This document is a performance summary letter from Clifford Sosin of CAS Investment Partners, LLC, dated January 12, 2018. It provides a detailed performance analysis of Sosin Partners, LP, comparing its returns to the SPY ETF from 2012 to 2017. The letter discusses the balance sheet, investment strategy, and the importance of being prepared for market volatility. It also includes a historical analysis of investment performance, referencing Charlie Munger's track record and a theoretical analysis by Wes Gray. The letter concludes with administrative disclosures and a call for long-term focused partners.
documents/EFTA00295570.pdf
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