The Annual Report Acid Test
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The Annual Report Acid Test
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This episode goes over 251 pages of Nomad letters plus 30 annual reports, and overlays companies against Nick Sleep's philosophy across three tiers. Tier 3 (nine emerging names) came down to a close call between MercadoLibre and HEICO — HEICO won on cleaner economics and a proven capital allocation record. Tier 2 (nine proven compounders) crowned Microsoft, with the through-line being that every top name obsesses over customer value first, profit second. Tier 1 (twelve finalists) produced a podium of Visa, Meta, and ASML, with FICO as honorable mention. The big theme across all 30 stocks are great compounders reinvest relentlessly, widen moats every year, and let shareholder returns follow as a byproduct. A follow-up piece is planned to dig deeper into the top five and eventually stress-test all 30 against Sleep's rules. So stay tuned.