My top 10 highlights from the chapter Nick & Zak's Excellent Adventure: How Nick Sleep and Qais Zakaria Built Their Investment Partnership— from this book:

1.  The art of being wise is the art of knowing what to overlook.

2.  They practiced intentional disconnection. They wanted to think in peace, undisturbed by the popular obsession. It requires uncommon conviction to disregard what most of your peers consider significant.

3.  They disregarded all of the ephemeral information that distracts investors from what matters. Sleep notes that information, like food, has a "sell-by" date. But some of it is especially perishable, while some has "a long shelf life."  This concept of shelf life became a valuable filter.

4.  We just read annual reports until we were blue in the face and visited every company we possibly could until we were sick of it.

5.  We just concentrated on picking good stocks and thought everything else was peripheral.

6.  The effect of this policy [scale economies shared] was a virtuous cycle that Sleep sums up like this: "Increased revenues begets scale savings begets lower costs begets lower prices begets increased revenues."

7.  Costco kept growing by giving back.

8.  They knew that they had uncovered a deep truth. "That's the best single thought you may have ever had in your life. It needs to dominate everything because you're not going to get many insights like that.”

9.  They were unconstrained by reference to what anyone else was doing.

10.  Nick Sleep, with characteristic indifference to conventional opinion, invested almost all of his fortune in just three stocks.

Listen to #364 Nick & Zak's Excellent Adventure: How Nick Sleep and Qais Zakaria built their radically unconventional investment partnership on Apple, Spotify, or the web.