go long, everyone else is going short
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
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
It’s with this in mind that inveterate investors understand why identifying companies likely to exponentially increase free cash flow per share is a highly intellectual and psychological game. You have to understand the businesses in question better than the market does and persist in your thesis through severe, elongated, and emotional tests. It’s
... See moreit's their willingness to do the work necessary to trust their own judgment that allowed them to arrive at a very valuable earned secret and then the willingness to change their behavior to build their entire partnership around that earned secret
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Makes me think of embrace naivety -> goal -> obstacles -> questions -> and the your plan and opinion is your earned secret.
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
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
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
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
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Related to graham duncan talking about the how relationship between the source and the agent being the most important thing in success of a endevaour or fund in his case.
The long term mindset is related to embrace naivety, an patrick collison the enduring edge being a long term mindset and Sandra talking to me about her friend making a bet and investing five years into video editing.