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:


3288_2015-annual-report_en_page_04As 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.

Further reading:


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:

Learn even more from Christian here and here.