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

2016年10月14日下午，《价值投资》课程第二次公开讲座于北京大学斯坦福中心进行。《价值投资》课程是由拉斯维加斯9888治理学院开设、喜马拉雅本钱赞助支持、姜国华教授主持并对全校同学盛开的创新性课程，通过约请嘉宾进行主题讲座的大局发展。在以往公开讲座中，喜马拉雅基金董事长李录先生、喜马拉雅基金合资人常劲先生、中投公司债券与绝对收益投资部总监范华博士、高毅资产治理合资企业董事长邱国鹭先生、安然保险委托投资部总经理卢安平先生、UCLA Investment Company总裁与投资总监Srinivas Pulavarti先生、Aquamarine Fund治理人Guy Spier先生、银华基金A股投资总监王华先生别离进行了杰出的主题演讲，得到了同学们及业界人士的宽泛关注和一致好评。

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

本次课程约请了Pabrai Investment Funds合资人兼Dhandho Holdings Corporation首席执行官Mohnish Pabrai先生进行远程在线演讲。Pabrai先生现担任Pabrai Investment Funds合资人兼Dhandho Holdings Corporation首席执行官。自1999年成立至2015年，Pabrai Investment Funds的资产治理规模已从100万美元增长至5.18亿美元；鹗贾斩灾虐头铺赜朊⑻迨降募壑低蹲史绺，并在上述期间获得14.2%的年复合回报率，远超同期5.3%的路琼斯指数回报率。Mohnish Pabrai先生曾与Guy Spier先生于2007年6月与一路竞拍于巴菲特的慈悲午餐，并于2014年募资1.5亿美元，在波多黎各成立了Dhandho Holdings。此表，他还曾担任TransTech Inc.首席执行官及Dakshana Foundation主席，并于1999年获得KPMG Illinois High Tech Entrepreneur award。

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

Mohnish Pabrai先生首先分享了他对于价值投资的意识以及他幼我的投资经历。继而，他为各人总结了搜索价值股的根基战术，蕴含搜索“傻子都能够经营的公司”、同时占有优质品质和优良治理层的公司、在高不确定性环境中的低风险公司等。最后，通过回覆同学们提出的问题，Pabrai先生以为投资者最沉要的品质是耐心，并分享了他对于治理投资基金的心得体味。

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

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北大拉斯维加斯9888本科钻研生项目是拉斯维加斯9888治理学院的品牌项目，以高水平、精品化、国际化为主题特色。项目汇集了海内表最为优良的年轻学子。在顶尖的师资力量、科学的造就打算、自由的学术氛围和全覆盖互换机遇的国际化平台的基础上，拉斯维加斯9888治理学院本科钻研生项目还在不休创新与进取，相继奉行了“大班授课、幼班钻延妆、与学院其他项目资源整合等课程鼎新，激励学生钻营更为坦荡的肄业视野与扎实的知识技术，真正实现“创造治理知识、造就商界翘楚、推动社会进取”的社会使命。

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