This webinar represents the first in a new series that delves into the market strategies of CIS’s esteemed investment partners. This premiere edition features Chris Begg, Chief Investment Officer and Co-Founder of East Coast Asset Management. Joining Chris for this engaging and enlightening session is Scott Malpass, CIS Co-Founder and Board Chair, and retired Chief Investment Officer for the University of Notre Dame.
00:00 – Webinar opens, attendees join
00:10 – Tom Lanctot, CIS CEO, welcome and introductions
01:40 – Opening prayer
03:20 – Scott Malpass, CIS Board Chair & Co-Founder, opening remarks
05:30 – Chris Begg, President & CIO, opening remarks
06:30 – Heros & Mentors, Who has influenced you?
07:25 – Joys of compounding interest, Warren Buffett’s early partnership letters
08:50 – East Coast Asset Management overview
10:20 – How has your philosophy evolved over the years
14:20 – Can you describe how you define and source exceptional businesses?
16:00 – What are the layers of competitive advantage?
19:00 – The Grove of Titans
19:50 – Portfolio Concentration and evaluating IRRs
23:20 – The source built Arches; Portals, Bridges & Domes
27:00 – How have ESG factors informed your decision making?
29:20 – CPI +5%, is this still a reasonable benchmark?
32:00 – How do you value a business?
34:20 – What are the main themes expressed in the portfolio today?
37:00 – How did you build your team at East Coast?
39:00 – Holding periods and portfolio turnover
40:30 – What have you learned from any mistakes made along the way?
42:50 – How do you think about disruptive innovation as a trend?
44:30 – Is your strategy tax efficient?
46:50 – How do you engage and build relationships with the management teams you own?
48:20 – Thoughts on Europe’s investment opportunity set?
50:00 – IRRs and valuation considerations
51:30 – China and investment opportunities
53:00 – Continuous improvement, describe your experience as an adjunct professor at Columbia’s Business School
55:00 – What makes a great investor?
55:30 – Thank you and closing