Mohnish Pabrai an Indian-American businessman, Managing Partner Pabrai Investment Funds in the United States of America talks about opportunities available in the Indian Market for global investors at Emkay Global confluence 2018.
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Q2 hedge fund letters, conference, scoops etc
Mohnish Pabrai At Global Emkay Confluence 2018 : Exclusive Interview On CNBC – Tv18
Transcript
Right now let’s bring in another market voice into the conversation this Monday afternoon. Let me stop right managing partner of investment funds is with us. Thanks very much for joining us. Good to have you on the show. Now we talk on a day when the headlines are all about the Turkish leader. Now those issues might be limited perhaps but do you think that money markets including the U.S. and India perhaps have run a lot. Are they getting into overpriced territory.
You know I definitely find U.S. markets mostly the fully priced overpriced. So we’re not finding much much in theU.S. I think in India still very much a stock pickers market. And I think when you get past the top names. There’s a lot of opportunity. I mean I think you you’ve got to do your work. But still plenty of great businesses run by great leaders. And that pretty decent valuations with good runways and such. But you got to pick your spots.
SPELLBERG Good afternoon last time 85 percent invested in in Ghana less than 5 percent in the U.S. Has it changed.
Radically. I think what I mentioned is that we are mostly at that time were invested outside the U.S. not only in India but through other geographies. But but as I speak to today we have we have nothing in the U.S. and we probably have more than half the pie in India. And then we’ve got a little bit in China a little bit in Europe and that’s kind of how we. But you know it’s on it’s all bottoms up you know we don’t have a view but I do have experts and the next geography like that it’s just what shows up and what makes sense. So I think for quite a while we’ve been finding stuff in India that we haven’t been finding anything pretty much anywhere else in the world. And so I’m just spending more time digging into companies here. And it’s great.
To have clarification coming in from Jet Airways that’s causing maybe I don’t know I don’t know The Shotspotter would be coming I don’t know if they’ll be fresh minds just because of this the company is insisting that they’re going to set a standard with banks is as part of the Watchlist but it’s not an MP. That is what banking sources SVR sources are telling us.
It’s a stock which is almost dead now 5 percent and less than that and a band of this sort of piece obviously it’s become too much of a speculative play right now. I think. There are times when things look good for it’s this time it’s really gone and now you know what you have is starting to look sexy and you have these kind of most which will you know perhaps you know news that will move the stock. But I don’t think too much into this money.
I just want to talk about seven individual holdings if you can get into details that’d be great. I think in industries that you had I believe you also bought into Suntec realty holdings do like real estate as a space in India. I mean I mean if you look at a company like some tech for example you know when we were first buying our first shez maybe about 16 17 months ago we paid about one third the carbon price.
You know. And so the first quarter of 2017. And the second quarter the first half of 2017 was in my opinion a tremendous time to grow into especially Mumbai real estate and it’s worked out quite well. I think those areas have been for a while. I think from real estate in general.
