Book review mohnishpabrai (2007: reprint 2018): The dhandho investor, wiley. PP 195.ISBN 978-81-265-6463-7.□.299/-.

In such times, the success of investors like Benjamin Graham, Warren Buffet and Charlie Munger have attracted millions to the concept of value investing. (Rapp,.D.J. et al, 2017). The book is divided into 17 chapters. The book scores in its simplicity in putting across fundamental principles of value investing in a convincing manner. A stock is not a piece of paper but an ownership in an existing business but with certain advantages over buying and selling entire business. The author uses the story of Arjuna from Mahabharata to drive home the need to be focused on a few stocks from the multitude of financial instruments available in the market. The second section explains the Dhandho framework and strategies. The third section explains art of selling and investing through the lives of of Arjuna and Abhimanyu -characters from Mahabharata. Here the business mantra is ‘Few bets, big bets, infrequent bets’ referring a long term, risk averse investment. Both these success stories highlighted current sacrifices for future returns. Mittal's approach was to ‘get a dollar's worth of assets for less than a dollar’. This helped him turn around monolith steel mills to run profitably. The book drives home the idea to look at stocks as business and use market fluctuations to one's advantage. ‘Dhandho Investor’ takes the reader through various investment strategies using real life examples. According to the author, buying a stock ensures participation in a running business with an opportunity to share rewards without much effort.