This is an excellent thread and I regularly learn from it. While I understand your thesis for every other investment you’ve recently made the Caplin Point reinvestment still is unclear. As you might have seen on the company’s thread a lot of people are interested in the company but don’t really know the competitive edge or can’t extrapolate what the company will do.
Can you share how did you find conviction to invest in it? Also churning on the same company three times in 3 years approx. is too much don’t you think. What I am trying to get at is, once you build the conviction is it only till you see the cycle turn? Aren’t you afraid that at some point the combination of churn and a bad investment will take down a significant part of your portfolio?
Sorry if those questions are too direct, I am just trying to learn from someone who I think is better at investing than me.
Thanks
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