Qais Zakaria

“Over about 14 years, They wind up 10 X-ing the money.”

“And so they start buying Amazon aggressively in 2005 around 30 dollars per share.”

“In 2014, Sleep and Zack returned their shareholder money and retired as fund managers at the ripe old age of 45.”

“Number one, what is the intended destination for this business in 10 or 20 years? Number two, what must management be doing today to raise the probability of arriving at that destination? Number three, and what could prevent this company from reaching such a f…”

“Nomad never used leverage, never shorted a stock, never speculated with options or futures, never made a macroeconomic bet, never traded hyperactively in response to the latest news, never dabbled in exotic financial instruments.”

“Nick and Zach told stockbrokers that it was pointless calling them with sales pitches since they relied on their own research to reach independent conclusions.”

“Nick and Zach buy at 14 cents. They cash out when the stock rebounds to 90 cents, and they're like, wow, we got a six X return. But Stagecoach winds up being a way better business than they realized, and the stock shoots up to almost four bucks.”

“Sleep, with characteristic indifference to conventional opinion, invested almost all of his fortune in just three stocks. At times, he and Zack had as much as 70% of their money in a single stock.”