofyour genetics and first five years ofyour genetics and first five years of life experience and after that it's notlife experience and after that it's notlife experience and after that it's not going to change for the rest of yourgoing to change for the rest of yourgoing to change for the rest of your life so it's pretty much set in stonelife so it's pretty much set in stonelife so it's pretty much set in stone the problem is that most of us do notthe problem is that most of us do notthe problem is that most of us do not know ourselves well enough to know whatknow ourselves well enough to know whatknow ourselves well enough to know what that inner map is so we go through lifethat inner map is so we go through lifethat inner map is so we go through life most of us go through life what I wouldmost of us go through life what I wouldmost of us go through life what I would call misaligned so for example if you
Othercall misaligned so for example if you have this as your inner map and this is your outer map this is typical almost most humans there's there's a misalignment and if you can get to inner and outer aligning really well which happens in a sliver of humans you can go really far in life because then you're maximizing all your all your you know capabilities and and and you know preferences and what you love to do and so on so so in my keen is I got that what I would call my owner's manual through a couple of industrial psychologists in 1999 so I was 34 years old and that's when I actually got a document which gave me my inner map and a lot of things that I had been doing until then were not in sync so you can you cannot change your inner map it is what it is and and the best that you can do is make the way you go through life be as closely aligned as possible to
Questionerbe as closely aligned as possible to that in a map so one of the one of the first thing things that two psychologists had told me because I was just about to strike for iPhones it was about three months before pop - started and I was running a IT company with 160 people and they said to me that we actually don't even understand how you're able to function in this environment with all these people because so far away from where you are and they said that you know and then I describe to them what Popeye funds was going to look like and they said that looks perfectly aligned with what your what your inner map is and and in fact one of them became the one of the original investors in pop - say I didn't even know very well but he said look I had looked inside your head I know the way it works and I'm very confident I'll do well with my money and
Otherconfident I'll do well with my money and so I'm fine and so and actually that wasso I'm fine and so and actually that wasso I'm fine and so and actually that was a priceless exercise it gave me a verya priceless exercise it gave me a verya priceless exercise it gave me a very crystal clear view of who I was and socrystal clear view of who I was and socrystal clear view of who I was and so so for example you know I would not beso for example you know I would not beso for example you know I would not be very happy if I had to spend my dayvery happy if I had to spend my dayvery happy if I had to spend my day meeting a lot of people and having a lotmeeting a lot of people and having a lotmeeting a lot of people and having a lot of social interaction and so on so forthof social interaction and so on so forthof social interaction and so on so forth I think that would would be quiteI think that would would be quiteI think that would would be quite significantly out of alignment in asignificantly out of alignment in asignificantly out of alignment in a typical week I don't have any scheduledtypical week I don't have any scheduledtypical week I don't have any scheduled phone calls I don't have any scheduledphone calls I don't have any scheduledphone calls I don't have any scheduled meetingsmeetingsmeetings something like what we're doing today issomething like what we're doing today issomething like what we're doing today is unusual because I usually don't have Iunusual because I usually don't have Iunusual because I usually don't have I keep my calendar completely empty andkeep my calendar completely empty andkeep my calendar completely empty and that weird approach to life fits wellthat weird approach to life fits wellthat weird approach to life fits well for the weird inner map that I havefor the weird inner map that I havefor the weird inner map that I have that's it's absolutely fascinating andthat's it's absolutely fascinating andthat's it's absolutely fascinating and I'm glad you gave us time on yourI'm glad you gave us time on yourI'm glad you gave us time on your calendar now there is another thing incalendar now there is another thing incalendar now there is another thing in bonus you were an entrepreneurbonus you were an entrepreneurbonus you were an entrepreneur incidentally many people listening onincidentally many people listening onincidentally many people listening on this call are also actually
Questionerthis call are also actually entrepreneurs and you've had this belief that entrepreneurs take risk and people think they take risk and they get rewarded because they take risk but in reality and entrepreneur wants to do everything to minimize risks they want free lunches if they can get them and go after them but is this the whole hondo investing framework that you talked about in the book and actually what is the story behind the framework in the name
Otherwell so first let's let's unpack number of questions in there but first let us talk about entrepreneurship and risk and then we will go to Tonto which will just dovetail into that but so you know that the common misconception is that entrepreneurs take two risk and so if we ignore venture-backed startups which are a completely different animal they represent less than 1/10 of 1%
Questionerthey represent less than 1/10 of 1% of all startups so we can we can ignoreall startups so we can we can ignoreall startups so we can we can ignore venture-backed startups they don'tventure-backed startups they don'tventure-backed startups they don't represent the reality of how 99.9represent the reality of how 99.9represent the reality of how 99.9 percent or more of businesses getpercent or more of businesses getpercent or more of businesses get started so if if I take the example oflet's say a dry cleaner for example solet's say a dry cleaner for example solet's say a dry cleaner for example so there are two towns they're like 2030there are two towns they're like 2030there are two towns they're like 2030 miles apart and they have dry cleanersmiles apart and they have dry cleanersmiles apart and they have dry cleaners in both those towns and then there's ain both those towns and then there's ain both those towns and then there's a new Township coming up between those twonew Township coming up between those twonew Township coming up between those two towns let's call it town C and town C istowns let's call it town C and town C istowns let's call it town C and town C is coming up and this one by cleanercoming up and this one by cleanercoming up and this one by cleaner notices that some people are drivingnotices that some people are drivingnotices that some people are driving quite a bit of distance to come to himquite a bit of distance to come to himquite a bit of distance to come to him because there's no dry cleaner than sobecause there's no dry cleaner than sobecause there's no dry cleaner than so he starts questioning the the peoplehe starts questioning the the peoplehe starts questioning the the people there and so on any fines that basicallythere and so on any fines that basicallythere and so on any fines that basically there's an opportunity because there'sthere's an opportunity because there'sthere's an opportunity because there's not writing is there so he might henot writing is there so he might henot writing is there so he might he might open a small shop there it mightmight open a small shop there it mightmight open a small shop there it might not even have any facilities just mightnot even have any facilities just mightnot even have any facilities just might be a place to take in and deliverbe a place to take in and deliverbe a place to take in and deliver clothes but still keep the back end at
Questionerclothes but still keep the back end at his main place he could minimize a risk of doing that by you know keeping the lease short and keeping the space small and so on so forth and then once it gets going he can scale that up and if it doesn't work he can pull that back and just go back to the way he was operating so basically the the idea is that entrepreneurs and doesn't matter you know you're running a restaurant or a gas station or whatever basically the the idea is that entrepreneurs look for arbitrage opportunities and as we understand arbitrage in markets pure arbitrage is risk and entrepreneurship is not risk-free but it's pretty low risk in the manner in which most entrepreneurs approach it so they try to do all kinds of things to make sure that the the downside is limited and you know coming to the word thunder so my my roommate in college was
Questionerthunder so my my roommate in college wasthunder so my my roommate in college was a Gujarati guy and we're still verya Gujarati guy and we're still verya Gujarati guy and we're still very close friends and he he I'm in collegeclose friends and he he I'm in collegeclose friends and he he I'm in college in South Carolina he had a bunch ofin South Carolina he had a bunch ofin South Carolina he had a bunch of relatives uncles who had differentrelatives uncles who had differentrelatives uncles who had different businesses motels laundromats you knowbusinesses motels laundromats you knowbusinesses motels laundromats you know 7/11 so on and so several times on the7/11 so on and so several times on the7/11 so on and so several times on the weekend he would disappear to meetweekend he would disappear to meetweekend he would disappear to meet different family members I don't need todifferent family members I don't need todifferent family members I don't need to come back Sunday night he'd be like havecome back Sunday night he'd be like havecome back Sunday night he'd be like have all these stories of all these deals hisall these stories of all these deals hisall these stories of all these deals his relatives Adams and uncle had you knowrelatives Adams and uncle had you knowrelatives Adams and uncle had you know bought a new motel or whatever and thenbought a new motel or whatever and thenbought a new motel or whatever and then the end when he finished telling me allthe end when he finished telling me allthe end when he finished telling me all those stories you would say Mohnishthose stories you would say Mohnishthose stories you would say Mohnish bundle okay and and done know the wordbundle okay and and done know the wordbundle okay and and done know the word Gujarati word that the directGujarati word that the directGujarati word that the direct translation is business but we know thattranslation is business but we know thattranslation is business but we know that what it really means is a approach towhat it really means is a approach towhat it really means is a approach to doing business which is gives you upsidedoing business which is gives you upsidedoing business which is gives you upside the downside which is similar to what Ithe downside which is similar to what Ithe downside which is similar to what I just talked about with entrepreneursjust talked about with entrepreneurs
Questionerjust talked about with entrepreneurs money when you practice and approach that's upside with more downside and you said heads I win tails I lose I think it's very relevant for a market like India which is so chaotic I mean it's economically chaotic it's also politically chaotic now how do you actually practice that kind of investing do you have a checklist in mind and if you had to give people a bit because that's what everyone's trying to achieve in a market like India how do you practice that is there a checklist that you have what are the few things that you tell people who want to practice that kind of investing
Charlieyeah the checklist the checklist comes in a little later in the process as in the sense that you're trying to make sure you've thought about all the things you should think about before making investment but but when you first
Questionerinvestment but but when you first encounter a a business as a potentialencounter a a business as a potentialencounter a a business as a potential investment I mean the the first questioninvestment I mean the the first questioninvestment I mean the the first question you should be asking yourself is howyou should be asking yourself is howyou should be asking yourself is how would I lose money on this investmentwould I lose money on this investmentwould I lose money on this investment not how I would make money but what arenot how I would make money but what arenot how I would make money but what are the ways in which things can go wrongthe ways in which things can go wrongthe ways in which things can go wrong and and after you can satisfy yourselfand and after you can satisfy yourselfand and after you can satisfy yourself that you can't easily come up with athat you can't easily come up with athat you can't easily come up with a scenario where things can go wrong youscenario where things can go wrong youscenario where things can go wrong you know kind of focus on the downside youknow kind of focus on the downside youknow kind of focus on the downside you really focus on the downside the upsidereally focus on the downside the upsidereally focus on the downside the upside carrot takes care of itself and and socarrot takes care of itself and and socarrot takes care of itself and and so so what we really want to do inso what we really want to do inso what we really want to do in investing is we want to we want to lookinvesting is we want to we want to lookinvesting is we want to we want to look for investments where the downside isfor investments where the downside isfor investments where the downside is very muted so I'll give you I'll givevery muted so I'll give you I'll givevery muted so I'll give you I'll give you an example and I think this is anyou an example and I think this is anyou an example and I think this is an example that goes back I think maybe 20example that goes back I think maybe 20example that goes back I think maybe 20 or 21 years but it's very relevant todayor 21 years but it's very relevant todayor 21 years but it's very relevant today so in early 2000 when I had just startedso in early 2000 when I had just startedso in early 2000 when I had just started my funds I had a former executive atmy funds I had a former executive atmy funds I had a former executive at Microsoft who had joined my funds he had
QuestionerMicrosoft who had joined my funds he had he had retired pretty senior guy used to work with Bill directly and so he had joined the fun that he told me Mohnish you know if you're ever in Seattle I can introduce you to a bunch of you know current and former Microsoft employees and they might have an interest in you know putting some money with you and so I told him you know as a matter of fact day after tomorrow I'm going to be in Seattle and so he said okay then you know so I you know cooked up my Seattle trip so I could go go meet at that time for iPhones was just mad adding a few million dollars you know three four million under management was very small and so I met a bunch of folks at Microsoft and a number of them became investors in / - but I I I told them when I talked to them what I realized was that something like 90% of the net worth was
