Mohnish Pabrai & Warren Buffett’s Advice – How To Find Millionaire Maker Stocks To Get Rich In 2023
We know that the U.S. stock markets have taken nosedives multiple times in the past 12 months. The downturn has been fueled in part by the economic ramifications of Covid-19 lockdowns, Russia’s war in Ukraine and interest rate hikes by the Federal Reserve. But the slump doesn’t have to mean the doom and gloom for long-term investors. Rather it is a time to remain steadfast in your investments. In fact, the downturn itself signals the opportunity to buy-the-dip, or buy in at bargain prices. But the question is, how one can know which is the best stock to invest in? Because picking the stocks has always been an intimidating process. This video will share a simple screening method inspired by the legendary investors such as Warren Buffet, Charlie Munger, Peter Lynch, Mohnish Pabrai, and many others. These investors have long track record of generating market-crushing returns over their investing careers. Their successes, in turn, enrich the investors who entrust them with their money. Their uncanny ability to create wealth is what makes them famous. Let’s look at the process of how these investors use to pick the stocks specifically in the time of turmoil. Here we go for the 6 steps these legendary investors use for stock picking.
Step no 1: People usually think that the first step is to find the cheapest stocks, with the lowest PE ratio. This is completely wrong. Starting with the price have never been a way of picking the stocks. To be successful in the long run, first of all, you need to define your circle of competence.
Well, you need to make a list of all the things you spend time on, all the things that you are good at, and all the things that you spend money on. Afterward, you must open the Venn diagram. The things that appear in multiple sections are probably your circle of competence. For instance, I am good at playing video games. Therefore, I spend most of my money and time on these games. Hence, video game companies are closer to my circle of competence than pharmaceutical companies. Look for such common themes in your Venn diagram and then you may Google search such as video game stocks. You will find the list. Remember this is not your shopping list but your starting point. This is because there are chances that if you spend your most of money and time on these, and if you are good at them then you must have a better idea of how businesses operate in this particular field even when you have not even read an annual report. Listen to this.
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