Constellation Software

“Constellation software, maybe because it's Canadian, but it went public at a five hundred million dollar valuation. I think it at some point hit eighty billion in market cap. And it's been clobbered over the last six months because of the AI perception threat.”

“I mean, look at Constellation Software. Their stock has been cut in half like that.”

“I feel the value in the roll-up is the value that you add to the businesses that you're buying. I don't think a constellation type model of just clobbering up many companies will work.”

“Why is Constellation software, you know, almost a seventy-five billion dollar company or whatever. They have hundreds of vertical software companies because people like buying very specific products.”

“Constellation software is the market leader in private club software globally. They have 55% market share”

“I was running around spending time with investors and not in the operations of my business, and the business was doing well, and I didn't think we had good processes, and I wasn't involved in the, you know, in solving those problems because I was more worried …”

“I think you're gonna see a lot of it, right? I think that, you know, you had mentioned, is it Visma, which is the company that's going public in the UK, and we'll come back to that, but the aha prior to that is it's a roll-up of, you know, hundreds, literally …”

“We're not a fund. We're a company. Our big our big role model is Constellation Software in in Canada, public company. We're just a company like any other company in Evergreen.”

“Mark Leonard is a great example of someone who's, who's incredibly thoughtful, who laid out a plan, and you have decades of evidence that he's executed upon it. So that is a guy who has earned the confidence that the marketplace places in him. And also he's an…”

“But there are many markets, like, ah, that go after very, very small, like, niche software. Constellation Software is a public company out there that does a lot of this, where they literally invest in, ah, you know, reservation systems for dog kennels or somet…”

“We closed all of the high level valuation numbers and everything, probably in a couple of days.”

“We just got beat out on a couple of deals by them recently, which is kind of cool. It's like, you know, losing basketball to Michael Jordan or something.”

“Effectively what that is, is a, like Berkshire, an almost decentralized collection of software companies. So the parent Constellation, forgetting the CEO's name and his team are basically buying up individual assets, not, not micromanaging them. And they're ki…”