C&B Notes

New On Our Bookshelf – Nomad Letters

Nick Sleep and Qais Zakaria’s Nomad Investment Partnership Letters to Partners 2001-2014 offer a treasure trove of great insights. One idea worth highlighting is their concept of “scaled economies shared.” This idea of scaled economies shared lies behind the success of Ford Motors under Henry Ford, Walmart under Sam Walton, and Amazon under Jeff Bezos. Although we never came up with such an elegant name for this mental model, it is one we routinely use to analyze and value businesses.

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