Christopher Begg's East Coast Asset Management is out with its Q2 letter. In it, Begg outlines the "value of an ownership mindset and how it plays an integral part in a compounding triumvirate with a good business and an effective operator."
Comparing investing to horse racing, he highlights how it's important to ask certain questions:
"If we bought this business in its entirety, could we put blinders on for five or ten years and feel secure in our investment? Our level of comfort is simplified by the three key factors of business (horse), operational excellence (jockey), and the timelessness of an owner mindset (owner/trainer)."
Embedded below is East Coast's full Q2 letter:
For more from this firm, check out their previous letter on understanding the mispricing of an investment.
Thursday, July 31, 2014
East Coast Asset Management on An Ownership Mindset: Q2 Letter
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