Finally finished reading Nick Sleep's Nomad Investment Partnership letters, all 245 pages. Wow, what a read! I've picked out my 35 favourite extracts which I've organised into 10 key themes. I will present each theme as a separate thread over the coming weeks. Today's thread is..

…on the value of patience and long term thinking:

"The trick to being a good investor, over the long-term, is to maintain your long-term oriented discipline."

"Active fund managers have to look active. One way to do this is to sell Wal-Mart, which appeared expensive (but actually wasn’t), to buy something that appeared cheaper (but err, also wasn’t); investors are not long-term and did not look further than the next few years or....

…more recently, few quarters. Evidence for this can be gleaned from the average holding periods for shares which stands at just a few months; fund managers wish to keep their jobs and espousing a ten-year view on a firm risks being a hostage to fortune"

"We can all do momentum investing, but it is emotional investing and I just don’t think it is that intelligent, or profitable."

"Good investing is a minority sport, which means that in order to earn returns better than everyone else we need to be doing things different to the crowd. And one of the things the crowd is not, is patient."

"Business outcomes can be more predictable several years out than they are in the near term. For example we have no idea where the market will end this year but, given corporate strategies, capital allocation and starting valuations, I think we have some idea of how...

…our companies will evolve over the next few years. In other words (at this point economics students may wish to cover their ears) the return from investing in shares can be both increased and de-risked by time."

"Our peers are trading shares at the short end of the equity yield curve where the competition is the greatest, and we are investing at the long end where competition is the least. We respond to completely different stimuli."

The complete letters of Nomad Investment Partnership are available here https://b-ok.asia/book/7218544/b9eac5

I'd also strongly recommend this blog from @mastersinvest on 'Learning from Nicholas Sleep' http://mastersinvest.com/newblog