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The Dhandho Investor: The Low-Risk Value Method to High Returns Audible Audiobook – Unabridged

Mohnish Pabrai (Author), Neil Shah (Narrator), Gildan Media (Publisher)
4.6 out of 5 stars 4,597 ratings

A comprehensive value-investing framework for the individual investor.

In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business-savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger.

Listeners will be introduced to important value investing concepts such as "Heads, I win! Tails, I don't lose that much!", "Few Bets, Big Bets, Infrequent Bets", Abhimanyu's dilemma, and a detailed treatise on using the Kelly Formula to invest in undervalued stocks.

Using a light, entertaining style, Pabrai lays out the Dhandho framework in an easy-to-use format. Any investor who adopts the framework is bound to improve on results and soundly beat the markets and most professionals.

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  1. Listening Length
    5 hours and 4 minutes
  2. Author
    Mohnish Pabrai
  3. Narrator
    Neil Shah
  4. Audible release date
    July 30, 2019
  5. Language
    English
  6. Publisher
    Gildan Media
  7. ASIN
    B07VFVTDZN
  8. Version
    Unabridged
  9. Program Type
    Audiobook
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Product details

Listening Length 5 hours and 4 minutes
Author Mohnish Pabrai
Narrator Neil Shah
Whispersync for Voice Ready
Audible.com Release Date July 30, 2019
Publisher Gildan Media
Program Type Audiobook
Version Unabridged
Language English
ASIN B07VFVTDZN
Best Sellers Rank

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4.6 out of 5 stars
4,597 global ratings

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Customers say

Customers find this investment book valuable for its unique approach and ability to answer doubts about value investing. Moreover, the book is easy to read and understand, with one customer noting how it shapes readers' mindset. Additionally, customers appreciate its focus on risk management, particularly its emphasis on taking limited risks and controlling leverage.

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Investment valueReadabilityEase of understandingRisk management
165 customers mention "Investment value"157 positive8 negative

Customers find the book provides valuable information for successful investing, offering a unique approach to the art of investing and answering customers' doubts about value investing.

"...Mohnish P. freely shares his framework and concepts. He also shares valuable tips and resources for a reader to explore this path." Read more

"...In this book, he goes through several examples of his investment strategy which includes finding stocks where if you are wrong you don't lose much..." Read more

"The book is certainly entertaining and rags to riches stories are always uplifting, but: Who is your audience Mr. Pabrai?..." Read more

"...It provides a clear and practical way to think and generate investment ideas...." Read more

130 customers mention "Readability"119 positive11 negative

Customers find the book easy to read and entertaining, describing it as a wonderful piece of work.

"...I found the book an easy read and enjoyable...." Read more

"The book is certainly entertaining and rags to riches stories are always uplifting, but: Who is your audience Mr. Pabrai?..." Read more

"...“The Dhando Investor” (DI) is described in detail in this interesting and informative book...." Read more

"It is an amazing book, a must-read for every investor. Teach you methods and the best way to find a company's intrinsic value." Read more

63 customers mention "Ease of understanding"55 positive8 negative

Customers find the book easy to understand, with simple methods and examples that make the concepts accessible to everyone.

"...It provides a clear and practical way to think and generate investment ideas...." Read more

"...The book is easy and straightforward to read and provides some powerful examples...." Read more

"...It's very easy to read with real examples and concept walkthrough...." Read more

"...Dhandho Investor may be the perfect book for this crowd. In simple, clear language, Mr Pabrai explains a system of thought which blends..." Read more

18 customers mention "Risk management"18 positive0 negative

Customers appreciate the book's approach to risk management, highlighting its focus on low-risk value investing and effective control of leverage.

"...It is distressed in a distressed industry. And, it has a durable moat. The DI wants to buy this business on sale, specifically half-off...." Read more

"...ideas from entrepreneurship, value investing, gambling, and risk management...." Read more

"Laid out in an easy to understand manner Ideas are clear, rigourous..." Read more

"...Great book about low risk high return investing...." Read more

This book is a gold mine. Re-read it multiple ...
5 out of 5 stars
This book is a gold mine. Re-read it multiple ...
This book is a gold mine. Re-read it multiple times, digest the concepts well, and you are bound to get rich!
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Top reviews from the United States

  • Gary N
    5.0 out of 5 stars Delivers what is promised
    Reviewed in the United States on March 17, 2025
    Format: KindleVerified Purchase
    Great ideas and framework. Mohnish P. freely shares his framework and concepts. He also shares valuable tips and resources for a reader to explore this path.
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  • M. Vigod
    5.0 out of 5 stars Fantastic book for all investors and especially value investors.
    Reviewed in the United States on July 17, 2017
    Format: HardcoverVerified Purchase
    Pabrai has written a great book for value investors. Like Pabrai, I have followed Buffett/Munger for decades and attempted to emulate their investing style and philosophy. In this book, he goes through several examples of his investment strategy which includes finding stocks where if you are wrong you don't lose much and if you are right you win big, very big. He tends to make large and infrequent bets. Similar to Buffett he waits for the big fat pitches to come along and then swings for the fences with sizable bets on them.

