A longtime friend and wonderfully talented portfolio manager (who asked to remain anonymous) emailed me 14 hours ago with the subject line: “great moments in Annual Reports…” — the email itself was empty, except for a simple attachment:
With a bit of detective work, and after obtaining my friend’s permission to share, below is the full context:
As self-described, one page earlier in the 2015 Annual Report:
CGG is a leader in cutting-edge geoscience. We have achieved leadership through a strong focus on innovation and a sustained commitment to developing our markets both locally and globally. We bring our clients a unique range of technologies, services and equipment designed to acquire extremely precise data and images of the Earth’s subsurface. We also provide state-of-the-art software and services for analyzing that data and developing a deeper understanding of the subsurface for exploration, production and optimization of natural resources including potential and existing oil and gas reservoirs.
Intelligent investing in an art of cumulative learning. The business description of CGG immediately reminded me of a terrific presentation delivered by Christian Ryther of Curreen Capital at Wide-Moat Investing Summit 2015, which I’m proud to showcase below: