Cliff Sosin

Obviously, water, other than if you think about brands that are more status-oriented, focused. But like if you think about just sort of like a bottle of water, I don't think in the end anyone's that picky.

Obviously, water, other than if you think about brands that are more status-oriented, focused. But like if you think about just sort of like a bottle of water, I don't think in the end anyone's that picky.

You know, I think the, you know, the example I gave, like, I don't think it's a mystery to most people that, like, Coca-Cola is a good business, right? I'm not totally convinced that, like, what I just laid out is, like, going to make you a lot of money in the public markets anymore because I think it's priced in. I'm not totally convinced that the people who own these things understand it.

You know, I think the, you know, the example I gave, like, I don't think it's a mystery to most people that, like, Coca-Cola is a good business, right? I'm not totally convinced that, like, what I just laid out is, like, going to make you a lot of money in the public markets anymore because I think it's priced in. I'm not totally convinced that the people who own these things understand it.

They just have observed that, in practice, these are very brand-new businesses. However, sometimes things come up. I was involved in a nicotine vaping company, which was reasonably successful and ultimately acquired by a large tobacco company. In the early days, you didn't have necessarily all this evidence that these were gonna be really great businesses.

They just have observed that, in practice, these are very brand-new businesses. However, sometimes things come up. I was involved in a nicotine vaping company, which was reasonably successful and ultimately acquired by a large tobacco company. In the early days, you didn't have necessarily all this evidence that these were gonna be really great businesses.

But the theoretical construct that I just laid out to you was an important sort of guiding factor in giving me confidence that this was a business. There's a lot of other factors, but this is a business that, you know, would ultimately be successful. Or, you know, I have friends who I didn't do it because I thought they were right, but I thought I had other things that were better.

But the theoretical construct that I just laid out to you was an important sort of guiding factor in giving me confidence that this was a business. There's a lot of other factors, but this is a business that, you know, would ultimately be successful. Or, you know, I have friends who I didn't do it because I thought they were right, but I thought I had other things that were better.

And there's opportunity cost to consider. But I have friends who were successful investors in Philip Morris International. They were observing Zin. And, you know, a lot of this... like intellectual construct, gave them a sense that like, that Zin was going to have a lot of brand loyalty, you know, where at that time, you know, it was sort of unproven. And Zin, of course, is... Quite a big one.

And there's opportunity cost to consider. But I have friends who were successful investors in Philip Morris International. They were observing Zin. And, you know, a lot of this... like intellectual construct, gave them a sense that like, that Zin was going to have a lot of brand loyalty, you know, where at that time, you know, it was sort of unproven. And Zin, of course, is... Quite a big one.

Has been proliferated and there's a lot of brand loyalty. But that wasn't obvious, you know, at least it wasn't in the historical data until, you know, so these were, you know, All of these tricks, they're not useful until they are, I guess would be kind of the way to think about it.

Has been proliferated and there's a lot of brand loyalty. But that wasn't obvious, you know, at least it wasn't in the historical data until, you know, so these were, you know, All of these tricks, they're not useful until they are, I guess would be kind of the way to think about it.

I think that if you manage money for other people, you're deeply arrogant if you are going to apply your ethical framework onto the way that you invest. Society in aggregate comes to a collective view of what's allowed and what's not allowed. And we call that the law. And if a business is violating the law, you know, that's often a bad investment because, you know, obvious.

I think that if you manage money for other people, you're deeply arrogant if you are going to apply your ethical framework onto the way that you invest. Society in aggregate comes to a collective view of what's allowed and what's not allowed. And we call that the law. And if a business is violating the law, you know, that's often a bad investment because, you know, obvious.

If society is evolving and the law is likely to change, that is a risk that one needs to factor into an investment. And you'd be sort of silly not to think about that.

If society is evolving and the law is likely to change, that is a risk that one needs to factor into an investment. And you'd be sort of silly not to think about that.

But if something is just disliked by a group of people, but they haven't built up the critical mass necessary to change the law in this country, and you don't think the risk of that happening is particularly high, but you decide that you're going to apply some moral framework and not make them money to do it, not make money for your partners to do it.

But if something is just disliked by a group of people, but they haven't built up the critical mass necessary to change the law in this country, and you don't think the risk of that happening is particularly high, but you decide that you're going to apply some moral framework and not make them money to do it, not make money for your partners to do it.

That's a really fraught thing because like what – sort of what gives you this deep wisdom about what's right and what's wrong that is better than like the collective will and judgment of society? And by the way, maybe you'd say, OK, fine. I'm not going to use my judgment. I'm going to use my investor's judgment. But – Then the question becomes, OK, well, but which investor?

That's a really fraught thing because like what – sort of what gives you this deep wisdom about what's right and what's wrong that is better than like the collective will and judgment of society? And by the way, maybe you'd say, OK, fine. I'm not going to use my judgment. I'm going to use my investor's judgment. But – Then the question becomes, OK, well, but which investor?