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Investing in Carvana - Colossus

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Episode 421: Investing in Carvana Invest Like The Best Episode 421 Hosted by Patrick O'Shaughnessy 04.29.2025 Cliff Sosin is the founder of CAS Investment Partners. We cover how taking concentrated positions in companies with brilliant business models created a billion-dollar fund, the remarkable turnaround story behind Carvana, and the critical decision-making processes that set successful investors apart during market crises. This episode is brought to you by: Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com

Introduction Patrick My guest today is Cliff Sosin. Cliff is the founder of CAS Investment Partners, a fund he started with $5 million in 2012 that's now $1.7 billion. This conversation is different from our typical episodes. We start by talking about Cliff's investment philosophy, but the bulk of this long discussion is a case study into his remarkable investment in Carvana. Cliff is one of the biggest investors in the business, which had a market cap of over $60 billion in 2021, then fell 99%, survived, and now has a market cap approaching $50 billion again. While I hosted Carvana CEO Ernie

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