Here is a FT column I wrote about the British investor Nicholas Sleep, who has become something of a cult figure for a younger generation of investors. As a bonus feature here is a thread of excerpts from his letters to clients outlining some important aspects of his thinking.
While he is by no means the only investor to have grasped the potential of Amazon early on, he is notable for being early to reimagine a traditional value investing framework to analyse these companies over 15 years ago. Many are only catching up now.
ft.com/content/23590a…
ft.com/content/23590a…
Here is a part from 2010 on investors tend to under appreciate the favourable compounding of probabilities over longer time horizons, based on the work at the Santa Fe Institute by the mathematician Ole Peters: 
Here is a section on “scaling laws”, also based on work he did at Santa Fe:
And what investors can learn from them when applied to businesses (part 1):
And part 2:
And here is a section on why the above concepts could explain how a small number of remarkable companies remain vastly undervalued for years even when they may optically appear expensive:
Here is a part on “scale begetting scale”, which runs counter to perceived investment wisdom about mean reversion etc:
And here is a section on Amazon from 2006, which applies some of the above concepts, and the notion of the “equity yield curve”:
