This article by MOI Global instructor Shreekkanth Viswanathan is excerpted from a letter of SVN Capital, based near Chicago, Illinois.
My objective with SVN Capital is to find “Compounders” — companies that can generate high Return on Capital and re-invest such capital at similar or better rates, run by good management teams that have “skin-in-the-game” and are aligned with their outside shareholders, that are trading at attractive valuation. We need only a handful of companies like this to do very well over time.
One such company, I believe, is Air Lease Corp. (AL).
On September 17, 2018, I had the pleasure of sitting down for dinner with the management team of Air Lease Corp. (AL). I met Steve Udvar-Hazy (Chairman), John Plueger (CEO), and Greg Willis (CFO). This meeting was organized as part of aircraft leasing conference, which I attended the following day, by RBC Capital, an investment bank. This is an outstanding management team.
Below I will provide a high-level business description, major takeaways from the meeting, and why we own it in our portfolio.
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