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The Infant Learner
Some stuff I read this week:
A. This week’s Special:-
Concentrated Investing, the Clifford A. Sosin Way
Clifford A. Sosin is the founder and investment manager of CAS Investment Partners. LLC (“CAS”), which he launched in October 2012. Immediately prior to founding CAS, Mr. Sosin was a Director in the Fundamental Investment Group of UBS for five years where he was a senior member of a team analyzing equities and fixed income securities. Prior to UBS, Mr. Sosin was employed as an analyst by Silver Point Capital, a hedge fund which invested in high yield and distressed opportunities, as well as by Houlihan Lokey Howard & Zukin, a leading investment bank best known for its advisory services with respect to companies requiring financial restructuring. Mr. Sosin earned both a B.S. in Engineering (High Honors) and a B.A, in Economics from Swarthmore College.
Recently his interview was published in “Graham & Doddsville-An investment newsletter of Columbia Business School”. Key touch points of the interview:
- His investment journey
- His firm philosophy & strategy
- Why concentration over diversification
- His firm investments in Herbalife’s & World Acceptance Corp.
Kindly access to the below link for detailed interview:
Interview with Clifford A. Sosin
B. Entrepreneurial Diary
C. Other Stories
Run away ( MM )
InvIT or UnfIT ( OB )
Volatility is not Risk ( BC )
Expiring vs. Long-Term Knowledge ( CF )
James Montier on The Trinity of Risk ( OS )
Ray Dalio on the Benefit of Mistakes ( GF )
Two Decades of Winning by Not Losing ( FP )
Howard Marks Investor Series with Bruce Karsh ( YT )
Opportunity Costs, Relative Value, and Absolute Value ( SM )
Differentiating Business Performance from Stock Performance ( MC )
A little luv for the airlines – 2017 Berkshire Hathaway annual meeting ( SI )
What behavioral finance can teach us about markets — and ourselves ( IN )
Competitive Advantage & Capital Allocation presentation by Pat Dorsey ( VI )
“I read everything: annual reports, 10k’s, 10q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of seats. Reading is key. Reading has made me rich over time” – Warren Buffett
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you” – Charlie Munger
You have to apply yourself each day to becoming a little better. By applying yourself to the task of becoming a little better each and every day over a period of time, you will become a lot better”- Carol Dweck