#365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters to Partners

One of the most interesting things that Nick Sleep writes about is the importance of understanding the underlying reality of a company. He calls this the engine of its success. What I actually found most interesting in these letters Is Nick's analysis Of the engine of success of Costco. Amazon.

and Walmart and how those three founders, Jim Sinegal, Jeff Bezos, and Sam Walton design their business in a way that ensure that they would survive over the long term. All three of them. We're what Nick Sleep calls. Honestly run compounding machines.

This emphasis that all three founders place on the long term success of their business allowed them to never make the fatal mistake. of interrupting the compounding. And to do so, Bezos, Cynigal, and Walton all adopted a key trait. They were, in the words of Warren Buffett, a demon on costs. Having a lower cost structure than any of their competitors was a competitive advantage that compounded over the decades.

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