A letter a day!

A letter a day!

Letter #01 2002

Introductory letter

The Nomad Investment Partnership was launched in early September 2001 and began investing on September 10th.

1)While evaluating the potential of a business, look for the following 3 things:

1.Businesses trading at around half of their real business value.
2.Companies run by owner-oriented management and
3.Employing capital allocation strategies consistent with long term shareholder wealth creation.

(Finding all the three is rare)

2)They have discussed 2 investments in this letter

1. International speedway (Approx 3.7% of the portfolio) :
   The narrative to invest was the money made through the race is divided 10% to NASCAR (The National Association for Stock Car Auto Racing) Matichon (3.2% of fund at year end) is Thailand’s second Thai language newspaper, 65% for the maintenance of the track and 25% is the price money. In the track maintenance segment, international speedway had the lion share.

2. Matichon (3.2% of fund at year end) :Thailand’s second Thai language newspaper.