Founder of CAS Investment Partners — a concentrated investor known for his large and highly debated bet on Carvana.
Life story
Public biographical information on Clifford Sosin is very limited: no reliable sources were found on his birth year, family or education.
How they got started
Sosin founded CAS Investment Partners in New York in 2012. The fund puts large stakes into a very small number of stocks, seeking ideas with multi-year compounding potential that the market has not yet fully recognized.
His best-known idea is the online used-car retailer Carvana. Sosin says he spent a long time studying car financing, car retailing and logistics, and he has invested in Carvana since 2018. He initially approached the company with skepticism but concluded that it beat rivals on price, selection, service and convenience.
Investment style
Sosin runs an extremely concentrated portfolio — often around five stocks, with one taking up a large share. He follows the principle that anything that sharply contradicts your worldview deserves deeper study. Such concentration can produce huge gains or huge losses — CAS's history shows both.
Best decisions
Carvana — the comeback (2023–2024)
When Carvana's stock collapsed in late 2022, Sosin held on. The shares subsequently rose more than 34-fold from their end-2022 level; the fund gained about 80% in 2023 and posted another strong result in 2024.
2019–2020
According to Institutional Investor, the fund returned +64.5% in 2019 and +96.5% in 2020.
Biggest mistakes
2022: −77%
As Carvana's stock plunged, the highly concentrated fund lost about 77% in 2022 — a textbook example of the danger of depending too heavily on one stock.
Today
As of 2026 CAS Investment Partners remains active, with Carvana reported to be the central position in its portfolio. The fund is small relative to large hedge funds.
What to learn from following the portfolio
- CAS holds a handful of stocks with one dominant position — its results depend almost entirely on that stock. Copying it carries very high risk.
- It is a useful case study of what a high-conviction investment looks like, and of both its sides (−77% and the multi-fold rebound that followed).
- 13F lags by 45 days and shows only long U.S.-listed positions; options or other instruments may not be fully reflected.
- Halal lens: Sosin is often drawn to financing-linked businesses such as auto lending, consumer credit, credit cards and timeshares — business models that usually raise problems in halal screens. Check each position's halal status on the Portfolio tab.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.