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!