Questionersomething like 90% of the net worth was sitting in Microsoft stock and their livelihood was coming from Microsoft and I told them at that time so Microsoft was the most valuable company in the world when I met them it had a six hundred billion dollar market cap the trailing p/e was something like 75 was trailing it was 75 times trailing earnings so I told them that look I know it's a great business I know you guys have had a great run but you would be better off not holding or definitely you know trimming down actually the position you owned and they looked at me like I was from Mars like what are you talking about all the company is done is gone straight up and you know earnings and grow everything's wrong is this it's a monopolist in many ways and such so what happened after that from 99 to about 2013 or 2014 it was the six hundred
Questioner2013 or 2014 it was the six hundred billion market cap in 99 and was a sixbillion market cap in 99 and was a sixbillion market cap in 99 and was a six hundred billion market cap in 2014 ithundred billion market cap in 2014 ithundred billion market cap in 2014 it was completely flat for the nextwas completely flat for the nextwas completely flat for the next fourteen or fifteen years but it wasn'tfourteen or fifteen years but it wasn'tfourteen or fifteen years but it wasn't just flat it went down a lot more thanjust flat it went down a lot more thanjust flat it went down a lot more than 50 percent so it you know you had a50 percent so it you know you had a50 percent so it you know you had a pretty serious drawdown and and thenpretty serious drawdown and and thenpretty serious drawdown and and then subsequently you came up so over that 14subsequently you came up so over that 14subsequently you came up so over that 14 or 15 year period and in fact even ifor 15 year period and in fact even ifor 15 year period and in fact even if you go to today because Microsoft's hadyou go to today because Microsoft's hadyou go to today because Microsoft's had a great run in the last few years soa great run in the last few years soa great run in the last few years so today the market cap is 1.2 billiontoday the market cap is 1.2 billiontoday the market cap is 1.2 billion which is about 20 years later if Iwhich is about 20 years later if Iwhich is about 20 years later if I exclude dividends about three and a halfexclude dividends about three and a halfexclude dividends about three and a half percent a year even or dividends ispercent a year even or dividends ispercent a year even or dividends is about five percent a year or somethingabout five percent a year or somethingabout five percent a year or something so it the company has done really wellso it the company has done really wellso it the company has done really well the bill really well but the investorthe bill really well but the investorthe bill really well but the investor did not do well and the reason thedid not do well and the reason thedid not do well and the reason the investor did not do well is because ininvestor did not do well is because ininvestor did not do well is because in 1999 if you were looking at investing in1999 if you were looking at investing in1999 if you were looking at investing in Microsoft you would be paying 600
QuestionerMicrosoft you would be paying 600 billion dollars for something like 6 or 7 billion a in earnings so how long would it take you to earn the six hundred billion back it's a very long time no matter what growth rate you take and so so the first question I mean it was very obvious that if if you invest in a business like Microsoft it's it's it was obvious to me then there would not be a great investment and if if if we look today you know if you look at the u.s. we look at the the fangs you know Facebook Apple Amazon Google net you know you know Netflix and so on you know these are great businesses unbelievable businesses they have incredible you know moats and pricing power and franchises but all that is baked into the price if you look at their trailing earnings and the ratio or p/e ratios trailing p/e ratios they're ridiculous and and they are
Questionerthey're ridiculous and and they are what's driving the SP where it's going so it is possible that you could invest in Amazon and ten years from now you look great but the odds are against you it's not it's not a good bet to make one question I had is and this is the obvious question about crisis obviously you've seen 2008 you're seeing the current crisis around over you know whatever mistakes you've made in 2008 that you learned from and you feel that you held up better because of those during this period
Questioneroh well we're still going through the periods for time will tell but yeah I think the number one area which I have had trouble in my portfolio has been making investments in leveraged businesses and buying leveraged financial institutions and in oh wait oh nine in that period I had you know I run a concentrated portfolio typically ten ten investments would make
Questionertypically ten ten investments would make up more than 80 percent of ass but you know I had one investment which went to zero there was a mortgage mortgage lender and add another one that almost went to zero that was also and in in the finance business and and those really hurt because those are significant significant hitch to the fund we we came back and then some but it took us a while to recover from that so I think if the lesson I took from there is to stay as far away as I can from laboratory institutions and from in general you know leverage you know just level just a bi I don't have any leverage in my portfolios and personally we have no margin or anything like that we don't go there but I want to make sure that even the businesses we get into typically are not in that in that space and and you know when I we talked about the checklist earlier you brought
Questionerabout the checklist earlier you brought up the the number one reason that value investors don't do well on their investments is leverage they were like four or five large reasons why investments don't work out leverage was the number one you know some aspect of management of ownership and their ethos was another one and then you know some aspect of the moat misunderstanding the competitive advantage was another one so these are three big ones but leverage is the biggest biggest one to be very off
Questionerdo you see the poet pandemic and this crisis is different from 2008 and how do you see it is differently I mean do you think is there a post covert investing world or is that too big of phrase ascribing too much to this current crisis
Unknownyeah I mean I I think that most most people listening to this it probably not agree with me on this but
Questionerprobably not agree with me on this but 10 or 20 years from now history will judge our leaders very poorly on the way they have reacted to Cove it so what the what the world has done with the exception of a few places is they shut everything down India shut everything down you know us got shut down most of your quad shut up shut down and so on and I mean you know I'm very familiar with the I mean I think I can even I think the Indian think I can even I think the Indian stats I read is north of a hundred stats I read is north of a hundred million people have lost them lost their million people have lost them lost their ability to earn money only higher than ability to earn money only higher than that in the in the US we've had more that in the in the US we've had more than 35 million people lose lose their than 35 million people lose lose their jobs and you know the the thing is that jobs and you know the the thing is that yes we are we are trying to save lives yes we are we are trying to save lives and social distance is a very good thing and social distance is a very good thing and wearing masks is a really good thing and wearing masks is a really good thing but but when we do shutdowns of the kind but but when we do shutdowns of the kind that India did or the kind that the US
