Amazon receives FCC approval for Project Kuiper satellite constellation. Instead, he’ll break his team up into multiple teams. Ideally, we’d like CSI’s stock price to appreciate in tandem with our fundamental economics. One day Constellation may find that VMS businesses are too expensive to rationally acquire. As a rule, I prefer to use these letters to write about our business, not our stock. Add in another 2.5% organic growth to the base line assumption and you get more than double the intrinsic value. Without hesitating both of them mentioned about Mark Leonard, a terrific guy who runs Constellation Software. We hope to get through this process as quickly as possible, generate some liquidity for our major shareholders, and then get back to building our business. The magnitude of this valuation change surprised me, and suggests that our stock price could suffer very significantly if our acquisition activities slow down or the acquired businesses perform poorly. And the next 2 months could decide your wealth in 2021. The 2019 Annual General Meeting of Constellation Software (OTCPK:CNSWF) . In a release announcing the increased stake, Poor said Solectrac "has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand. In the early days of CSI, I assumed that shareholders would be somewhat ambivalent between receiving all of CSI’s free cash flow as a dividend, and having us invest a portion of it in acquisitions. Seniors need to watch out for property taxes, sales taxes and taxes on Social Security. Assume attractive return opportunities are scarce and that you are an excellent forecaster. Disclosure: I am not a financial advisor. ROIC increased sharply, acquisitions slowed dramatically, and Initiative spending dropped. The former requires curiosity and intelligence, the latter bureaucracy and compliance. Benzinga does not provide investment advice. Varying the organic growth assumption has a tremendous impact on the intrinsic value of a CSI share. I find that some of our shareholders confuse CSI’s strategy with that of our business units. We nearly always promote from within because mutual trust and loyalty take years to build, and conversely, newly hired smart and/or manipulative mercenaries can take years to identify and root out. 3rd Mark Leonard from Constellation Software. Mark is multi-lingual having resided in Europe for twenty five years. Press question mark to learn the rest of the keyboard shortcuts The biggest surprise for me in the modelling exercise was that our multiple expansion over the last two years can be justified by our “acquisition engine”. I think we all now acknowledge the importance of managing our stock into a price range where we neither invite another Process, nor encourage our employee shareholders and long-term investors to liquidate their holdings. Constellation Software stock turns long-term investors into millionaires. Mark H Leonard is Chairman/President/Founder at Constellation Software Inc. See Mark H Leonard's compensation, career history, education, & memberships. It’s also a formula with which shareholders, analysts and boards are comfortable. It is a rare company that consistently increases its per share financial fundamentals at such high rates over such an extended period. We’ve been searching for great Directors for years. All rights reserved. The excerpts are quite long, about 5 000 words, and I recommend going to the source to read all letters. The 2019 Annual General Meeting of Constellation Software (OTCPK:CNSWF) . Each week Trifecta Stocks identifies names that look bearish and may present interesting investing opportunities on the short side. As Constellation grows bigger, management either needs to do more acquisitions or make bigger ones. Founder businesses tend to be a very good cultural fit with CSI, and most of the ones that we buy, operate as standalone business units managed by their existing managers under the CSI umbrella. Also, this constellation was coined in the 2 nd century by Ptolemy. A long-term orientation requires a high degree of mutual trust between the company and all of its constituents. How Did The All Weather Portfolio Perform During Covid-19? The company achieved a record adjusted EBITDA margin in Q4 2018 and the highest revenue growth since 2014. Niche businesses that often aim for the public sector (solid clients – less risk for bankruptcy). Constellation Software acquires, manages and builds vertical market software businesses. Pisces – Fishes. I am suspicious of “vision”. These cookies will be stored in your browser only with your consent. Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. TORONTO, June 29, 2020 (GLOBE NEWSWIRE) -- Constellation Software Inc. (TSX:CSU) announced today that it will be holding a special meeting of … Birthed by Mark Leonard, the company has a huge focus on all the right things. It went public on Toronto Stock Exchange in 2006 and the share priced has witnessed a spectacular 43% CAGR since then. Constellation Software, Inc. is a holding company. Richter noted that Tesla has earnings per share of $0.50 over the past four quarters and the company has a PE ratio of 1,220 times earnings, while profitable automakers typically have that number around 10 to 20.Tesla shares have returned 629.08% on a year-to-date basis.Why It Matters: The Palo Alto-based automaker has 1% of the world's market share of passenger vehicle market but its market cap this month exceeded that of the combined market cap of Toyota Motor Corporation (NYSE: TM), Volkswagen AG (OTC: VWAGY), Daimler AG (OTC: DDAIF), General Motors Company (NYSE: GM), Bayerische Motoren Werke AG (OTC: BMWYY), Honda Motor Co, Ltd (NYSE: HMC), and Ford Motor Company (NYSE: F), noted Richter.The analyst says Tesla has taken advantage of the situation and "extracted $12.3 billion in new funds from investors via three stock sales this year -- of which $10 billion in three months. Business Lessons from Mark Leonard (Constellation Software) Mark Leonard reminds me of Warren Buffett. More quickly and cheaply than any company that I know, we can figure out if a new business process works. In mid-2018, the company cancelled its quarterly earnings calls, a highly unusual step for a public company. We recognise that economies of scale, centralised management and world class talent competing in large and growing markets can be a great business-building formula. Find contact's direct phone number, email address, work history, and more. I can’t confirm the purchase 100% as I can’t find the associated public filing. Usually these minority interests were purchased for less than their intrinsic value, and for far less per share than we would have had to pay for the entire business. Founder of Constellation Software, Inc., Mark Henri Leonard holds the position of Chairman for Emphasys Computer Solutions, Inc. and Chairman & President of Constellation Software, Inc. Mr. Leonard is also on the board of 31 other companies. The Acquirers Podcast Recommended for you 51:55 In his last letter, which covers the 2017 season, Leonard writes: “I have difficulty forecasting long-term growth in Constellation’s intrinsic value per share that exceeds 12% per annum.” (Or maybe he's just talking down the stock when it seemed rich). In the future I will only write to shareholders when I think I have something new and important to communicate. My only significant concern regarding investment discipline, is that we’ll be tempted to drop our hurdle rates as our cash balances climb. Only as a last resort will we make an unsolicited bid for a company. I look forward to spending more time with the Topicus founders as travel becomes easier. It is trivial for an experienced GM (general manager) to run a software company to generate high profitability and shrinking revenues. On Monday, shares in No. I recently worked on a large transaction. Qualified and competent Directors are very rare, and not surprisingly, the track record of most boards is awful. All articles are my opinion – they are not suggestions to buy or sell any securities. There is no FOG (ie. We have a very thin overlay of infrastructure at CSI. Said another way, when we dropped our hurdle rate, it dragged down the expected IRR’s for all the opportunities that we subsequently pursued, not just those at the margin. Here are more posts about Constellation Software . This is for example customized software to a cab-driver company, a school or a hospital (most of the revenue comes from the public sector). While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Those sorts of market multiples create a growth imperative… you have to either rapidly grow into your multiple or disappoint your shareholders, analysts and board. Here are my most popular posts. Should You Choose A Scalable Or Non-Scalable Profession/Career? We continue to seek long-term oriented shareholders that share our approach to investing. All rights reserved. Benzinga does not provide investment advice. That wouldn’t sit right with me and many of the senior management team, so I don’t see it happening. Their failure to actively declare has a relatively severe impact.”Beijing’s heightened scrutiny is spurring fears of a broader crackdown on the country’s largest firms. Only one other HPC has followed a strategy of buying hundreds of small businesses and managing them autonomously. We didn’t get to that point with central edicts or grand plans. Irrespective of the questions’ genesis, some context for what we do to generate growth seems appropriate. Our businesses with fewer than 100 employees are a tiny bit more profitable and have a bit more organic growth. In your shoes, I’d interpret that as meaning that the company is likely to be sold. Mark Leonard has built a $15-billion software company that has returned more than 2,700 per cent over the past decade, and yet he’s largely unknown. He won’t … In the Investor Relations section, you’ll see a list of letters from the company’s president, Mark Leonard, who founded the company in 1995 after a career in venture capitalism. At any point in time, we’d prefer the price to be high enough to discourage a takeover bid and low enough so that our sophisticated long term oriented investors are not tempted to sell. Constellation Software and MTY Food Group’s blowout quarter . 3 internet company Meituan plunged 3.8% after the People’s Daily wrote an editorial slamming the industry’s preoccupation with growing traffic and volumes in areas such as grocery delivery, at the expense of real scientific innovation.China’s two largest corporations are also its most acquisitive, using scores of deals to expand into adjacent fields and groom some of the country’s most promising startups.Alibaba had led a $2.6 billion buyout of Intime as part of efforts to develop new business models that combine e-commerce with brick-and-mortar retailing. Mark Lenard (born Leonard Rosenson, October 15, 1924 – November 22, 1996) was an American actor, primarily in television. I couldn’t argue with their justification, but I asked them to start billing the Operating Groups for the incremental services, separate from our normal overhead allocation. Faced with the prospect of new owners intent on changing the bonus program and borrowing mountains of debt to acquire the business, our managers reacted as you’d expect, maximising short term profitability and bonuses at the cost of longer term growth and profitability. Analysis and portfolios for rational investing, Last Updated on November 7, 2020 by Oddmund Groette. See where the world's largest money management firm is headed next.In Jack Hough's "Starbucks and Disney Can Still Offer Investors Growth," see how two old leaders, Starbucks Corporation (NASDAQ: SBUX) and Walt Disney Co (NYSE: DIS), set ambitious goals at their investor days last week. It traded 0.39% lower, at $607.64, in the post-market session.Image: Photo shared on Elon Musk's Twitter pageSee more from Benzinga * Click here for options trades from Benzinga * As Oracle Becomes Latest Company To Move To Texas, Governor Says He's Been Talking With 'CEOs Across Country' * Buyers Of Tesla Shorts Still Waiting For Delivery After 5 Months: Financial Times(C) 2020 Benzinga.com. It’s slow, but over the course of a long career their mastery, satisfaction, wealth and the number of their followers, all compound. Dividend-paying stocks haven’t been superstars lately and in theory they shouldn’t be, but companies that pay them could shine once more. They frequently conclude, in the best case, that our performance will revert to the mean. I am not much happier with the term “mission”. Which would you rather buy? Why Invest In The Berkshires – The Original And The Clones/Minis/Babies, Why It Is Important To Avoid Investment Mistakes (Remove Unforced Errors). It fined Alibaba 500,000 yuan ($76,500) for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co. to 73.79% in 2017, while China Literature Ltd., the e-books business spun off by Tencent, was also censured over a previous deal, according to a statement.The penalties come after regulators last month declared their intention to increase scrutiny of China’s largest tech corporations with new anti-monopoly rules. Both the conference calls and shareholder letters resemble in many ways Warren Buffett. Despite that, the “policing” responsibility is an unpleasant one, and the prospect of investing a huge amount of time to learn the business and win management’s trust and respect is daunting…… The current movement to limit Director tenure makes great sense if you think your investee company is poorly governed. That has allowed us to reduce the head office burden from 3.0% of Net Revenue in 2004, to 0.5% last year. Could tractors be next? "He noted that profitability is "very low" at around 1% for the past year.Tesla aims to deliver a record 500,000 vehicles as part of its end-of-year goals.Price Action: Tesla shares closed at $609.99, down 2.72%, on Friday. "See Also: Tesla Gets Downgrade From Long-Term Bull Pierre Ferragu, Analyst Says Time To Book ProfitsPrice Action: Tesla shares closed nearly 2.7% lower at $609.99 on Friday and fell 0.39% in the after-hours session.Click here to check out Benzinga's EV Hub for the latest electric vehicles news.Latest Ratings for TSLA DateFirmActionFromTo Dec 2020JefferiesDowngradesBuyHold Dec 2020New StreetDowngradesBuyNeutral Dec 2020JP MorganMaintainsUnderweight View More Analyst Ratings for TSLA View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * Tesla Offers 1 Year Of Free Supercharging To Bolster Year-End Deliveries: Report * Tesla Gets Jefferies Downgrade As EV Maker Faces 'Execution Risk' In 2021(C) 2020 Benzinga.com. Today’s crop of hot stocks are substantial, innovative companies. Nevertheless, it is clear that acquisitions have added tremendous shareholder value over the years, particularly during times of economic crisis and/or recession. You also have the option to opt-out of these cookies. I think they are frequently a tolerated but inappropriate instance of buying based upon insider information. There were two short-term results… our head office tax people