Santangel's Review

Connor Leonard: Investors Management Corporation

Connor Leonard is the Public Securities Manager at Investors Management Corporation (IMC), a privately owned North Carolina-based holding company that launched the Golden Corral restaurant brand in 1973. As the Golden Corral concept grew into a casual dining powerhouse with $1.7 billion in annual system sales, IMC diversified by acquiring other businesses through a Berkshire Hathaway-inspired holding company structure. Today IMC owns eight businesses privately, including Golden Corral, and remains committed to long-term ownership of high quality businesses.

Connor extends this mission into the public markets, running a highly concentrated portfolio utilizing the internal capital of IMC. Connor divides the world of great companies into “Legacy Moats” and “Reinvestment Moats”, with the latter being able to deploy incremental capital at high rates for many years to come. Connor seeks to maximize returns for IMC by identifying “Reinvestment Moats” trading at discounts in the public markets and owning the businesses for the long-term.

At the 2017 Santangel’s Investor Forum, Connor will take participants through his investing framework and show how it led him to his latest find, an under-the-radar company with a wide moat and long runway for reinvestment.