Nicholas Sleep

“Time is the friend of a wonderful business”

“Scale economies shared create extraordinary outcomes.”

“We seek to own businesses that make customers richer”

“The compounding of shared advantages is immense.”

“Businesses that share scale benefits widen their moat over time.”

“Customer surplus precedes shareholder surplus.”

“Diversification protects against ignorance, not insight.”

“Owning a few exceptional businesses beats owning many average ones.”

“We would rather be approximately right than precisely wrong.”

“Inactivity is a competitive advantage.”

“The market rewards patience unevenly but powerfully.”

“We try to do nothing most of the time.”

“Culture is an economic asset.”

“Great businesses think in decades, not quarters.”

“We partner with managers who behave like owners.”