Investment mistakes are inevitable, even desirable
“Investment mistakes are inevitable and indeed to some extent desirable, and we have no interest in hiding them from you (or in portfolio window dressing) - as they say, it is what it is.”
Investing
Nick Sleep and Qais Zakaria's December 2002 letter to Nomad partners, one of the letters in Nomad Investment Partnership Letters, 2001–2014.
Nervous investors shoot first
“Nervous investors tend to shoot first and ask questions later.”
Why cutting away weak businesses works
“[Cutting away weak businesses] often works because there is normally a jewel at the heart of most companies that has often been used to fund new ventures or is taken for g ranted by impatient management.”
Low prices are a contract with customers
“The contract with the customer (very low prices) must not be broken.”
High-low pricing may backfire
“The high-low strategy may even backfire: do consumers feel taken advantage of when paying U$5 for tissues that were available last week for U$4? They should.”
Investor patience as competitive advantage
“If Nomad is to have a competitive advantage over our peers this will come from the capital allocation skills of your manager and the patience of our investors.”
Beating the short-term crowd means looking further
“Only by looking further out than the short-term crowd can we expect to beat them.”