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)

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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.