Questionerthat India did or the kind that the USthat India did or the kind that the US did no one I didn't see people do adid no one I didn't see people do adid no one I didn't see people do a proper analysis of what it means so whenproper analysis of what it means so whenproper analysis of what it means so when you when you take away jobs from 35you when you take away jobs from 35you when you take away jobs from 35 million people in the US the suicidemillion people in the US the suicidemillion people in the US the suicide rate is going to go up the depressionrate is going to go up the depressionrate is going to go up the depression rate is going to go up the divorce raterate is going to go up the divorce raterate is going to go up the divorce rate is going to go up the the violence atis going to go up the the violence atis going to go up the the violence at home is going to go up abuse of childrenhome is going to go up abuse of childrenhome is going to go up abuse of children is going to go up nobody I am not read ais going to go up nobody I am not read ais going to go up nobody I am not read a single article anywhere where anyonesingle article anywhere where anyonesingle article anywhere where anyone even talks about this that what's theeven talks about this that what's theeven talks about this that what's the what's the equation I mean the US we'vewhat's the equation I mean the US we'vewhat's the equation I mean the US we've lost a hundred thousand liveslost a hundred thousand liveslost a hundred thousand lives and you have 35 million unemployed aand you have 35 million unemployed aand you have 35 million unemployed a hundred thousand lives they are countinghundred thousand lives they are countinghundred thousand lives they are counting a death as a coma death regardless ofa death as a coma death regardless ofa death as a coma death regardless of what other conditions the person waswhat other conditions the person waswhat other conditions the person was suffering from large number of thesuffering from large number of thesuffering from large number of the people who have died are in nursingpeople who have died are in nursingpeople who have died are in nursing homes where you know your mortality ratehomes where you know your mortality ratehomes where you know your mortality rate is pretty low if you're in a nursingis pretty low if you're in a nursingis pretty low if you're in a nursing home in the u.s. so so my my take is
Questionerhome in the u.s. so so my my take is first of all I think that most governments I think did not in my opinion make the right call in terms of how to deal with it and again maybe 10 years from now we'll get a more you know balance for you looking back the second the second part of it is now what's done is done we can't really undo it and I think and I think from the Indian context if you're trying to create social distancing how do you create total distancing when you've got these mass migrations and how do you create social distancing when you go to mass move people hundreds of miles and the railway stations are jammed and the buses are jammed and all of that I just don't understand how you create social distancing when you you basically in do all those kinds of things well let's ignore all that you know that's water under the bridge we really can't do much
Otherunder the bridge we really can't do much about what's going on the impact the the coma did impact you know I think that businesses capitalism and businesses are very very fragile creations I told you what the drycleaner who starts a shop in a new town he needs everything to be steady state for that business to have a chance for that County thing to make it if anything goes out of the ordinary another cleaners comes in or anything else happens you probably won't make it it will just be too hard so so businesses are very fragile creations we are going through creative destruction and capitalism all the time in the United States every week 1600 businesses go out of business you know we lose about a hundred thousand businesses a year that just happens normally in a in a normal economy in the US and we create more than 100,000 businesses then that
Othermore than 100,000 businesses then that whole creative destruction is what makes the economy go what we have done now is we have destroyed way more than 1600 businesses we've destroyed in my opinion probably hundreds of thousands of businesses and many of those will never come back because they are very fragile and to begin with you know you take some restaurant or some barber shop and such I mean these are these are difficult businesses they're they're surviving in a steady state in a very competitive environment it's hard to you know take the pull the rug out from under them and have them come back so so I think that the recovery even though governments have taken very good action in terms of you know supporting it and and supporting the financial system and all that in the u.s. we were at you know three odd percent unemployment we had
Questionerthree odd percent unemployment we had the best job market in January in thethe best job market in January in thethe best job market in January in the history of the United States it was justhistory of the United States it was justhistory of the United States it was just the the most amazing economy more thanthe the most amazing economy more thanthe the most amazing economy more than 160 million people employed we will160 million people employed we will160 million people employed we will probably not see that again in myprobably not see that again in myprobably not see that again in my opinion at least for at least five yearsopinion at least for at least five yearsopinion at least for at least five years and it may be beyond that might even beand it may be beyond that might even beand it may be beyond that might even be ten years I don't know so I don't knowten years I don't know so I don't knowten years I don't know so I don't know how long it will take the United Stateshow long it will take the United Stateshow long it will take the United States you get back to three percent or foryou get back to three percent or foryou get back to three percent or for India to get those 100 125 millionIndia to get those 100 125 millionIndia to get those 100 125 million people back to work but it's not goingpeople back to work but it's not goingpeople back to work but it's not going to be this year it's not gonna be nextto be this year it's not gonna be nextto be this year it's not gonna be next year it's not gonna be it will not beyear it's not gonna be it will not beyear it's not gonna be it will not be whenever you're vaccinated we havewhenever you're vaccinated we havewhenever you're vaccinated we have created serious permanent damage to thecreated serious permanent damage to thecreated serious permanent damage to the global economy
Otherbeautiful points there and you know Ibeautiful points there and you know Ibeautiful points there and you know I wanted to ask you a related questionwanted to ask you a related questionwanted to ask you a related question from an Indian investors whatfrom an Indian investors whatfrom an Indian investors what you you know one of the things that theyou you know one of the things that theyou you know one of the things that the Indian investor has been looking at andIndian investor has been looking at andIndian investor has been looking at and many people listening on the corners
Questionermany people listening on the corners they've been looking at the US market and you know you talked about the economic damage so how do you see the US market and the way it's moved and it's it's hard to talk about this given what has happened to the economy and the economic impact and for someone sitting in India who's looking to invest to the u.s. also which is a lot of people today
Otheryeah so the the US markets for the most part have brushed off covent as an ordered event I mean if you look at the decline in the in the stock indices in such I mean I think March 23rd was low but the economy's come I mean the stock markets come rolling back a lot of good news is is priced in and to some extent some of that may be justified because markets are forward looking I think the United States is a you know superhuman economy it's a superstar economy it's
