Cliff Sosin

You know, in any market, there's a sort of fixed number of rental companies and they own a certain amount of equipment and their ability to change that in the short term is constrained. And therefore, you know, it's a Corneau oligopoly. And it's also a good one because elasticity of demand is demand is very inelastic. Turns out nobody said like.

You know, in any market, there's a sort of fixed number of rental companies and they own a certain amount of equipment and their ability to change that in the short term is constrained. And therefore, you know, it's a Corneau oligopoly. And it's also a good one because elasticity of demand is demand is very inelastic. Turns out nobody said like.

You know, I see the price of man lifts is down 100 bucks this week. I'm going to rent one. And at the same time, nobody ever said like, I'm not going to build my building because the price of man lifts is up 100 bucks this month. I hope that got to your question.

You know, I see the price of man lifts is down 100 bucks this week. I'm going to rent one. And at the same time, nobody ever said like, I'm not going to build my building because the price of man lifts is up 100 bucks this month. I hope that got to your question.

But basically, you can think about there being many of these things, like these concepts that you can then kind of follow to their conclusions. And of course, life is complicated. And every company has like often a whole confluence of these things. And what you're really looking for is a business where you have a sort of a bunch of these things that are working together.

But basically, you can think about there being many of these things, like these concepts that you can then kind of follow to their conclusions. And of course, life is complicated. And every company has like often a whole confluence of these things. And what you're really looking for is a business where you have a sort of a bunch of these things that are working together.

With the cruise ship industry, like the idea that it takes a long time to build a cruise ship and you can't just snap your fingers and have another cruise ship is fairly invariant to technological change in society. I guess maybe there's some future state where we can like, you know... Print them out. Print them out. But like for now and for the foreseeable future, this is going to be fixed.

With the cruise ship industry, like the idea that it takes a long time to build a cruise ship and you can't just snap your fingers and have another cruise ship is fairly invariant to technological change in society. I guess maybe there's some future state where we can like, you know... Print them out. Print them out. But like for now and for the foreseeable future, this is going to be fixed.

And so... you're looking for relatively sort of technological change in variant advantages and layered and interwoven that kind of give you the business. And then from there, I have a friend who jokes that... A good value investors, you know, memo is like 20 pages about the business and one page on the valuation. So like from then from there, it's like, I don't know, like, is it cheap?

And so... you're looking for relatively sort of technological change in variant advantages and layered and interwoven that kind of give you the business. And then from there, I have a friend who jokes that... A good value investors, you know, memo is like 20 pages about the business and one page on the valuation. So like from then from there, it's like, I don't know, like, is it cheap?

Does it make a lot of money relative to the price? Is it going to grow a lot relative to the price? You know, these are pretty trivial calculations.

Does it make a lot of money relative to the price? Is it going to grow a lot relative to the price? You know, these are pretty trivial calculations.

Oh, so you're asking how do you find the gold on the ground? The answer is yes. It's hard. There's nothing, I keep coming back to that, but there's nothing about investing that's not hard. We look for, I hired a Stanford professor to assemble all of the economics models in all of the courses in Stanford and then just walk me through all of them to make sure I hadn't missed any.

Oh, so you're asking how do you find the gold on the ground? The answer is yes. It's hard. There's nothing, I keep coming back to that, but there's nothing about investing that's not hard. We look for, I hired a Stanford professor to assemble all of the economics models in all of the courses in Stanford and then just walk me through all of them to make sure I hadn't missed any.

And I picked up a few that I'd missed or forgotten about. I would try to read broadly. Then, of course, you study companies one after the other. And in various companies, it'll sort of click for you that something is happening.

And I picked up a few that I'd missed or forgotten about. I would try to read broadly. Then, of course, you study companies one after the other. And in various companies, it'll sort of click for you that something is happening.

So this is just a different place. This is out of psychology. It turns out that there's a meaningful psychology literature that's been built up in animal studies and people and all the rest, which basically says this idea that when you give...

So this is just a different place. This is out of psychology. It turns out that there's a meaningful psychology literature that's been built up in animal studies and people and all the rest, which basically says this idea that when you give...

you know, mammals, something that stimulates their reward systems, your brain, for lack of a better term, sort of captures the context in which it was received. And then, you know, if it likes it, tries to replicate that context. And you can, the sort of evolutionary reason why this makes sense is self-evident. And

you know, mammals, something that stimulates their reward systems, your brain, for lack of a better term, sort of captures the context in which it was received. And then, you know, if it likes it, tries to replicate that context. And you can, the sort of evolutionary reason why this makes sense is self-evident. And