The Dhandho Investor by Mohnish Pabrai

I'm reading a fantastic book called The Dhandho Investor by successful value investor Mohnish Pabrai. For those of you unaware of his record, he's managed to turn in results north of 28% per annum at his investment partnership, which is modeled after the one originally established by Warren Buffett back in the 1950's. The book discusses a high-return, low-risk valuation structure and philosophy that enabled a small ethnic group from India, the Patels, to arrive in the United States only a few decades ago with little assets or earnings to come to own $40 billion in motel assets in the United States, pay $725 million a year in taxes, and employ nearly 1 million people.

A great many of the ideas are drawn from Charlie Munger, who is fond of emphasizing that successful investing is different for everyone because we all have our own individual opportunity costs and marginal utility. If you are coming to the country with nothing to lose, there is very little potential loss - even in bankruptcy - if you decide to work for yourself rather than minimum wage. On the other hand, if you're going to leave your post as a successful doctor to go do stand-up comedy and you already have a large family accustomed to certain accouterments, it's going to be far more difficult. In my own case, the idea of owning a boat has no utility, but adding a new Steinway & Sons Model B concert grand piano to one of my offices has very real utility given my talents, hobbies, and disposition.

It's a great read, and I highly recommend you pick up a copy ...