Othereconomy it's a superstar economy it's the best most amazing economy on the planet with all the factors you know set up to to unleash all the entrepreneurial energies of the country and such so it's it's an amazing it's an amazing creation this amazing creation will bounce back and I think if the American spirit they will try to bounce back as quickly as possible but I think even two years from now we will still be maybe at 7 8 percent unemployment and then from there to get to three or four percent will take a while that's my best guess I mean I don't do macro or anything I'm just saying that my best guesses will take a while and markets don't seem to be pricing in a lot of bad news I mean I think the markets assume we're going to have a vaccine in some finite time historically humans have not produced vaccine this vaccines this quickly
Questionervaccine this vaccines this quickly so then that's an assumption being made so then that's an assumption being made so then that's an assumption being made the markets are assuming that the the markets are assuming that the the markets are assuming that the subsequent any subsequent waves that subsequent any subsequent waves that subsequent any subsequent waves that come off the wireless doesn't lead to come off the wireless doesn't lead to come off the wireless doesn't lead to more shutdowns and that's a question more shutdowns and that's a question more shutdowns and that's a question open question we don't know what the open question we don't know what the open question we don't know what the answer to that is so I think that answer to that is so I think that answer to that is so I think that definitely when I look at US markets so definitely when I look at US markets so definitely when I look at US markets so in many ways the market is very similar in many ways the market is very similar in many ways the market is very similar to 99 2000 in the sense at that time the to 99 2000 in the sense at that time the to 99 2000 in the sense at that time the market it very heavily polarized where market it very heavily polarized where market it very heavily polarized where everything had gone all the money at everything had gone all the money at everything had gone all the money at once it's not forms and the non dot coms once it's not forms and the non dot coms once it's not forms and the non dot coms or you know brick-and-mortar businesses or you know brick-and-mortar businesses or you know brick-and-mortar businesses were just languishing in valuations and were just languishing in valuations and were just languishing in valuations and we see something similar now at least in we see something similar now at least in we see something similar now at least in the US markets where the fangs there's a the US markets where the fangs there's a the US markets where the fangs there's a lot of money going into the fangs and lot of money going into the fangs and lot of money going into the fangs and the Tesla's and such and you know some the Tesla's and such and you know some the Tesla's and such and you know some normal brick-and-mortar businesses you normal brick-and-mortar businesses you normal brick-and-mortar businesses you know even now they're I think they are know even now they're I think they are know even now they're I think they are decent they're decent values so so I
Questionerdecent they're decent values so so I don't I don't think that markets have accurately discounted the macro covert events sitting in the US how they look at India I think India obviously is an economy that was probably in tough shape going into orbit we've been in the midst of a credit crisis since 2018 are there bright spots that you see in India and how do you see India kind of coming out of this
Questioneryeah I I think I think I I feel I feel I feel India does a lot of self-inflicted wounds on itself so so for example we know that there is an excellent exodus from manufacturing in China that started happening after the US government started imposing tariffs and there were lots and lots of companies that were looking at alternative places to to China so they could continue to manufacture at competitive rates and Vietnam for example picked up massive amounts of
Otherexample picked up massive amounts of manufacturing from China and India formanufacturing from China and India formanufacturing from China and India for example picked up very little and theexample picked up very little and theexample picked up very little and the reason India picked up a little is wereason India picked up a little is wereason India picked up a little is we make it really really hard to attractmake it really really hard to attractmake it really really hard to attract foreign investment we we have so manyforeign investment we we have so manyforeign investment we we have so many rules that are backwards and laws thatrules that are backwards and laws thatrules that are backwards and laws that are backwards and they defy Ricardo theyare backwards and they defy Ricardo theyare backwards and they defy Ricardo they defy Adam Smith I meaning the the mantradefy Adam Smith I meaning the the mantradefy Adam Smith I meaning the the mantra for how to make a country rich isfor how to make a country rich isfor how to make a country rich is extremely well known you can study Leeextremely well known you can study Leeextremely well known you can study Lee Kuan Yew and you'll get there you canKuan Yew and you'll get there you canKuan Yew and you'll get there you can study Augustine Pinochet you can studystudy Augustine Pinochet you can studystudy Augustine Pinochet you can study the Chicago economics school you canthe Chicago economics school you canthe Chicago economics school you can study Adam Smith you can study Ricardostudy Adam Smith you can study Ricardostudy Adam Smith you can study Ricardo none of these models is what Indianone of these models is what Indianone of these models is what India photos and it it blows my mind that it'sphotos and it it blows my mind that it'sphotos and it it blows my mind that it's not like we have a lack of brains or atnot like we have a lack of brains or atnot like we have a lack of brains or at the center we have a lack ofthe center we have a lack ofthe center we have a lack of understanding of what makes an economyunderstanding of what makes an economyunderstanding of what makes an economy tick and how to make an economy liketick and how to make an economy liketick and how to make an economy like India work really well and grow reallyIndia work really well and grow reallyIndia work really well and grow really go at very high rates and some of that
Othergo at very high rates and some of that gets to work bank politics where once you start focusing on those types of factors then you can forget about great economic results or great growth rates so I feel very sad when I see what is happening in India because we could be lifting tens of millions of people every year from poverty and we are not doing that and shame on the Indian government for going down that path
Questionerwhich I wanted to switch gears a little wind and talk about behavior you know in a market like this there is so much of temptation to just take action I think I have heard you say once that you don't make money when you buy stocks and when you sell you make money by waiting in fact one of the individuals asked a question that how do you appear so calm how do you practice patience during a crisis like this when you see
