Mohnish is back on CNBC TV18 in Indian with a new interview this week.
He notes that “more than half the pie” of his investments is now in Indian stocks. “A little bit in China, a little bit in Europe.”
He says that he’s completely out of US stocks and that US markets are mostly either mostly fully priced or overpriced, and is not finding very much in the US.
The best part of the interview is the end, where Mohnish goes on an extended commentary about what makes a good investment, and it’s one of the classic Mohnish talks where you can feel him getting passionate and fired up about just how plain and simple it is and you can almost hear a tinge of frustration in his voice as if he’s saying can’t other people see how easy this is? Can’t other people see how simple this is? At least that’s how it feels to me when I hear him talk with such clarity.
He makes such a great point. With capitalism, he says, you don’t get paid more for degree of difficulty. Most businesses are really tough businesses, but some are so great that an idiot can run them and they gush cash. And you don’t get paid more for difficult businesses, you actually get paid more for owning easy businesses. Fascinating!
He goes on to highlight the difficulty of the banking business versus Coca-Cola.
He says “don’t do math to the fourth decimal. Look for the no-brainers.”
I love it. Look for no-brainers. You don’t have to swing at every pitch. There’s no penalty. Sit back and wait for the fat home run pitch down the middle, the no-brainers, the ones that just smack you over the head as great investments.
This interview inspired me to change my slogan and update the image at the top of the website to “on the hunt for no-brainers.”
Here’s the interview: