The Intrinsic Value Podcast - The Investor’s Podcast Network
TIVP060: Constellation Software (CSU): Historic Drawdown, Historic Buying Opportunity w/ Daniel Mahncke & Shawn O’Malley
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Show notes
Daniel Mahncke and Shawn O’Malley take a deep dive into Constellation Software — the popular Canadian compounder that has turned buying “boring” vertical market software into one of the most effective capital-allocation machines in public markets.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:03:33 - How Mark Leonard founded Constellation
00:08:43 - What principles drive Mark Leonard
00:15:23 - What Constellation looks for in acquisition targets
00:19:20 - About the metrics that matter to Constellation
00:21:15 - How Constellation is structured and incentivized
00:46:26 - Whether AI is a threat or chance
01:04:50 - Why Constellation considers investing outside of VMS
01:08:50 - Whether Shawn and Daniel add Constellation to the portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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WSB episode on Constellation Software.
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Mark Leonard Shareholder Letters.
Saber Capital: How to Think about ROIC.
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