Questionerduring a crisis like this when you see so much happening well I mean I thinkso much happening well I mean I thinkso much happening well I mean I think yeahyeahyeah I mean I think the you know there's aI mean I think the you know there's aI mean I think the you know there's a there's a saying we all know as schoolthere's a saying we all know as schoolthere's a saying we all know as school kids in India if wealth is law and sokids in India if wealth is law and sokids in India if wealth is law and so you know when you are talking aboutyou know when you are talking aboutyou know when you are talking about wealthwealthwealth you really shouldn't you know beyou really shouldn't you know beyou really shouldn't you know be concerned too much unless you're one ofconcerned too much unless you're one ofconcerned too much unless you're one of those migrant workers without food orthose migrant workers without food orthose migrant workers without food or anything else or if you don't have youanything else or if you don't have youanything else or if you don't have you concerned about that but once you haveconcerned about that but once you haveconcerned about that but once you have the basics taken care of in your roofthe basics taken care of in your roofthe basics taken care of in your roof over your head and you know having threeover your head and you know having threeover your head and you know having three meals a day then it's really dumb tomeals a day then it's really dumb tomeals a day then it's really dumb to focus on that so one one each to keepfocus on that so one one each to keepfocus on that so one one each to keep perspective and and the drivers ofperspective and and the drivers ofperspective and and the drivers of happiness and the driver of good healthhappiness and the driver of good healthhappiness and the driver of good health is not getting hyperactive about youis not getting hyperactive about youis not getting hyperactive about you know because the stock market or what'sknow because the stock market or what'sknow because the stock market or what's happening to your bank balance ofhappening to your bank balance ofhappening to your bank balance of brokerage balance and so on and finallybrokerage balance and so on and finallybrokerage balance and so on and finally I have to ask my set of last questionsI have to ask my set of last questionsI have to ask my set of last questions by because everyone wants to know this
Questionerby because everyone wants to know this you know the Buffett did or is of course famoushow did it happen in what are sort of the lasting memories that you have from that
Ted Weschleryeah so you know I think that for most of us if we live in the time and Gandhi was alive Newton was alive Einstein was alive rabindranath tagore either there was no way to bribe them and have lunch with them I think a lot of humans would want to do that and so it it just so happens that Warren Buffett is willing to take a bribe once a year from the highest bidder to sit down for a meal and and my take was okay you know he's going to go down in history as a as an icon and he's alive when I'm alive he's in the United States he's not very far away he's willing to take a bribe the bribe you know I had made so many tens of millions of dollars of his intellectual property so I said you know
Li Luintellectual property so I said you know we can bid for the lunch and if we win it then that's a guru Dakshina and I just wanted to meet him to thank him that was the only objective I had in the in the lunch auction was to you know look him in the eye and just you know thank him for grateful I have I was for all the knowledge and information he is so openly shared and and of course the the reality of the of the lunches that Warren wants to make sure that whoever wins the lunch thinks they got a bargain so he tries very hard to you know make himself fully accessible and like for example when he came to the lunch I went with my family my friend vais near came with his wife and the first thing he told us is look there's no time limit on the lunch I have nothing going on all afternoon and when you guys are sick and tired of me let me know and I'll leave but but we
Ted Weschlerme let me know and I'll leave but but we don't have a limit of any kind and the lunch went on for like more than three hours and we covered a wide range of subjects and my my daughters were 10 and 12 years old at that time it was a thing for them to absorb many lessons that many things he said to them so it was just wonderful on all fronts it was wonderful and it led to a friendship with Warren let me friendship with Charlie I had many many bridge games with Charlie and many dinners at his place so the lunch has paid so many dividends and keeps paying dividends turned out to be a great bargain so Warren was right that we got the better end of the bargain
Questionerthis is a personal question I have to ask you because I play the game what is bridge taught you about investing if it has yeah so I think yeah I was very intrigued to learn maybe we
QuestionerI was very intrigued to learn maybe we can play some time you play you play oncan play some time you play you play oncan play some time you play you play on bridge base or do you play lies I playbridge base or do you play lies I playbridge base or do you play lies I play
Questionernow if I started playing when I was 13now if I started playing when I was 13now if I started playing when I was 13 because we had nothing to do in Nigeriabecause we had nothing to do in Nigeriabecause we had nothing to do in Nigeria with my family so I play with my familywith my family so I play with my familywith my family so I play with my family yeah so unfortunately live bridge is nowyeah so unfortunately live bridge is nowyeah so unfortunately live bridge is now in trouble with covent because it's inin trouble with covent because it's inin trouble with covent because it's in fact there was an article about how infact there was an article about how infact there was an article about how in Colorado they had massive spread ofColorado they had massive spread ofColorado they had massive spread of corona from one bridge club which had acorona from one bridge club which had acorona from one bridge club which had a 299 as game it was very sad anyway so in299 as game it was very sad anyway so in299 as game it was very sad anyway so in the USA at least it has exploded inthe USA at least it has exploded inthe USA at least it has exploded in terms of online in fact by the platformterms of online in fact by the platformterms of online in fact by the platform I used bridge base to play online rightI used bridge base to play online rightI used bridge base to play online right after things went into lockdown the siteafter things went into lockdown the siteafter things went into lockdown the site was crashing because it got so oh wellwas crashing because it got so oh wellwas crashing because it got so oh well with Java bridge players but anyway Iwith Java bridge players but anyway Iwith Java bridge players but anyway I think that bridge is a incredible gamethink that bridge is a incredible gamethink that bridge is a incredible game it's an amazing game I am deeplyit's an amazing game I am deeplyit's an amazing game I am deeply saddened by the fact that it's a dyingsaddened by the fact that it's a dyingsaddened by the fact that it's a dying game that there are more people who diedgame that there are more people who died
