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Nomad Letters: The Full Collection of the Nomad Investment Partnership Letters to Partners, 2001–2014
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Between 2001 and 2014, amid gale-force global economic headwinds, Nick Sleep and Qais Zakaria’s Nomad Investment Partnership dramatically outperformed the market—and their biannual Letters to Partners earned cult status as some of the most clear-headed writing on investing and deciphering market forces.
Nomad Letters is the first compilation of these letters in print, sharing the enduring insights of two of the sharpest minds in value investing. Featuring a new prologue by Nick Sleep and a foreword by Stripe cofounder and president John Collison, Nomad Letters details the investment philosophy behind Sleep and Zakaria’s success—an approach that favors patience, conviction, and dedication to long-term competitive advantage over short-term returns. It includes Sleep’s reflections on the pioneering concept of “scale economics shared,” embodied in Nomad’s longtime investments in Costco and Amazon, and on the pair’s profound commitment to long-term thinking, never following the herd, and pursuing a meaningful life beyond wealth accumulation.
Not only a blueprint for investors, Nomad Letters is essential reading for anyone seeking to build long-lasting businesses, understand market dynamics, and see the world more clearly.
- Print length336 pages
- LanguageEnglish
- PublisherStripe Press
- Publication dateDecember 1, 2026
- Dimensions6.25 x 2 x 9.25 inches
- ISBN-10195395359X
- ISBN-13978-1953953599
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From the Publisher
Value investing masterclass
"There are three sources of competitive advantage in investing: information, analysis, and behaviour. Nick Sleep and Qais Zakaria were superb analysts, but it was their patient temperament and long-term orientation that really set them apart. These letters offer a masterclass in value investing."
—Bill Miller, founder, Miller Value Partners
Beyond the balance sheet
"This is a wonderful reminder that there are plenty of good things in life which compound in value over time, yet which never appear on a balance sheet. In many ways, the quest to identify and foster these forces is perhaps the most worthwhile use of our time on this planet."
—Rory Sutherland, vice chairman, Ogilvy UK
Enlightened capitalism
"The Nomad Letters belong in rarefied company, alongside the shareholder letters of Warren Buffett. Like him, Nick Sleep points us toward a form of enlightened capitalism characterized by virtues like patience, rationality, honesty, humility, prudence, and giving back. This is capitalism done right."
—William Green, author of Richer, Wiser, Happier
Where value compounds
"There are three bodies of investment writing that have truly defined how I see business, investing, and life. The Nomad Letters are one of them. Gathered here in book form, they now have the lasting place they deserve on the shelves of serious readers everywhere."
—Christopher Begg, cofounder, East Coast Asset Management
About the Author
Nick Sleep cofounded and co-managed the Nomad Investment Partnership with Qais Zakaria from 2001 to 2014. He continues to invest privately and through his charitable foundation, the IGY Foundation.
About the publisher
Stripe Press publishes ideas for progress in science, technology, and economics. Our collection includes new ideas from emerging and established thinkers and industry leaders, as well as reimagined editions of enduring works. We curate our titles for a global audience of builders and practitioners who are shaping the future of policy and industry.
Stripe Press is based in South San Francisco, with team members across the US and in London. We are a part of the global payments infrastructure company Stripe.
Recent titles by Stripe Press:
· The Origins of Efficiency by Brian Potter
· Maintenance: Of Everything by Stewart Brand
· Built to Grow by Stephanie Friedman
Editorial Reviews
Review
—William Green, author of Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life
“Nick Sleep and Qais Zakaria were superb analysts, but it was their patient temperament and long-term orientation that really set them apart. These letters offer a masterclass in value investing.”
—Bill Miller, founder, Miller Value Partners
“Nick Sleep’s partnership letters lit my brain on fire. His writing pushed my thinking in the direction of fewer, deeper, better. Be a maverick. Always.”
—David Senra, host, Founders podcast
“There are three bodies of investment writing that have truly defined how I see business, investing, and life. The Nomad Letters are one of them.”
—Christopher Begg, cofounder, East Coast Asset Management
“Nothing, and no one, will teach you more about how to think long-term, or about quality. Read these letters twice, slowly.”
—Will Barker, founder and CEO, Camelot Capital Partners
“This is a wonderful reminder that there are plenty of good things in life which compound in value over time, yet which never appear on a balance sheet. In many ways, the quest to identify and foster these forces is perhaps the most worthwhile use of our time on this planet.”
—Rory Sutherland, vice chairman, Ogilvy UK
“A bit like a Berkshire Hathaway meeting in miniature… They always kept their investing simple and rational… This approach to creating wealth can also give it purpose, turning private success outward into a widening circle of benefit for others.”
—Guy Spier, author of The Education of a Value Investor
“I have seen firsthand what happens when a charity is run the way Nick’s favorite companies were run. Growth comes more slowly, but it lasts, and the good it does keeps spreading.”
—Laura Winningham OBE, founder, City Harvest London
“There are hundreds of theories of how to ‘do’ philanthropy, but Nick is proof that it is really very simple. Find an organization that you believe in, back them for the long term, and find the time to be a critical friend.”
—Victoria Hornby, CEO, Mental Health Innovations
“The insights of a successful investing career come to the fore in [Nick’s charitable work]… This book will inform, inspire, and challenge many, many people.”
—Ed Vainker, managing director, Reach Foundation
About the Author
Nick Sleep cofounded and co-managed the Nomad Investment Partnership with Qais Zakaria from 2001 to 2014. He continues to invest privately and through his charitable foundation, the IGY Foundation.
Product details
- Publisher : Stripe Press
- Publication date : December 1, 2026
- Language : English
- Print length : 336 pages
- ISBN-10 : 195395359X
- ISBN-13 : 978-1953953599
- Item Weight : 1.4 pounds
- Dimensions : 6.25 x 2 x 9.25 inches
- Best Sellers Rank: #19,185 in Books (See Top 100 in Books)
- #9 in Investment Portfolio Management
- #21 in Investment Analysis & Strategy
- #37 in Wealth Management (Books)
About the authors

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Nick Sleep cofounded and co-managed the Nomad Investment Partnership with Qais Zakaria from 2001 to 2014. He continues to invest privately and through his charitable foundation, the IGY Foundation.



























