go long, everyone else is going short

intellectually honest and economically rational but that alone is not enough there are many companies that do the right thing when their backs are against the wall the anointed few are there because they have chosen to outthink their competition and allocate Capital over many years with discipline to reinforce their firm's competitive

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

we are aware that several investors are new to the fund and so it may be worth reiterating some ground rules so that you know where we stand one of nomad's key advantages will be

the aggregate patience of its investor base we are genuinely investing for the long term few are if Nomad is to have a competitive advantage over our peers this will come f

you cannot just focus on the outputs if you do you're going to sell you have to really understand the central engine of success you have to understand that business deeply

why is this list not the same as the current Nomad portfolio

our quantitative

understanding of elasticity is shortterm we can estimate what a price reduction will do this week in this quarter but we cannot estimate the effect that consistently lowering prices

time is a friend of the wonderful business and the enemy of the mediocre

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 s