The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 13 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Nick Sleep argues diversification increases investment risk when certain knowledge is scarce
“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.”
Good capital allocation does not necessarily require a company to grow
“Good capital allocation takes many forms and does not necessarily require a firm to grow.”
Long-Term Investors Can Subcontract Capital Allocation to Great Company Managers
“If you're thinking rationally and thinking about the long-term, you can subcontract the capital allocation decisions to them. You don't have to be buying and selling shares.”
Investors Can Only Beat the Market by Looking Further Out
“Only by looking further out than the short-term crowd can we expect to beat them.”
Nick Sleep argues an investor's best insight should dominate their focus
“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…”
Nomad Investment Partnership Made Around $2 Billion for Clients
“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.”
Nomad Investment Partnership Generated a 10x Return Over 14 Years
“Over about 14 years, They wind up 10 X-ing the money.”
Nomad Investment Partnership Returned 404% Over Four Years After 2008
“Over the next four years, Nomad returned 404%.”
Sleep and Zakaria Barred Broker Sales Calls for Independent Research
“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.”
Nomad Dissolved in 2014 With $3 Billion in Assets Under Management
“In early 2014, Nick and Zach dissolved the Nomad investment partnership. By then, it had grown to about three billion dollars in assets. I think it made two billion dollars for its investors.”
Ephemeral Information Distracts Investors Because It Has a Perishable Shelf Life
“Ephemeral information distracts investors, or entrepreneurs, or really anybody, from what matters. Nick notes that information like food has a sell-by date. Some information is especially perishable, while some information has a long shelf life.”
Sleep and Zakaria Returned Investor Capital and Retired at Age 45
“In 2014, Sleep and Zack returned their shareholder money and retired as fund managers at the ripe old age of 45.”
Nomad Partnership Entirely Avoided Leverage, Shorting, and Macroeconomic Trading
“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.”