This sounds counterintuitive; but, in the common case of read-heavy services, N ≐ 0 after the first access. When something changes, subsequent views end up loading & rendering the one record that changed, instead of preloading an entire collection.
However, achieving this in practice requires some care in the nesting of view partials and records.
c.f. DHH in https://www.youtube.com/watch?v=ktZLpjCanvg&t=4m27s "N+1 is a feature"