Patel Motel Dhandho

1. Dhandho —> Endeavours that create wealth (while taking virtually no risk)
2. Uganda, 1972, around 70k Gujarathis were asked to leave their business and go to their country. Amin's Patel expulsion. India didn't accept because of issues with Pakistan and refugees from Bangladesh. So, US, England and Canada accepted some portions of these Patel refugees
3. Ethnic groups in foreign lands often end up concentrating on particular profession that their group had been doing for decades
4. Low risk, high returns bet —> Heads, I win a lot. Tails, I don't lose much
5. Fixate on keeping costs as low as possible, charge lower rates than all competitors, drive up the occupancy, and maximize the free cash flow —> Patel idea on motel business

Manilal Dhandho

1. Similar to previous story. Worked hard, saved continuosly and invested in a safe bet when the time comes

Virgin Dhandho

1. About Richard Branson, the founder of Virgin Group. How he build vast empire with less risk

Dhandho Framework

1. Focus on buying an existing business
2. Buy simple businesses in industry with an ultra-slow of change
3. We see change as the enemy of investments . . . so we look for the absence of change. We don’t like to lose money. Capitalism is pretty brutal. We look for mundane products that everyone needs — Warren Buffet
4. Buy distressed business in distressed industries
5. Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results — Warren Buffet
6. Buy Businesses with a durable competitive advantage — The Moat
7. Bet heavily when the odds are overwhelmingly in your favour
8. Horse racing's pari-mutual betting system mental model — Charlie Munger for Stock markets. Few betters observe horses but doesn't bet. When some opportunity comes to their favor, they bet heavily.That's value investing
9. Focus on Arbitrage (where same financial instrument is priced different in different places)