flâneur

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

pod.wave.co · 11,060 words · saved by 1 readers

The best investors are not investors at all. They're entrepreneurs who have never sold. — Nick Sleep Nick Sleep’s letters are a masterclass on the importance of understanding the underlying reality of a business — what he calls the engine of its success. I read all 110,000 words of Nick’s letters (twice!) to make this episode and what I found most important is Nick’s ability to develop a deep understanding of “honestly run compounding machines” (like Costco and Amazon) years before everyone else. Nick explains clearly how Jim Sinegal and Jeff Bezos set up their companies for long term success —from the very beginning — and gives us a few hints along the way on how we can do the same in our business. And the absolute entrepreneurial history nerd in me loved the references to Henry Ford, Sam Walton, Rockefeller and other greats from the past that are sprinkled throughout Nick’s letters. No surprise that someone who was able to make $2 billion for his clients has a deep understanding of the great work that came before him. If you want to read all of Nick Sleep’s partnership letters you can do so here for free You can also read William Green’s book Richer, Wiser, Happier: How The World

[00:00] Nick Sleep: One of the most interesting things that Nick Sleib 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, designed their business in a way that ensure that they would survive over the long term. All three of them were what Nick Sleep calls honestly run compounding machines. This emphasis that all three…

related reading