Questionergame that there are more people who died who used to play bridge then you youngwho used to play bridge then you youngwho used to play bridge then you young guys who take pick it up or young girlsguys who take pick it up or young girlsguys who take pick it up or young girls pick it up but I think that it's a it'spick it up but I think that it's a it'spick it up but I think that it's a it's a game of probabilities and investing isa game of probabilities and investing isa game of probabilities and investing is a game of probabilities and and I thinka game of probabilities and and I thinka game of probabilities and and I think it's you know world plays bridge Charlieit's you know world plays bridge Charlieit's you know world plays bridge Charlie Munger please bridge a lot of a lot ofMunger please bridge a lot of a lot ofMunger please bridge a lot of a lot of value investors play bridge they may bevalue investors play bridge they may bevalue investors play bridge they may be a correlation because I think ina correlation because I think ina correlation because I think in investing we have to thinkinvesting we have to thinkinvesting we have to think probabilistically there's no such thingprobabilistically there's no such thingprobabilistically there's no such thing as absolute you know sure probabilitiesas absolute you know sure probabilitiesas absolute you know sure probabilities or anything because Cove it sure showedor anything because Cove it sure showedor anything because Cove it sure showed you what can happen in terms of fatyou what can happen in terms of fatyou what can happen in terms of fat tailstailstails so yeah it's a great game and I'mso yeah it's a great game and I'mso yeah it's a great game and I'm grateful I get to play maybe like fivegrateful I get to play maybe like fivegrateful I get to play maybe like five or six hours a week I think Warren paysor six hours a week I think Warren paysor six hours a week I think Warren pays even more than that maybe around moreeven more than that maybe around moreeven more than that maybe around more than ten hours a week and and I eventhan ten hours a week and and I eventhan ten hours a week and and I even played I played with him once onlineplayed I played with him once onlineplayed I played with him once online which was quite a bit of fun and we werewhich was quite a bit of fun and we werewhich was quite a bit of fun and we were trying to get on the fly I was trying to
Othertrying to get on the fly I was trying to figure out his conventions is but it went pretty well
Otherfabulous so I'm going to take a couple of audience questions now and to the audience if you do have questions please post there are lots of them so I'll try and pick some of the more interesting ones um this one is really nice it comes from one of our advisers and daily Robbie :
Questionerwhat does success mean to you now having achieved so much
Otherwell I think that you know I you know there's different ways you can you can define success I think that one one way well you know I think that to be the most the most on a day to day basis for me what is important is am i leading an aligned life which is am i acting out externally in in sync with my inner map that i think is a kind of a base level to try to get maximum output or whatever engine you have but beyond that I think the definitions you know I
Questionerthat I think the definitions you know I think Buffett uses the example of this girl in World War two this Jewish girl who's trying to hide and the question was will they hide me so will your friends hiding you when people come to get you and you know if you're the the kind of person that they look up to then yeah there'll be a lot of people willing to hide you or you know who who shows up at your funeral and so I think I think the definitions more along those lines I think on my my own definitions I think is that I I like to play math games you know bridge blackjack investing they're all math games even many ways duction I as a math game and and I like to play them in a I would say elegant way and if the if the output shows that I've been successful then at the end a lot of people would have been helped through dakshana so that would be one way to look at success
Questionerthat would be one way to look at success but I think the best way we just look at it is they you know on a daily basis are you happy i you aligned do people like admire and trust you those are the kind of things you should focus on there's a second question that you know if you had to knowing all the chaos in India sort of take a ten your outlook on India how would you invest in Indian businesses I mean what are the bright spots feel
Questioneryeah so I think I think the you know like they say that India grows at night while the while the government sleeps so I think at the end of the day it's not so much India versus different parts of the world this applies anyway anywhere it's the same it's the same mantra is we want to find management teams with businesses where the businesses have you know great tail width and they've got a great runway
Li Luwidth and they've got a great runway ahead and a management team that's very aligned with great core principles to drive that with competency so I think the combination of great mode with great management with the right incentives is I think what we're looking for and we're looking for that any way in the world and and if the if the macro environment is not giving you tail which has been the case in India for most of its history since independence there are still many many entrepreneurs which will transcend and do well regardless of that but it would make life a lot easier if we were not trying to you know or try tie all the time one hand behind the back of most entrepreneurs by making their life difficult so so I think that's what we want to look for is you want to look for models in India where you're not relying on the largesse of the government oh
Questioneron the largesse of the government oh you're not relying on government doing X or Y or Z just assume government does not much and can you make can the business still do well in that environment and there are many many businesses in many sectors that would that would fall in that in that space I mean if you if you look at a you know a company like like geo for example you know geo just executed incredibly I mean for an upstart to come and take all this market share become number one change the pricing models you know put a lot of other players in very defensive position in in many ways I mean they've got they've got a lot of teal which I'm not recommending that it's a good stock or or not but definitely from a business point of view the execution has been amazing finished one question that I wanted to ask you that came up or not
Questionerwanted to ask you that came up or not because a lot of people here not from the asset management industry and the mutual fund industry how do you foresee the future for asset management especially from an India point of view
Otherwell I think that when I when I look at I've been around the world and I look at it when I look at it in the US which is the place I'm most familiar with and then I look at other places what I find is that in the United States with the extreme leverage of Technology and scale the frictional costs of asset management has come down quite a bit and when I look at that same scenario in other countries I mean just when I look at you know our own trading costs in the u.s. versus trading outside the US or what asset management charge in the US versus outside the u.s. the u.s. is far more efficient and competitive and partially because the leverage of Technology I
Otherbecause the leverage of Technology I think I think India will get there I think I think India will get there I think I think India will get there I think in yes moving down that path but think in yes moving down that path but think in yes moving down that path but but but I still find today that but but I still find today that but but I still find today that frictional costs are high for asset frictional costs are high for asset frictional costs are high for asset management and and in many ways management and and in many ways management and and in many ways investors themselves do themselves or investors themselves do themselves or investors themselves do themselves or disservice both in the US and India and disservice both in the US and India and disservice both in the US and India and elsewhere in terms of the results that elsewhere in terms of the results that elsewhere in terms of the results that they end up getting partially because of they end up getting partially because of they end up getting partially because of hyper activity but but I think that the hyper activity but but I think that the hyper activity but but I think that the the Indian asset management so India the Indian asset management so India the Indian asset management so India used to be a place where people were to used to be a place where people were to used to be a place where people were to only invest in three things they should only invest in three things they should only invest in three things they should be used by gold they should buy real be used by gold they should buy real be used by gold they should buy real estate and they used to have fixed estate and they used to have fixed estate and they used to have fixed deposits and that was pretty much gone deposits and that was pretty much gone deposits and that was pretty much gone maybe the fourth was under the mattress maybe the fourth was under the mattress maybe the fourth was under the mattress you know those are the four options that you know those are the four options that you know those are the four options that were there and I think that people at were there and I think that people at were there and I think that people at least I think enough you know people are least I think enough you know people are least I think enough you know people are realizing that gold is not going to get realizing that gold is not going to get realizing that gold is not going to get you to the promised land and real estate
