Enjoy the episode! 🍿👇 In this episode of the Capital Compounders Show, host Robin Speziale interviews the anonymous investor known as the Compounding Tortoise (CT), who shares insights on Constellation Software, its CEO Mark Leonard, and the broader investment strategy surrounding serial acquirers. CT discusses the unique business model of Constellation, emphasizing its decentralized management structure, the importance of M&A, and the challenges of organic growth. The conversation also touches on the complexities of financial metrics like ROIC and the implications of recent spin-outs, including Topicus and Lumine. Throughout the discussion, CT provides valuable perspectives on the risks and future expectations for Constellation and other compounding machines in the investment landscape.

Ownership Disclosure: $CSU, $TOI.v, $LMN.v – Yes

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