CAS Investment Partners

Clifford Sosin

Clifford A. Sosin is the founder and portfolio manager of CAS Investment Partners, a value-focused firm he launched in October 2012. He began his career at the investment bank Houlihan Lokey Howard & Zukin, which specializes in financial restructuring, but soon moved to the buy side — a shift he has explained by saying he preferred "seeking truth as opposed to seeking an argument" over the advocacy of advisory work. He then worked as an analyst at Silver Point Capital, a hedge fund focused on high-yield and distressed debt, before spending five years as a director in the Fundamental Investment Group at UBS, analyzing equities and fixed income. He holds a B.S. in Engineering (High Honors) and a B.A. in Economics from Swarthmore College. Sosin began organizing CAS in the summer of 2012 and started running the firm in October of that year, launching it on his own. From the start it has operated a deliberately concentrated strategy: he typically holds positions in only a handful of companies at a time, ones he believes are trading at a meaningful discount to their true worth. His approach is patient and long-term — he looks for solid businesses selling below his estimate of their future value, takes a small number of conviction positions, and is comfortable waiting for the market to recognize what he sees.