go long, everyone else is going short
I let you do it this one time you'll do it again the contract with the customer which is very low prices must not be broken
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Costco gets this incredible deal better deal than they normally get when they buy 2 million pairs of designer jeans they wind up getting them for $22 so $10 less than Costco has sold the jeans for in the past so they offer this huge markup you could essentially mark it up another 50% and you'd still be half the cost of most other retailers so one of Costco's buyers recommends taking a higher gross margin than usual more than the normal 14% markup since no one would know so he says that the Jim Sagle
what the problem is what if we're right what if these are wonderful businesses what if Costco is going to get much bigger from here why is it then when you look at the history of investing that so few people cannot see success and what he means by that is they sell way too early so he says we take no comfort from the fact that not seeing success is
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you need to be heavily concentrated and bet heavily it could be argued that lots of things had to go right for Walmart to grow for 40 years that is certainly true but at its heart a very few simple things really mattered in our opinion the central engine of success at Walmart was a thrift orientation so low costs low waste fueling growth with the
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Instead of asking people for advice and looking for the average of all the advice you get, you should probably be taking bigger, bolder bets.
If the average is failure, you don't want to implement average advice.
If the average is failure, you don't want to implement average advice.
To grow your business, you have to make big bets
The words of Paul Mazur, a leading Wall Street banker working for Lehman Brothers in 1927, are cited: "We must shift America from a needs- to a desires-culture. People must be trained to desire, to want new things, even before the old have been entirely consumed. [...] Man's desires must overshadow his needs."
The Century of the Self
surprisingly few companies have the strength to just sit it out
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
This is also the mindset I need to be able to have in this next era of my investing journey. And the difficulty of this is what Jeremy Giffon says is so hard.
Maybe I'll need a meditation room
why competing with Costco is so hard to do the firm is not interested in today's static assessment of performance it is managing the business as to raise the probability of
long-term success when Costco continues to recycle cost savings to the consumer it is lowering the probability of failure
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Writer David Foster Wallace said that he thought good nonfiction was a chance to “watch somebody reasonably bright but also reasonably average pay far closer attention and think at far more length about all sorts of different stuff than most of us have a chance to in our daily lives.” Amateurs fit the same bill: They’re just regular people who get
... See moreCeline Nguyen • Everything I Read in February 2025
Think of everything as work in progress and share it without the pressure of trying to make it perfect