The Winners That Get Away | Chris Davis and Robert Hagstrom on Holding Great Businesses

Two veteran value investors cap winning positions near 10% while warning AI's value may accrue to users, not builders, as capex cyclically peaks near 2027.

• Position limits at 10%: Both Chris Davis (Davis Funds, raised from 5%) and Robert Hagstrom (EquityCompass) cap positions near 10% to manage client behavior and regulatory/FINRA scrutiny, not because conviction is capped.
• Selling is the real risk: Davis says the biggest investment mistake is selling a great business, citing his own sale of Costco at ~$80 (bought at $28) that Charlie Munger warned would be a mistake.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.