Nick and Zak's Adventures in Capitalism: Words of Wisdom From the Nomad Partnership Letters

Using the letters Nick Sleep and Qais Zakaria wrote to their partners between 2001 and 2013, Nick and Zak's Adventures in Capitalism provides a unique perspective on the ideas that helped the Nomad Partnership turn $1 into $10 over a span of 13 years (a 20.8% annualized return vs. a 6.5% for the MSCI World Index).

The letters spotlight their approach, which focuses on contrarian stock picking, uncovering high-quality business models and super high-quality thinkers, avoiding psychological causes of investor misjudgement, and thinking like Richard Zeckhauser.

Similar to Jeremy Miller’s Warren Buffett’s Ground Rules, each chapter in this book centers around a single idea or theme from the letters and starts out with some summary points and brief commentary by the author, followed by excerpts from the letters themselves.

Part I consists of 40 chapters (or topics) ranging from incentives to scale economies shared to how to think about mistakes.
Part II consists of 18 case studies extracted from the letters discussing specific investment ideas, including Costco, Amazon, and AirAsia.

Happy cloning.