process in our investments. Saurabh has asked that maybe we talk a couple of minutes about some examples. And going way back into the '80s and early '90s, we invested in a company called International Speedway Corporation.
So I think Google engineers understand that. Saurabh and I were talking about how effectively one of the things that Google is doing is that it's helping us to delegate a whole bunch of mental functions out into the Cloud, and we can focus on the things that we do best.
of the Investment Puzzle. And Saurabh said that he was interested and the group would be interested in the whole way I got involved in this and how it's evolved. And I started out as what I call a know-nothing.
So I have questions for both of you. And Saurabh, just going to do one to two, do you want to switch with Guy? I think it's better this way.
Rate of return, we say in our firm, is the bottom line of all investing, and that's a really important thing to think about. And so Saurabh and I were talking before this chat today about businesses that compound at 8% or 9%.
And just do something a little bit interactive here today. If I asked Saurabh what is the typical net margin of an American business today in percentage terms, what would you say?
And they had $1.6 million of operating income in the first 12 or 14 months. I told Saurabh that's what it actually says on the front of my book.
one of the writers for the film, Tiya, the leading actress who plays Lily Prasad, Kosha, who plays Seema, Lily's best friend in the film. We have Megha and Saurabh, who are the producers of the film. So let's give a round of applause again.
please join me in welcoming professor Andrew Lowe thank you so I want to start by thanking Saurabh for inviting me to speak to all of you today it's a real pleasure and an honor to be here at Google one of the largest and most successful companies in the world and really the home office of
But he put $10 million, it became about $80 million in two or three years. So I try to avoid-- except when Saurabh calls me, I try not to put things on my calendar in terms of what I have to do.
So without any further ado, over to Chuck Akre. Thank you, Saurabh. Great. So I just want to clarify one thing.
parce qu'on a beau connaître les astuces, on a beau savoir qu'il faut être gentil, si, il fallait juste savoir ah, mais oui c'est vrai... Soit gentil et tu deviens gentil, cela se saurait. On n'y arrive juste pas.
And so, I border on salesmanship here a little bit, and you can edit this out, Saurabh, if you want. But the record that we have accomplished for our clients, I'll give you some numbers very quickly.
Gaming, and we did. And Penn Gaming at the time, in Pennsylvania-- Saurabh was in Philadelphia there-- in Pennsylvania had five off-track betting parlors in Pennsylvania, and they were limited by licenses in the state.
there also is thought a real sense of celebration, a celebration of this particular culture and this particular look, and putting value OK, Ravi is saying we start with you Saurabh.
Ladies and gentlemen, please join me in welcoming Mohnish Pabrai. Thank you. Thank you, Saurabh, for that generous introduction. And great to be back in the plex.
And so I'm hoping to get better on that. So with that, thank you, Saurabh. Thank you so much, Mohnish.
Hello, everyone. I'm Saurabh Madaan, and welcome to another of our special value investing talks. We have a very, very special guest today with us.
Hello, everyone. My name is Saurabh Madaan. And I'm very happy to welcome you all to the next talk in our investing series.
So welcome, Mohnish. And let's start with a brief introductory remarks from you. Thank you. Thank you, Saurabh. It's a pleasure to be here and pleasure to be back at Google.
And then they had us to do a bunch of tests. You know, one thing I would say, Saurabh, is that I was looking back recently at, you brought up the 100 baggers.
And I think everyone got along quite nicely. And we've been together now for-- I mean, Meera, Ravi, and Saurabh and I for years, but with the cast over three years. So we've continued to move with the film, which is nice.
And it's my great pleasure to welcome Guy Spier. So thank you, Mohnish, thank you, Saurabh. It's a pleasure to be here with my family.