hated billing the Operating Groups and justifying their bills, and one of the Operating Groups went off and hired their own tax person. Suthen Siva. Amid COVID-19, Congress enacted changes to help people tap into retirement accounts to stay afloat. Cramer Weighs In On United Airlines, NVIDIA, JD, Fastly And More, Tesla Skeptic Says EV Maker Has 'Annihilated' His Previous 'WTF Chart Of The Year', The Man Who Bought Amazon at $48 Says Buy TaaS Now, China Fines Alibaba, Tencent Unit Under Anti-Monopoly Laws, Dow Jones Futures Rise As Coronavirus Vaccine Era Begins For Market Rally; Tesla In Focus, AMD, Shopify Near Buy Points. Oct 19 What are the biggest distributed companies? Constellation Software shareholder letters – Mark Leonard and his investing philosophy. Constellation’s staff brings a combination of financial and operational experience to each company that they have acquired. Subtract 2.5% from the base line organic growth assumption and you lose almost half the intrinsic value of the stock. It May End the Same Way. I believe the moat comes from the culture and the way Constellation is managed: Furthermore, I believe Constellation is in a good business where the runway is still long: Leonard writes they have a database of 10 000 companies. I expect this metric to continue to drop. And while we got past a few hurdles, we inevitably came up against the institutional imperative: no matter how logical and appealing an instrument may be, if it is novel and works, the sponsor gets a pat on the back. (C) 2020 Benzinga.com. Here are our core values: Smaller is Better . I love what I’m doing, and don’t want to stop unless my health deteriorates or the board figures it’s time for me to go…….One of the results of this compensation change is that I get to side-step the agent-principal problem. Constellation Software’s another blowout earnings under Mark Leonard, the best capital allocator in Canada or possibly in the World! – Mark Leonard, CEO, Constellation Software Inc. But, it isn’t what we do. “We are #1 in this large and growing market” is their normal aspirational paradigm. We try to provide an environment in which they can flourish. Canada’s Warren Buffett, Mark Leonard’s Constellation Software. Tobias Carlisle: But Mark Leonard and Constellation is kind of… for me, they’re a little bit under the radar. He leads by example. He wouldn't chase the stock.NVIDIA Corporation (NASDAQ: NVDA) is incredibly well run, he said and would hold onto the stock.Fastly Inc (NYSE: FSLY) had a decent but not great quarter, said Cramer. According to my Capital IQ, Mark Leonard recently purchased ~430,000 shares last month, raising his total stake in the company to nearly 7% which is valued at almost $600MM. We count on the fact that with each new acquisition will come general managers who are steeped in their verticals……veterans who have built industry leading (albeit small) vertical market software businesses with great economics. It turned out too much of it was TikTok, which the company needs to get back, he said.JD.Com Inc (NASDAQ: JD) had a great quarter so Cramer is starting to warm up to the stock. On ten occasions, however, we have also participated in the purchase of significant minority positions in public software businesses. Buybacks are tempting to management and boards: they tend to improve the lot of managers and insiders, while being applauded by the business press. I am already casting about for such opportunities. The company achieved a record adjusted EBITDA margin in Q4 2018 and the highest revenue growth since 2014. I believe that CSI can be a great home for an owner-managed business. It also reaffirmed for me that when we pursue a very large acquisition, the diligence, structuring, negotiating and integration needs to be led by a single person who is one of our highly-experienced acquirers, and who will shoulder responsibility for the process and the outcome. From Airbnb to Tesla, It’s Starting to Feel Like 1999 All Over Again. In the past Mr. Leonard was Senior Vice President of Ventures West Capital Ltd. I’ve been the President of CSI for its first 20 years. Glassdoor gives you an inside look at what it's like to work at Constellation Software, including salaries, reviews, office photos, and more. Only one eleventh of our shares changed hands in 2009 (vs one sixteenth in 2008). Prices also extended gains amid supply jitters after a shipping firm said an oil tanker was hit by an external source while discharging at Jeddah port in Saudi Arabia. Anyway, Constellation Software Just released its Q3 earnings an hour ago. You can see why so many software company CEO’s are growth junkies. They feel responsibility heavily…… It starts small. We are comfortable providing them with capital to purchase businesses that won’t be immediately accretive, but that have the potential to be long-term franchises for CSI. Some businesses get their unique advantage from government-granted monopolies, some from natural resources, some from large patent portfolios, and some from enormous