Investing
Nick Sleep and Qais Zakaria's December 2011 letter to Nomad partners, one of the letters in Nomad Investment Partnership Letters, 2001–2014.
“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?”
“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.”
“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.”
“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.”
“Just by lengthening the time horizon, you can engage in endeavours that you could never otherwise pursue.” — Jeff Bezos