Constellation Software: Revealing itself one star at a time

0:00: Introduction 1:00: talking Domino’s Pizza crust and its stock. 4:42: Review of the Constellation Software Annual meeting. 5:50: Why the annual meeting is still be done virtually. 8:49: Constellation Software is a capital allocation company. 11:11: Why acquired growth has been a better driver of returns for Constellation vs. organic growth. 13:15: Why Constellation will have to invest more to boost organic growth. 13:45: Why Constellation has limited worries about copycats. 19:11: reviewing Constellation’s carve-out strategy. 21:04: strategies to boost deal activity. 22:52: Constellation open to issuing stock for large deals? 29:23: more spin-offs on the way? 32:21: Mark Leonard on selling some of his shares. 34:32: How will AI affect Constellation? 36:41: Will Constellation deliver good returns to shareholders going forward? This week we have a treat for Constellation Software fans! Barry and Ernest review the Constellation Software annual meeting and do a deep dive on the company. The guys discuss Constellation’s capital allocation, organic growth, competition, spin-off, carve-outs, copycats, AI and future catalysts.