The Science of Hitting's Alex Morris dissects "Letting Winners Run" philosophy and strategy

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 This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.