market folly

Today we're presenting commentary from Connor Leonard of Investors Management Corporation (IMC).  IMC is a holding company located in Raleigh, NC and modeled after Berkshire Hathaway, with the goal of being good long-term owners of excellent businesses.

Connor is the Public Securities Manager for IMC where he runs a concentrated public market portfolio utilizing a value investing philosophy.  While IMC is a privately-held company, they have allowed Connor to share his annual thoughts with Market Folly readers.

Some of his past guest posts over at Base Hit Investing have been featured in our "What We're Reading" links and many readers enjoyed those. 

This letter dives into investment process and portfolio construction and is an excellent read discussing concepts of intrinsic value, variant perception, portfolio concentration, and defining businesses by type of moat.  It's an excellent letter which we'd recommend reading in its entirety.

Embedded below is Connor's annual letter for IMC: