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December

Month: December 2014

December 31, 2014in Investment Letters0by YCG Team

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2014 Q4 - Investment Letter (Verizon)

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attractive risk-adjusted returns banking Brian Yacktman capital lite conservative balance sheets conservatively levered consumer and business services credit ratings diverse collection of Global Champions diversified dominant network dominant networks enduring pricing power Estee Lauder family owned business global brands global champions global investing high inside ownership high market share inflation information filter innovation and disruption interest rates long-term volume growth opportunities luxury goods market-timing mispricing market downturn market volatility network effect NIMBY not-in-my-backyard owner operator ownership-minded management teams people filter pricing power purchasing power recession-resistant business rising global wealth shareholder minded management team stock market declines switching costs toll-taker untapped pricing power yacktman

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