Nomad Partnership Letter, December 2011

1. Sieving data through the customer relationship

   “One trick that Zak and I use when sieving the data that passes over our desks is to ask the question: does any of this make a meaningful difference to the relationship our businesses have with their customers?”

2. Sharing growing scale creates a virtuous spiral

   “The simple deep reality for many of our firms is the virtuous spiral established when companies keep costs down, margins low and in doing so share their growing scale with their customers.”

3. Success brings its own risks

   “Indeed, a greater risk to our businesses may come as a by-product of success – be it bubble valuations in the stock market and/or, political risk in the form of anti-trust like pressures.”

4. Outsourced service declines as prices rise

   “As with many outsourced relationships the quality of service has a tendency to decline with the passing of time, even as the price charged rises with the years.”

5. Longer horizons open otherwise impossible endeavours

   “Just by lengthening the time horizon, you can engage in endeavours that you could never otherwise pursue.” — Jeff Bezos

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