Comparing investing to horse racing, he highlights how it's important to ask certain questions:
"If we bought this business in its entirety, could we put blinders on for five or ten years and feel secure in our investment? Our level of comfort is simplified by the three key factors of business (horse), operational excellence (jockey), and the timelessness of an owner mindset (owner/trainer)."
They see the investment as one with limited downside and an upside of at least $40 per share over the next year. Corsair feels the company has a great expansion opportunity ahead of it. They also feel that Blackstone will eventually sell its remaining 20% ownership stake which will remove an overhang on the stock.
You can read Corsair's full investment thesis on SeaWorld embedded below: