Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don't lose much.
Mohnish PabraiPeople see poverty all around them in India, but they are desensitized or immune to it. I came to the conclusion that poverty is driven by lack of education.
Mohnish PabraiMistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.
Mohnish Pabrai