14 SOURCES5 INDEXED REFERENCES2001–2014
The single highest-yield ingest in the batch: the IGY-authorized full collection of Nomad letters (free, 219pp) containing the Amazon free-cash-flow analyses, the Costco “scale economics shared” thesis, and the destinati
THE RECORD
The single highest-yield ingest in the batch: the IGY-authorized full collection of Nomad letters (free, 219pp) containing the Amazon free-cash-flow analyses, the Costco “scale economics shared” thesis, and the destination-analysis framework. FT-cited record: 921.1% cumulative / 18.4% p.a. after fees over 12 years. Final letter recommended partners simply hold Amazon, Costco and Berkshire.
SELECTED PUBLIC REFERENCES
2014 · Documented public record
IGY Foundation
Decision — Post-Nomad pivot: philanthropy (IGY Foundation) and school governance. Context: He “has not entirely left investing” (postamble). Outcome (known): IGY is now the authorized home of the letters.
2013 · Documented public record
IGY authorized PDF postamble
Decision — Final letter: recommended partners simply hold Amazon, Costco and Berkshire; wound up the fund. Context: Verified verbatim in the IGY postamble; liquidation completed early 2014. Outcome (known): 921.1% cumulative / 18.4% p.a. after fees (FT) over 12 years.
2002 · Documented public record
Nomad letters (Costco section)
Decision — Bought Costco (~3.1%) and re-underwritten it (“Deconstructing the Business case”). Context: EDLP 14% markup; membership loyalty; “as perfect a growth stock as we have found.” Outcome (known): Scale-economics-shared thesis fully articulated by the 2008 letter; held to liquidation.
2001 · Documented public record
Nomad letters (IGY authorized PDF)
Decision — Launched Nomad; cigar-butt beginnings (Saks, Int’l Speedway, Conseco…). Context: Dec 2002 letter documents the early book. Outcome (known): Journey “from cigar butt investing to near permanent holdings” (preamble).
2001 · Documented public record
Nomad letters (Amazon passages)
Decision — Initiated and defended Amazon through the post-crash controversy. Context: FCF-per-share logic; Bezos quote on givebacks; “the ever widening of the moat.” Outcome (known): Signature position; final letter recommended partners simply hold it.
CONNECTED INVESTORS
Nicholas shares documented ground with the investors below — themes both return to, companies both discuss. The strength comes from the indexed passages themselves.
4 SHARED THEMES
4 SHARED THEMES
4 SHARED THEMES
4 SHARED THEMES
3 SHARED THEMES
3 SHARED THEMES
3 SHARED THEMES
3 SHARED THEMES
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TOP COMPANIES
Companies appear once the collection lands.