Connor Leonard

Investors Management Corp; reinvestment moats, owner-operator

Connor Leonard is a portfolio manager at Investors Management Corp (IMC), a family office based in North Carolina. He is credited with a widely circulated framework distinguishing legacy moats—businesses that merely defend returns—from reinvestment moats, where capital can be redeployed at high rates for years. His writing draws particular focus to owner-operated businesses as the primary hunting ground for such compounders.