Cliff Sosin

Why don't you tell me three places you could buy a power drill in the UK? And they sort of, like, realize that they don't know, right? And there's just an enormous amount that you learn about a place by being there. And so it's not that I could never invest outside the U.S.

Why don't you tell me three places you could buy a power drill in the UK? And they sort of, like, realize that they don't know, right? And there's just an enormous amount that you learn about a place by being there. And so it's not that I could never invest outside the U.S.

It's just that, like, I'm keenly aware that, like, overcoming a certain degree of naivete is very, very hard, even for some places seemingly close as, like, the U.K. And... And so I just think that the US is an enormous market. There's lots of interesting things to do. And someone will pitch me some Chinese stock. And I say, that's fascinating. I'm sure it's going to be great.

It's just that, like, I'm keenly aware that, like, overcoming a certain degree of naivete is very, very hard, even for some places seemingly close as, like, the U.K. And... And so I just think that the US is an enormous market. There's lots of interesting things to do. And someone will pitch me some Chinese stock. And I say, that's fascinating. I'm sure it's going to be great.

I'm going to put it on the bottom of my list right after all the American stocks. That served me well. I'm sure I missed all kinds of stuff, but we got to pick our lanes.

I'm going to put it on the bottom of my list right after all the American stocks. That served me well. I'm sure I missed all kinds of stuff, but we got to pick our lanes.

I have a fairly boring view like everyone else. I think for the average investor, an S&P 500 ETF is a great way to go. Maybe an all-market ETF or whatever. But I've certainly looked at all these big companies. They are great for a reason. I've certainly thought at times that they represented good to even superior returns. It's just they've never kind of...

I have a fairly boring view like everyone else. I think for the average investor, an S&P 500 ETF is a great way to go. Maybe an all-market ETF or whatever. But I've certainly looked at all these big companies. They are great for a reason. I've certainly thought at times that they represented good to even superior returns. It's just they've never kind of...

I mean, one of the hardest parts about my job is, like, I sit around and I study all these things, and I find plenty of things where, you know, I said a joke, in the $100 billion portfolio, there's definitely room for that. But we don't, you know, we're not managing $100 billion. And as it is, you know, the opportunity cost of selling A to buy B doesn't work.

I mean, one of the hardest parts about my job is, like, I sit around and I study all these things, and I find plenty of things where, you know, I said a joke, in the $100 billion portfolio, there's definitely room for that. But we don't, you know, we're not managing $100 billion. And as it is, you know, the opportunity cost of selling A to buy B doesn't work.

So the hardest part about this, one of the harder parts about my business, about my day to day, is spending a lot of time on something, getting to know it really well, concluding that it's a great investment, but just not quite as great as the other thing. That's frustrating. And there have been times, I remember back in 2010, a friend of mine put it really well.

So the hardest part about this, one of the harder parts about my business, about my day to day, is spending a lot of time on something, getting to know it really well, concluding that it's a great investment, but just not quite as great as the other thing. That's frustrating. And there have been times, I remember back in 2010, a friend of mine put it really well.

There's Google sitting there, looking all cheap.

There's Google sitting there, looking all cheap.

right and you know he was right uh but thank goodness i didn't buy it because i think the things i owned you know did better but um not all of them so you know i wish i could have picked the worst thing i had but like that's not how life works these are great businesses um if i ever you know retire um i imagine i'll like i'll stop thinking about stocks and diversify and i'd own them and if i had a someone who wasn't you know if my mother wasn't invested in my fund i'd you know tell her to

right and you know he was right uh but thank goodness i didn't buy it because i think the things i owned you know did better but um not all of them so you know i wish i could have picked the worst thing i had but like that's not how life works these are great businesses um if i ever you know retire um i imagine i'll like i'll stop thinking about stocks and diversify and i'd own them and if i had a someone who wasn't you know if my mother wasn't invested in my fund i'd you know tell her to

you know, buy that. But, you know, there's a lot of businesses I don't own. The key isn't to understand everything or to pick the even to pick the very best one. The key is to pick a bunch of things, a handful of things that you know well and, you know, are going to do well and watch them closely and don't worry too much about all the other stuff.

you know, buy that. But, you know, there's a lot of businesses I don't own. The key isn't to understand everything or to pick the even to pick the very best one. The key is to pick a bunch of things, a handful of things that you know well and, you know, are going to do well and watch them closely and don't worry too much about all the other stuff.

So I had the two that I mentioned earlier. One was the guy who, right when I was starting my fund, invested in it. And I didn't quite appreciate at the moment just how rare that was. But it turned out to be a major kind of event that played a big role in me ultimately having some success.

So I had the two that I mentioned earlier. One was the guy who, right when I was starting my fund, invested in it. And I didn't quite appreciate at the moment just how rare that was. But it turned out to be a major kind of event that played a big role in me ultimately having some success.