Christopher Begg of East Coast Asset Management is out with his Q4 letter, which is a great read as usual. In their prior letter about investment process and types of investments that East Coast makes, one category highlighted by Begg was 'Transformations.' In this most recent letter, Begg delves deeper into their view of transformations and breaks them into three categories: Secular, Systemic, and Separation (spinoffs). Check out the letter in it's entirety for Begg's commentary of some of their holdings that exmplify 'transformations' such as Union Pacific, WABCO, and Colfax.
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