Premium Only Content

Primer Analysis: Mark Leonard, Constellation Software & Topicus
Constellation software is high-quality serial acquirer company with an incredible capital allocator Mark Leonard leading it. Constellation Software stock has produced excellent stock market returns for many years. This episode is a primer on Constellation Software, its legendary founder and President Mark Leonard, and its recent European spin-off Topicus. See timestamps below for specific sections:
00:00 Mark Leonard, Constellation Software and spin-off Topicus
00:33 Who is Mark Leonard?
00:51 Constellation Software stock returns over time (TSE: CSU)
02:02 The founding of Constellation Software
02:48 Influence of Mark Leonard's investing mentor Steve Scotchmer
04:39 The focus on Vertical Market Software businesses
05:48 Business attributes Leonard looks for when acquiring
07:13 Constellation Software, a super serial acquirer
08:32 Consistently high returns on capital
09:00 Superior capital allocation within a serial acquirer model
11:35 Holding company structure - many small parts, strong whole
12:22 The Topicus spinoff - Vertical Market Software in Europe
14:33 Topicus stock performance so far (CVE: $TOI)
I use TIKR Terminal to help analyze great businesses, follow top investor portfolios, and help monitor my portfolio (referral link): http://tikr.com/theartofvalue
Using a referral link helps support the pod, thanks!
The main investment brokerage I use to buy international stocks, and to hold cash at good interest rates, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664
Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision.
-
20:18
Fit'n Fire
15 hours ago*NEW* CZ P10C OR Ported -- First 500 Rounds
52 -
14:41
Nate The Lawyer
1 day ago $0.21 earnedWhy Hasn’t Raja Jackson Been Arrested Yet?
42613 -
6:04
Buddy Brown
2 days ago $0.41 earnedEugene’s SICK Newspaper Cover is a WARNING to Us All! | Buddy Brown
6039 -
16:23
Actual Justice Warrior
1 day agoMom Sucker Punched By Repeat Offender In Chicago
3.21K28 -
56:28
Professor Nez
1 day ago🚨Not Only is Epstein NOT Going Away… It Just Got Worse!
19.9K24 -
8:09
MattMorseTV
17 hours ago $9.43 earnedTrump scores 17th CONSECUTIVE Supreme Court VICTORY.
71.3K60 -
2:11:25
Side Scrollers Podcast
19 hours agoUK JAILS TV WRITER FOR WRONG THINK + TWITCH ALLOWS CYBERSTALKING + MORE | SIDE SCROLLERS LIVE
30.5K9 -
10:47
Nikko Ortiz
1 day agoThese Tik Tok Clips Are Extremely Painful...
51K7 -
13:43
GritsGG
15 hours agoI Made a Brand New Warzone Account! Will I Get Bot Lobbies?
8.8K1 -
1:09:23
The HotSeat
14 hours agoTrump’s Parade = Mocked, China’s Parade = Praised: Leftist Hypocrisy EXPOSED
35K33