Excerpt from "The Power and Challenges of Compounding", a Tsai Capital White Paper: I can only conclude that there are not more affluent individuals because most investors have not stayed the course. In fact, they’ve found every reason in the world to sell. People sell because

An African proverb says: If you want to go quickly, go alone. If you want to go far, go together. At Tsai Capital, we take the long view, with our investments, with our partners, and with our clients. Wealth isn’t built in quarters or even years. It’s built over decades,

Nobody can consistently predict the market. That’s a fool’s game. Instead, we focus on business fundamentals: sales, earnings, returns on capital. Our allocation strategy is market-agnostic because compounding doesn’t require forecasting the next headline. It requires owning

Our preference is for inaction... until the right pitch comes. When it does, we like to swing hard. This discipline results in a focused portfolio of what we consider to be exceptional businesses, usually with network effects or positive feedback loops that reinforce growth.

Nice summary by Matthew Gutierrez on Tsai Capital's investment approach: Christopher Tsai’s Investment Approach: Lessons on Compounding, Patience, and Omission open.substack.com/pub/compoundin… Important Disclosures: Portfolio holdings are subject to change.

Marcel Proust wrote: The real voyage of discovery consists not in seeking new landscapes, but in having new eyes. At Tsai Capital, that’s how we think about valuation in an age of disruption. Don’t dismiss a business as “expensive” because of traditional heuristics. Do the

This photograph was taken with the late Charlie Munger at his home in 2018. He spoke over dinner about simplicity, of removing unnecessary motion in investing and life. I'll always remember something he said that day: “It’s the nature of the world for the large to get larger."

Despite opposition from ISS, Glass Lewis & NY State Comptroller—and skewed Reuters coverage—I expect Tesla shareholders to approve the 2025 CEO Performance Award on Nov 6—it's a steal! Up to 424M shares tied to wild milestones: market cap milestones starting at $2T up to $8.5T

Per Yipit (an alt data provider), based on web scraping. For the week of 10/12: Carvana sold 12,427 cars CarMax sold 12,413 cars Thus, for the first time, Carvana took the title of largest vehicle retailer in the US. CONGRATULATIONS to the $CVNA Team! The march continues!

Per Yipit (an alt data provider), based on web scraping. For the week of 10/18: Carvana sold 12,881 cars CarMax sold 12,715 cars So, for the 2nd time, Carvana was the largest vehicle retailer in the US for the week. CONGRATULATIONS to the $CVNA Team! The march continues!

$CVNA is launching 2025-P4. Yesterday they claimed that the auto credit spreads have tightened back up again since Tricolor and that they see no deterioration in consumer patterns. Also, the two new loan purchasers at $4B each specifically want non-prime only.

$KMX was removed from the S&P 500 recently. $CVNA is near the top of the eligible list, per Bloomberg. Seems like they might want the largest and most profitable independent auto retailer. Is it time?

People often ask how we balance speed and quality at Ramp. We don’t. Because speed is how you get to quality. Even the best hitters in baseball miss 70% of the time. A .300 batting average means the world’s best still fail twice as often as they succeed. Building products

Looks like it was time for $CVNA

The biggest misunderstanding about capitalism is that it’s zero-sum. When it’s working, it’s a system for creating value, not redistributing a fixed pie. That’s the core thesis behind Ramp. We started with a simple question: what happens if you make every dollar a company

Secondly, it's pretty interesting that Gotham inadvertently highlighted that both Drivetime and $CVNA make money on VSCs originated by $CVNA, which has been a big point of contention for bears. The contract originator gets most of the economics, and DT still makes 15% margins on

⚡️Clean intent is rare. And reality is wired to respond to rarity with leverage. Clean intent is an energy stabilizer in a chaotic system Most human behavior is noise: •self-protection •status-seeking •resource extraction •trauma reenactment •future control attempts

There has always been speculation about how Carvana creates such differentiated results. The truth is simpler than many people realize - it's a vertically integrated business model built to create better customer experiences end to end. I appreciate Peter High digging into the

A former Executive at Carvana sheds light on the company culture, the execution challenges, and what caused their near-death experiences. "It caused it. Let me give an analogy. Imagine I'm a company that requires common carriers to ship. I've grown to the point where I have 50

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