Alex Morris, Founder of TSOH Investment Research, returns to Yet Another Value Podcast for the fourth time to discuss his recent article, "Letting Winners Run."
For more information about Alex Morris and subscribe to his research service, TSOH Investment Research Service, please visit: https://thescienceofhitting.com/
You can Follow Alex Morris on Twitter @TSOH_Investing: https://twitter.com/TSOH_Investing
"Letting Winners Run" article: https://thescienceofhitting.com/p/letting-winners-run
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:47] Letting winners run thesis
[6:23] Hindsight bias
[8:26] Cash flow considerations
[12:07] Selection bias
[14:36] Examples of the "Letting Winners Run" strategy (forever business vs. 5-year/20-year outlooks)
[18:55] How "Forever Business" in media has changed over the years
[21:46] Management
[26:07] Is there something unique about big tech
[29:08] Thesis drift + examples
[38:03] Knowing when to sell "forever business"
[41:56] "Beautiful Sunset" principle
[45:27] Dismissing banks an example of dismissing "letting winners run"
[51:06] Why "Best Ideas Funds" fall short
[53:40] Final thoughts and closing
Today's episode is sponsored by: Alphasense
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