Clifford Sosin

Clifford Sosin's CAS Investment Partners ran an entirely static quarter — no new positions, no adds, no trims, no exits — across a hyper-concentrated five-stock, $1.75B portfolio. CVNA (Carvana) remains a staggering 81.7% of assets, an all-in bet that dwarfs any comparable single-stock concentration among tracked super-investors. HGV (Hilton Grand Vacations) at 11.7% and COF at 6.0% round out the meaningful weights, with CDLX and SWIM as rounding errors. The complete lack of activity signals either supreme conviction in current positioning or a deliberate wait-and-see posture as CVNA's used-car market dynamics play out amid macro uncertainty. Sosin's style is explicitly long-duration, deeply researched, and high-conviction, so the stillness is consistent with character rather than complacency. The key watch item for the next filing is whether Sosin begins trimming CVNA to manage concentration risk as the stock has had an extraordinary multi-year run, or alternatively adds to any of the smaller positions.