In recent weeks, I have spent time going through all of Nomad Investment Partnership Letters operated by Legendary Investor Nick Sleep and his partner Qais Zakaria. Over the duration of the funds existence, the fund returned a compound rate of return of 20.8% before fees vs 6.5% for the MSCI World Index. Put differently, $1 dollar put to work in Nomad turned into $10.21 by December 31st 2013 whilst the same dollar only became $2.17 in the MSCI World Index. This resulted in a total return of 921.1% vs 116.9% respectively when comparing Nomad to the world index. What is more impressive is the way these returns were generated: no leverage, no complex financial products and no shorting. Over the following pages I will highlight the most insightful takeaways and add my thoughts upon reading them.