Primer: Mark Leonard, Constellation Software & Topicus

Constellation software is a 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) Related episodes: Mohnish Pabrai Talks Constellation Software & Mark Leonard https://youtu.be/xPI773-AE-I A Next Gen Warren Buffett? Tiny's Andrew Wilkinson https://youtu.be/-fs9P_phqfQ 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.