#246 Mark Leonard's Shareholder Letters

Mark Leonard reminds me of Warren Buffett. Anyone who likes reading Berkshire shareholder letters will enjoy Leonard's. The Globe and Mail describes part of what Leonard has accomplished at his company Constellation Software. With an initial twenty five million dollar investment in nineteen ninety five, Mark Leonard has built consolation into a world leading consolidator of vertical market software companies. These are companies.

That create products to help run businesses in specific industries. Over the years. Constellation has acquired over five hundred businesses. Typically Constellation's acquisitions are small.

In the two. But add them all up. Slip in a dose of consolation's financial and operational discipline. and you have a company with a market cap of forty billion dollars.

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