"spend all your time on your single best idea"

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

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

ick says if it's a 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 spending all your time on

it's aggravating to buy just a little bit but this is a hard question to answer so it says in reality opportunities in which we are comfortable to deploy Capital are rare and the highest conviction idea is the rarest of them all the issue then is

how much to invest in each idea and this is Nick's takeaway from thinking about the Kelly Criterion the

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

This desire, eyes wide and knowing , this is at the core of all our pursuits. It was there during the renaissance, the enlightenment, and it is ever present in this very moment.

you have to be a learning machine you have to be doing the work now he he

referenced many times that it takes a long time now but it makes you go faster later on but that you'll study something he would study like an American company for like 15 years it would take him 15 years to find the Asian counterpart Nick is telling us something very similar

we have argued that the biggest error an investor can make is the sale of Walmart or Microsoft in the early stages of the company's growth we wonder would selling Amazon today be the equivalent mistake of selling Walmart in 1980

I can tell you that for renewal, a tough-minded optimism is best. The future is not shaped by people who don't really believe in the future. Men and women of vitality have always been prepared to bet their futures, even their lives, on ventures of unknown outcome.