East Coast Asset Management, run by Christopher Begg, is out with their Q4 shareholder letter. The fund was up 16% for 2012, not bad for a year when most hedge funds returned closer to 5%.  The fourth quarter letter includes an update on the fund’s portfolio and general market observations. Each quarter management highlights one component of their investment process. Companies include, Colfax Corp, Union Pacific and Burlington North Santa Fe and WABCO.
The full letter (via Marketfolly) is embedded below:

East Coast Q4 2012 Letter_Seek Knowledge of Causes