Cliff Sosin

And then it was a couple hundred thousand from some other people that I knew. Started with that. And, you know, over the years was sort of able to kind of steadily bring in a little bit of money here and there and compound and was fortunate. You know, I've had up years, I'd have down years. If you changed the order of the years, get to the same place.

And then it was a couple hundred thousand from some other people that I knew. Started with that. And, you know, over the years was sort of able to kind of steadily bring in a little bit of money here and there and compound and was fortunate. You know, I've had up years, I'd have down years. If you changed the order of the years, get to the same place.

But I definitely wouldn't have raised any money. So there's also a meaningful component of luck.

But I definitely wouldn't have raised any money. So there's also a meaningful component of luck.

So I don't remember exactly how many investors we have. It's sort of between one and 200 across a few different vehicles. And the firm moves around every day, but sort of between a billion and a half, too.

So I don't remember exactly how many investors we have. It's sort of between one and 200 across a few different vehicles. And the firm moves around every day, but sort of between a billion and a half, too.

The premise was always... You know, let's find a handful of businesses that are publicly traded where I can buy a piece of that business in the markets and own it with a premise of owning it forever. And then own it until basically I find something that I can upgrade that I think is even better. Or I discover that I've misunderstood the business in the first place.

The premise was always... You know, let's find a handful of businesses that are publicly traded where I can buy a piece of that business in the markets and own it with a premise of owning it forever. And then own it until basically I find something that I can upgrade that I think is even better. Or I discover that I've misunderstood the business in the first place.

And so there's two ways out of the portfolio. One is that the gap between what I think – I find something better so I can upgrade. Or the other one is that I have some view as to what makes a business successful. You can think about like a mental model of kind of how the business is competing and winning in the ecosystem. And that makes predictions about the world.

And so there's two ways out of the portfolio. One is that the gap between what I think – I find something better so I can upgrade. Or the other one is that I have some view as to what makes a business successful. You can think about like a mental model of kind of how the business is competing and winning in the ecosystem. And that makes predictions about the world.

And then you get real-world data and you can compare the real-world data to – to what your predictions of your mental models are. And if you discover that your predictions aren't lining up, then you need to update your role to model. And it might be that you need to throw it out. And at some point you sort of realize you don't know which way is up anymore.

And then you get real-world data and you can compare the real-world data to – to what your predictions of your mental models are. And if you discover that your predictions aren't lining up, then you need to update your role to model. And it might be that you need to throw it out. And at some point you sort of realize you don't know which way is up anymore.

And then that would be an investment that you would jettison because you just no longer know. Over time, We've sort of had kind of between like, we'll call it four and eight. It might have been as many as 10 at one point, but that's kind of the number of investments. We tend to, over the course of time I've been investing, I think on average, I've sort of bought and or sold one thing a year.

And then that would be an investment that you would jettison because you just no longer know. Over time, We've sort of had kind of between like, we'll call it four and eight. It might have been as many as 10 at one point, but that's kind of the number of investments. We tend to, over the course of time I've been investing, I think on average, I've sort of bought and or sold one thing a year.

It's a pretty sort of lethargic pace of turnover. It's this idea that like businesses compete and win in certain ways. There's sort of a minority of investors. businesses that, you know, once you sort of figure them out, like you can just tell, like they're going to be very successful relative to other similarly priced businesses.

It's a pretty sort of lethargic pace of turnover. It's this idea that like businesses compete and win in certain ways. There's sort of a minority of investors. businesses that, you know, once you sort of figure them out, like you can just tell, like they're going to be very successful relative to other similarly priced businesses.

And so, and we can talk, there's a lot of like mental models and stuff, like ways that I think businesses can be sort of a taxonomy of businesses that I've sort of think about. But those are just, you know, my ways of understanding a really complicated world and sort of trying to find a few things that work.

And so, and we can talk, there's a lot of like mental models and stuff, like ways that I think businesses can be sort of a taxonomy of businesses that I've sort of think about. But those are just, you know, my ways of understanding a really complicated world and sort of trying to find a few things that work.

If you think about it, in most markets, you shouldn't have a lot of profits, right? Like profits are kind of a fluke of some sort of something about the setup that makes it so that some reason why competitive forces can't drive economic profits to zero. And those reasons, I mean, there's sort of a lot of them.

If you think about it, in most markets, you shouldn't have a lot of profits, right? Like profits are kind of a fluke of some sort of something about the setup that makes it so that some reason why competitive forces can't drive economic profits to zero. And those reasons, I mean, there's sort of a lot of them.