right brain > left brain
We survive by naming shapes.
Lion, lightning, invoice. Commit to memory, move on.
That shorthand spares calories, keeps skin intact, and lets us cross streets without philosophizing about trucks.
The tradeoff: the moment a thing fits a label, its edges fade.
Nuance gets deleted, anomalies slip through the net, the field of possibility shrinks.
Useful fo... See more
Lion, lightning, invoice. Commit to memory, move on.
That shorthand spares calories, keeps skin intact, and lets us cross streets without philosophizing about trucks.
The tradeoff: the moment a thing fits a label, its edges fade.
Nuance gets deleted, anomalies slip through the net, the field of possibility shrinks.
Useful fo... See more
Jack Butcher
although we are all interested in margin it must never be done at the expense of our philosophy margin must be obtained by
better buying emphasis on selling the right kinds of goods we want to sell operating efficiencies lower Mark markdowns greater turnover increasing the retail prices and justifying on the basis that we are still competitive could
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Sol Price memo from 1967 with Nick Sleep commentary
Nick is seeing himself in that story right now in 2008 he's like I got I got Berkshire I got Amazon the key is
to not mess that up he the key is to not interrupt this these honest compounding machines which in itself is a decision a daily decision not to do anything and arguably more difficult than to do something because I think we are naturally wi
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Is this me today with Lemonade, Hims and Aduro?
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
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
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
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Jeff Bezos on lowering prices this week or this quarter.
Pricing is psychology like all the pricing videos I watched and you can't say raising or lowering prices would be better.
Graham Duncan felt that when he starting advising and changed 400 a week and raised it to 22000 a week and got way more business.
he says there's a blind spot as the overwhelming mythology methodology for research in economics
has been to take observations over a short period time as if cause and effect sit on top
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
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 moreinvesting is a very rare skill it is not distributed widely and will never be and that has to do with behavior
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Relates to Antonio reminding me that psychology is the greatest edge, xxxx of steel like Dao, and that the world optimises for left brain numbers and data Rory Sutherland.
As Buffett says, I’d rather be directionally correct than precisely wrong. Such sentiment allows us to understand why the Oracle found so much amusement over investors’ obsession over valuation and DCF calculations.