A letter a day!
Letter # 17 Dec’2012
1.The decision not to do something is still an active decision.
2.Good things follow when you care about the pennies.
“When we visited Carpetright, a UK carpet retailer, a few years ago we spent the morning with its founder, Lord Harris, discussing his firm and the industry. Lord Harris is a great advocate of watching the pennies. One of his store managers told us that his boss had baulked at the cost of new price tags whenever the shops had a sale. To begin with he made the store managers use both sides of the old price tags, at least this would halve the tag budget, but the real saving came from using the same card with replaceable, reusable numbers. It may seem trivial, but the saving has been in the tens of thousands of pounds.”
Watching the pennies and investing carefully has led to the “aggregation of marginal gains” and financial success, and as such it has much in common with the investments that populate Nomad.
“It has been fun for Zak and me to practice in the real world, what we preach in investing.”
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