Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters

“Nomad was not a particularly large fund, but over the years, it did make around two billion dollars for its clients, which were predominantly charities and educational endowments.”

“Only by looking further out than the short-term crowd can we expect to beat them.”

“This often works because there's normally a jewel at the heart of most companies that has often been used to fund new ventures. That jewel has been taken for granted by inpatient management. As the jewel becomes diluted by less successful projects, aggregate p…”

“In the mid-nineteen eighties, because at that time Coca-Cola had become a poorly defined conglomerate, including a shrimp farm, winery, and a film studio. As the poor businesses were cut away to reveal the jewel that is syrup manufacturing and marketing operat…”

“All the benefits that they get from scale as a company are returned to the customer in form of lower prices, which in turn encourages growth and then extends scale advantages.”

“Nick says, if it's the single best thought you have ever had in your life, it needs to dominate everything because you're not going to get many insights like that. And if it's your single best insight, your single best idea, then obviously it's what you should…”

“The common sense outcome of that equation is that if one is certain of being right, one should invest the entire portfolio in that idea.”

“Good capital allocation takes many forms and does not necessarily require a firm to grow.”

“In the end of 2004, the market cap of Amazon, when Nixleep is discovering this earned secret was nine, was eighteen billion dollars. Eighteen billion. The market cap in that same time for eBay was seventy seven billion.”

“He says, the best investors aren't investors at all. They're entrepreneurs who never sold.”

“He says the biggest mistake an investor can make is to sell a stock that goes on to rise tenfold, not from owning something into bankruptcy, but that's what everyone thinks.”

“3.1% of all retail sales happened online in the year 2006.”

“On the busiest day in the run-up to Christmas this year in 2008, order volumes at Amazon were 16% higher than the previous year compared to the overall retail industry, which are down 10%.”

“We would propose that if knowledge is a source of value add and few things can be known for sure, then it logically follows that owning more stocks does not lower risk, but raises it.”