    If you have studied Buffett and Munger you will find a lot of his investment philosophy familiar of course but it is a good refresher and Pabrai communicates these principles well. I found the book an easy read and enjoyable. Other investment books sometimes I have to force myself to push through them but Dhandho was a breeze.

    One big thing I learned from Pabrai that I either never picked up or internalized properly was the idea of making big bets. Over the years if I had a high conviction stock I would make an equal size bet on it. I might hold 30 to 50 stocks that make up the bulk of my portfolio. If one got too big I'd pare it down if my conviction on it was lower in order to keep diversification and lower overall risk. In hindsight, this was likely a mistake on my part.

    Pabrai introduced me to the "Kelly Formula" which is a betting formula that gives you an idea of how big a bet you might want to make on a particular investment. Using this formula I found I probably should have made bets that were 10% or at times 20-30% of my total portfolio. In reality, most of my original stock investments never exceeded just 2% to 4% of the total portfolio value. As a result, I watched some higher conviction positions become multi-baggers over the years that would have had a higher impact on the portfolio had I simply bought more.

    Of course, everyone says "I should have bought more of "xyz" but I look back and know there were some safe stocks I bought to be diversified with low risk and others that I had a higher conviction on that also came without undue risk. I simply did not apply the formula and bet as big as I should have.

    I highly recommend this book to any investor and especially value investors. I wish it was written a decade ago or more and that I had found it. I'm sure with the knowledge I have gained from Dhando Investor I would have mostly likely beaten the markets by an even larger percentage.
    60 people found this helpful
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  • Individual Investor
    4.0 out of 5 stars Who is your audience, Mr. Pabrai?
    Reviewed in the United States on June 24, 2007
    Format: HardcoverVerified Purchase
    The book is certainly entertaining and rags to riches stories are always uplifting, but: Who is your audience Mr. Pabrai? Not many of us plan to start an airline or a motel chain or a business of any kind. Most investment book buyers, I presume, want to make money with stocks in the stock market or possibly with a more diversified portfolio of securities. As other reviewers have noted, many of us didn't buy this book to read Buffett, there are plenty of other sources for Buffett's lore and wisdom. The Patel story is certainly a most appropriate opening for the book but the Virgin story is superfluous. Never be afraid to write a short book, the book's value is not measured by the number of pages but by the power of the concepts. Very powerful concepts can be expressed by just a few letters as in E = MC2 (squared).

    On the other hand, tying investing in the stock market with the real world of business is an interesting idea. For example, in a commodity type business the low cost producer is often if not always the winner as is the case of Southwest Airlines and the Patel motels. Since the stock market is just another business and stocks just another commodity, becoming the low cost "portfolio producer" should also lead to good performance. As I have developed my own investing skills I have been learning how to get good discounts on securities in the stock market. Lowering your cost is a surefire way of increasing your yield.

    Another very interesting theme in the book is the exit strategy Mr. Pabrai uses in his own fund. Exit strategies are mostly neglected in the literature in favor of how to buy stocks. But a "deal" is not complete until the security is sold and a "deal" is not profitable until the security is sold at a profit. I have found, specially with options -- which are perishable and volatile -- that selling as soon as the option reaches its price target is better than holding on for a little more return. Sell and go for the next deal is what Mr. Pabrai advises and I concur.
    11 people found this helpful
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  • Dag Magnus Nielsen
    5.0 out of 5 stars A practical investment philosophy
    Reviewed in the United States on October 31, 2024
    Verified Purchase
    Investing doesn't need to be complex, something this book teaches. It provides a clear and practical way to think and generate investment ideas.

    I like the way Pabrai hammers in the concept of Net Present Value - NPV. It shows how just a little, uncomplicated number crunching can help in decision-making.

    Take his practical advice to heart and your portfolio will thank you 1-3 years down the road.

    Pluss the man got a wicked mustache💪
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Top reviews from other countries

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  • Maira Vieira
    5.0 out of 5 stars Amazing!
    Reviewed in Brazil on July 8, 2021
    Format: HardcoverVerified Purchase
    Livro maravilhoso, super atual. Traz uma metodologia de investir consistente! Recomendo.
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  • Herman
    5.0 out of 5 stars highly recommended
    Reviewed in Australia on July 11, 2024
    Format: KindleVerified Purchase
    Highly recommend this book, one of the better investing books by Mohnish. I’ve read numerous investing books. This is one of the better ones.
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  • Mr X
    5.0 out of 5 stars Excellent
    Reviewed in Italy on October 31, 2024
    Format: KindleVerified Purchase
    Great read! In the mind of a great investor, good points and fascinating stories
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  • Maxime
    5.0 out of 5 stars Top
    Reviewed in France on August 3, 2024
    Format: HardcoverVerified Purchase
    Produit de très bonne qualité, je recommande
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  • Luis
    5.0 out of 5 stars Great content, easy to ready
    Reviewed in Spain on May 14, 2022
    Format: HardcoverVerified Purchase
    Valuable lessons and easy to read, Monish always knows how to tell a story!
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