British investment partnership managed by Nick Sleep and Qais Zakaria from 2001 to 2014 — which produced outstanding returns by concentrating in Amazon, Costco, and Berkshire Hathaway for years — and whose annual letters are classics of investment philosophy.
Proved that extreme concentration in a very few high-conviction 'scale economies shared' businesses — held for years without trading — could produce returns significantly superior to diversification, and that the investment thesis for Amazon at a very early stage was articulable as a 'scale economies shared' business.
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