General Thoughts

Connor Leonard’s 2017 IMC Letter

Long-time readers are likely familiar with Connor Leonard, but for those who don’t know him, Connor is a good friend of mine who runs the public securities portfolio at Investors Management Corporation. IMC is a holding company located in Raleigh, North Carolina. The firm focuses on long-term ownership of outstanding companies in both the public and private markets.

Connor has shared some thoughts with BHI readers in the past, including a post on Reinvestment Moats, Capital Light Compounders, as well as an investment idea and annual letter that exemplify some of these concepts.

These posts were key additions to my series on the Importance of Returns on Invested Capital, and Connor does a great job at laying out those principles in a simple, common-sense fashion. I strongly recommend giving them a read if you haven’t yet.

While IMC is a privately-held company, they have allowed Connor to share a condensed version of his 2017 Annual Letter with my readers. Enjoy!

For any questions on the letter or any questions/comments regarding Connor’s work, please reach out to him at cleonard@investorsmanagement.com, or on Twitter at @Connor_Leonard.

Thanks for reading!


John Huber is the portfolio manager of Saber Capital Management, LLC, an investment firm that manages separate accounts for clients. Saber employs a value investing strategy with a primary goal of patiently compounding capital for the long-term.

To read more of John’s writings or to get on Saber Capital’s email distribution list, please visit the Letters and Commentary page on Saber’s website. John can be reached at john@sabercapitalmgt.com. 

 

3 thoughts on “Connor Leonard’s 2017 IMC Letter

  1. A well written letter and definitely worth a read IMHO. And I really appreciate the focus on the underlying businesses rather than price action in the markets over shorter timeframes. At the same time, I felt like there was an elephant in the room in that the long term track record wasn’t mentioned. What kind of results are these investment principles actually producing over the long run?

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