Questioneryou to the promised land and real estate you to the promised land and real estate is not gonna get you to a promised land is not gonna get you to a promised land is not gonna get you to a promised land and you should buy real estate if you're and you should buy real estate if you're and you should buy real estate if you're going to live in that home but I don't going to live in that home but I don't going to live in that home but I don't think it makes so much sense we buying a think it makes so much sense we buying a think it makes so much sense we buying a bunch of homes bunch of homes bunch of homes expecting high increases in prices in expecting high increases in prices in expecting high increases in prices in the future so I think that the natural the future so I think that the natural the future so I think that the natural the natural place for the money to go is the natural place for the money to go is the natural place for the money to go is is in the in the asset management space is in the in the asset management space is in the in the asset management space in the equity space in the in the in the equity space in the in the in the equity space in the in the markets and such and so I think that markets and such and so I think that markets and such and so I think that that space has incredible tailwind for a that space has incredible tailwind for a that space has incredible tailwind for a very very long time it's it's adding very very long time it's it's adding very very long time it's it's adding your business you know I'm I'm a your business you know I'm I'm a your business you know I'm I'm a shareholder beetle wise and one of the shareholder beetle wise and one of the shareholder beetle wise and one of the one of the area's wheel wise that one of the area's wheel wise that one of the area's wheel wise that excites me the most is the wealth and excites me the most is the wealth and excites me the most is the wealth and asset management part of the business asset management part of the business asset management part of the business those are incredible franchises if we those are incredible franchises if we those are incredible franchises if we have a conversation 10 years from now or have a conversation 10 years from now or have a conversation 10 years from now or 20 years from now that industry in India 20 years from now that industry in India 20 years from now that industry in India will look so different so much larger
Otherwill look so different so much larger and so much more efficient it's I mean it's got incredible incredible growth that so I'm going to ask you the last two questions the because you know you've had such an interesting approach to philanthropy and I think it's probably a great way to end this conversation you know you've talked about the problem of income and wealth inequality in the global economy what are you doing what do you want to see happen to bridge this gap
Otherwell I think that it is it is very natural in a capitalist society to end up with haves and have-nots so capped capitalism is a great system for overall wealth creation it is not a great system for balanced wealth creation and and in and you know so the the government and philanthropic organizations come in to temper some of the you know you can say the animal spirits okay
Otherspirits okay ilysm so that it it doesn't lead to you know 2% of the of the country or 1% of country controlling 98% of the of the wealth and assets you know so because that's the general outcome you can get so it is absolutely right for societies to be capitalist because it is the way to maximize the wealth of society but you have to counter that with ways in which the pie can be more equitably distributed without and this is the most important thing without affecting the engine that creates the wealth so in India we are really good at redistribution but the way we redistribute we mess up the engine that creates the wealth to begin with so basically we have taken our wealth creation engine and clobbered it and then we become really good at redistribution so if you redistribute a pie that is not growing that's wrong that's not going to help us get to the
Otherthat's not going to help us get to the promised land and and so yeah the the role of I think the United States to me I think it has been incredible experience because Americans are the most generous people on earth they they give the most money as a percentage of their there their compensation and salaries and the richest Americans have been extremely generous in terms of give back and those give backs are way more efficient than having the government to them so the the philanthropic arms that we have like the Bill and Melinda Gates Foundation and so on those those entities do extremely good work far better than governments can well if my last question a lot of people in they know you're an avid reader so do you have any book recommendations that you're reading that you could leave with people yeah actually I'm I'm reading a book right now which I'm really enjoying
Questionerbook right now which I'm really enjoying a lot it was it was recommended to me the last time I met Charlie for dinner I think the last time I met up with John for dinner was March 7th which was just a week or so before things started to lock down in the u.s. so it's called capital capitalism in America and it's by alan greenspan who was the former chair of the Fed and it traces the history of the of the country in in a just a amazing way and and actually there are a lot of lessons for India in there I think in terms of what works and what doesn't work and and such so i I've I've really enjoyed reading at that book and and then there's another book which is which Leeloo recommended to me he manages money for for charlie it's it's called the other half of macroeconomics it's the author is a Richard Koo KO and so that's also a good book can I
Questionerso that's also a good book can I explains why we didn't get any inflation after we pumped all this money into the economy and kind of people are left scratching their head as to how can you print all these trillions of dollars and drop them for helicopters and not get inflation thank you so much
Otherfunny I definitely feel like I'm the smiling one and I got the better half of this which is your generosity so thank you so much for doing this with us I have to tell you we had multiple thousands of people log in so this is one of the biggest events that we had and I can't thank you enough for doing this on behalf of the team a little boys and the team I didn't why is Asset Management think you've got more and more fans in India that you're building day over by day and I really look forward to playing that game of bridge yeah actually it'll
Otherthat game of bridge yeah actually it'll be fun anytime maybe maybe when I'm in Mumbai you have a game that we have be fun too to try it out and and it was a fun hour I enjoyed the questions and and I I wish everyone the best I hope the lock downs come to an end quickly and we can try to get back to a more normal world as soon as possible okay thank you