Failing to Plan

I’ve been reading through Nick Sleep’s (from Nomad Investment Partners) letters and they are incredible. In one letter, from 2008, he quoted Nassim Taleb: “‘Capitalism does not teach slack, it teaches optimization.’” Sleep goes on: “That is capitalism teaches that assets must be worked hard, outputs maximised, returns as high as can be.” (Sleep was…

Defense-in-Depth

Geoff Gannon from Focused Compounding has highlighted these to be his defense-in-depth approach when it comes to evaluating a potential investment: Price: 2/3 or less than the average company in that industry Industry: better than most industries Management: better than most management teams Position in the industry: better company and above average in this industry…

My Favourite Quotes for Times Like These

Like many of us, I’m still processing what is happening. As a small part of the process, I’ve turned to some quotes that seem to resonate with me at the moment. “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s…

This is Just Perfect

I’ve been working on distilling this observation I’ve had for some time now. Not sure how accurate it is, but honestly it cannot be accurate at all. It’s too reductive to be true in any case or in all cases but it makes for interesting thinking, which is the whole point of writing anything anyway….