My top 10 highlights from the letters:

1.  If you know you are right, why would you not bet a high proportion of the portfolio in that idea?

2.  We ask companies with poor economics why they want to grow. And senior management look back at us incredulous at our line of questioning.

3.  Henry Royce (founder of Rolls-Royce) made the engineers personally sign the parts they were responsible for making. That way, if any component proved faulty, he knew who was responsible and he made them correct the fault in their own, unpaid time. I paid you to make a working part, not a faulty part, he would argue. And that is how he ended up making the best motorcars in the world. That level of personal accountability has been largely lost inside organizations today.

4.  At Costco the consumer has chosen to commit to the retailer. People shop at Costco because it is Costco, not because Costco stocks Coke. The point is that having shared the cost savings, the customer reciprocates.

5.  Most companies pursue scale efficiencies, but few share them. It's the sharing that makes the model so powerful. In the center of the model is a paradox: the company grows through giving more back. Look around you. How many companies save five dollars for their customers for every one dollar they keep?

6.  Investors rarely appropriately value truly great companies.

7.  It was recently reported that oil had been found, not in the far flung reaches of the globe, but under the headquarters of the Exxon Mobil Corporation, and not by Exxon! Sometimes, what you are looking for is right in front of you. If Exxon can make this mistake, we all can.

8.  "Look, son, at the end of the day it is all about cash-in, and cash-out".  Keep it simple, it is all about cash-in, and cash-out.

9.  The biggest error an investor can make is the sale of a Wal-Mart or a Microsoft in the early stages of the company's growth.

10. Cultures that care about the little things all the time are very hard to create and, in the opinion of Jeff Bezos, almost impossible to create if not put in place at the firm's genesis.

Listen to #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters to Partners on Apple, Spotify, or the web.