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AI Summary
- Cliff Sosin founded CAS Investment Partners in 2012 with $5M, growing it to $1.7B by end of 2024 with a highly concentrated portfolio of only four positions
- Case study of remarkable Carvana investment: company fell 99% from $60B market cap in 2021 but survived and recovered to $50B market cap, demonstrating investor decision-making through extreme turbulence
- Discussion provides rare investor perspective on managing through extraordinary volatility and the lessons learned at each stage of the investment journey