This podcast episode features Nick and Zak, the founders of Nomad Investment Partnership, discussing their impressive investment strategy that has yielded a 20.8% annual return over more than a decade, as detailed in their book, "Nick and Zak's Adventures in Capitalism." They explore concepts like the "Cone of Uncertainty" for risk management, the importance of aligning incentives in their partnership structure, and their emphasis on long-term investment in modestly valued, owner-oriented businesses. With insights on scale economics, competitive advantages, and the necessity of concentration in portfolios, the episode articulates the value of patience and a deep understanding of investments while navigating biases and emotional pitfalls in investing.
