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Clujso (David)
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Nomad Capital: The best firm you don’t know From 2009 through 2013, Nomad returned 404%. And in less than 13 years operating, the fund returned 921% before fees How?
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Clujso (David)
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I’ve come across Nick and Zak story in the founders podcast, and in the book Richer Wiser Happier, and became an instant fan. As outsiders, “a failed landscape architect and frustrated meteorologist”, they would roam anywhere to find value
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Clujso (David)
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1/ High vs. low shelf live information Most people in the business are “quarterly EPS junkies”, craving information that will be worthless in 12 weeks. “You need to be wired not to believe the bullshit, to not be listening”. A funny story, they disengaged from day to day action by minimizing their use of a Bloomberg terminal. They own a single terminal, on a short side table without a chair. “It was meant to be uncomfortable, you could only spend 5 minutes without thinking my back is killing me.”
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Clujso (David)
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2/ Roaming for value “We just read annual reports until we were blue in the face and visitors every company we could until we were sick”. They also practiced what they call destination analysis: “What is the intended destination of this business in ten or twenty years?” Great company founders are “passionate about the smallest details, improving customer experience, cutting costs, investing in distant future. They have to be almost high on being iconoclastic.” They followed the Berkshire path without knowing, they started with cigar buds, investing in underpriced assets, and then realized that it was best to find long term compounders driven by great founded. Their highest performing portfolio was driven by stocks like Amazon, Costco, and much more smaller firms that had scale economies, they ran a very concentrated strategy.
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Clujso (David)
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3/ Quality is everything They are obsessed with the book “Zen and the art of motorcycle maintenance”. All about quality of a craft. “There was something a little provocative about the whole thing: could you set up and investment outfit which is not about the money? It’s about doing everything right?” They don’t do marketing or sales, and only accept LPs they personally like, making then sign a document stating that this is only fit for investors with a 5+yrs time horizon
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