the game changes when you raise external money. that's why indra's thoughts seem original now (and concentration is so high).
plus you have to spend time raising and talking to LPs.
many examples of great analysts who used to collect salaries and now just run their own PAs because of its size, and hence, no need to raise external capital. gives them freedom and ability to run idiosyncratic styles/philosophies.
Depending on how much you raise and the consistent message you set for LPs. Cliff Sosin was somehow able to convince most of his LPs (or maybe there were sufficient new investors to replace the LPs idk) to stick with him through an ~80% drawdown from ATH holding similar positions like Indra, including an ~5% position (PRTY) that went bk.
yeah i had him in mind too when i made the comment. cliff could never run a substack nor give frequent updates. he'd never be able to hold 2 stocks. he never owned cvna at >50% at cost. no leverage. its very different when you run other peoples money.
Great article Indra. Another very good example of differentiated judgement that makes total sense.
Take care of yourself to get past by COVID soon.
Good health, take care! 😊
Kudos that you have the humility that the past 12 months have been especially rewarding for CDLX and CVNA.
Also, "don't be wrong" is the best margin of error.
Unique and differentiated mind and perspective. A must follow and 1000% worth the paid subscription.
take these bets, become rich with your PA, don't raise a fund, and we're lucky to hear your thoughts along the way.
Disagree. If he possesses real alpha, money will find him.
the game changes when you raise external money. that's why indra's thoughts seem original now (and concentration is so high).
plus you have to spend time raising and talking to LPs.
many examples of great analysts who used to collect salaries and now just run their own PAs because of its size, and hence, no need to raise external capital. gives them freedom and ability to run idiosyncratic styles/philosophies.
Depending on how much you raise and the consistent message you set for LPs. Cliff Sosin was somehow able to convince most of his LPs (or maybe there were sufficient new investors to replace the LPs idk) to stick with him through an ~80% drawdown from ATH holding similar positions like Indra, including an ~5% position (PRTY) that went bk.
yeah i had him in mind too when i made the comment. cliff could never run a substack nor give frequent updates. he'd never be able to hold 2 stocks. he never owned cvna at >50% at cost. no leverage. its very different when you run other peoples money.
and that's why you get original thinking (whether right or wrong) if and only if it's PA
i see the model of "money finding him" better with just increasing price of substack or increasing number of subs. instead of raising a fund.
obviously it's indra's choice, but man i'd like to see it as PA run fund vs a fund.
Thanks. What is the difference between a paid Vs free subscription in the context of say CDLX or CVNA? Appreciate knowing. Thanks
Currently nothing much. More of a donation. May paywall some articles in the future if I feel the need or future full theses.