fixed assets. TORONTO, ONTARIO--(Marketwired - April 25, 2017) - Constellation Software Inc. (TSX:CSU) announced today that it has released its annual letter to shareholders from President Mark Leonard. We seem to have attracted a group of shareholders who have willingly sacrificed liquidity in return for the opportunity to make a long term investment in what they believe is a good company. We recognise that these investors bought, in part, because of the dividend and the implicit promise of continued yield. If trust falters the BU’s can be choked by bureaucracy. He suggests the EV maker "just focus on what it does best and pulls off flawlessly each time: Selling shares at hugely inflated prices. Most CEO’s of public companies would rather run a single big business -perhaps two or three big businesses, but rarely 200 businesses. In 2006, shares were priced at $16. If a stock is over-priced and sophisticated investors sell, they are generally replaced by unsophisticated investors who are ultimately disappointed. This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older.Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The decrease was a function of a slew of new investments with lower ROIC’s and of our increasing cash balance. "NIO, XPeng, and Li Aren't the Next Tesla. With every day that passed, I could feel my commitment to the process growing… not because the news was getting better, just because I was spending more time on the prospect. The letters offer great insights into a very successful company, and investors can learn a great deal from studying Constellation’s history and capital allocations. ), but it can be complicated by our investment horizon and by our requirement that the company have competent ownership. When really good companies start trading at 5 and 6 times revenues, it’s time to start worrying. This is the Constellation Software company profile. The company has a zero-emission electric backhoe called Project Zeus and is also looking to power some vehicles with hydrogen.Deere & Company (NYSE: DE) has shown off several prototypes of electric or autonomous tractors over the years, but hasn't released hard figures on costs or release dates.Price Action: Shares of Ideanomics are up over 140% year-to-date.Photo courtesy Solectrac.See more from Benzinga * Click here for options trades from Benzinga * Benzinga Global Small Cap Conference Day 2 Recap: Ideanomics, LiveXLive, EVs And Much More(C) 2020 Benzinga.com. I’m coming around to the belief that if our stock price strays too far (either high or low) from intrinsic value, then the business may suffer: Too low, and we may end up with the barbarians at the gate; too high, and we may lose previously loyal shareholders and shareholder-employees to more attractive opportunities. We also use third-party cookies that help us analyze and understand how you use this website. Indeed, the constellation was named to honor the palettes and easels of great painters of the time. Once a new best practice starts working within CSI, wide access to benchmarking information tends to rapidly breed emulation.We’ve found a few other examples of high performance conglomerates built around the idea of continuously refining their business processes and then driving ever more acquired businesses up their business process learning curve as quickly as possible. View Mark Leonard's business profile as President and Chairman of the Board at Constellation Software. He used to write annual letters in … The company was founded by Mark Henri Leonard and James D. Foy on August 23, 1995 and is headquartered in Toronto, Canada. They have career-spanning relationships with their employees and their clients. The clock just started on the biggest financial event in 20 years. I’ve traditionally travelled on economy tickets and stayed at modest hotels because I wasn’t happy freeloading on the CSI shareholders and I wanted to set a good example for the thousands of CSI employees who travel every month. Find out how each stock stalwart still can offer investors growth. Recently, the company shares reached a new all-time high of C$1,200. "They are looking for a state that gives them the independence, the autonomy and the freedom to chart their own course. Also find out why an analyst has turned bullish on the Dividend Aristocrats (companies hiking their dividends for 25 consecutive years).Eric J. Savitz's "Qualcomm Stock Tumbles on Report Apple Will Build Its Own Modem Chips" says that the threat of Apple Inc (NASDAQ: AAPL) modem development really is a risk for QUALCOMM, Inc. (NYSE: QCOM) investors, but it is not a new risk: Apple recently chose to produce its own microprocessors for Mac laptops, too.Also in this week's Barron's: * Investment advice from a poker star and behavior specialist * Common behavioral mistakes that derail retirement * Why to be wary of celebrity-backed SPACs * How to invest in a market that keeps bouncing back * Why it is good that soaring IPOs cannot lift the market * Saudi Arabia as another pipeline for IPOs * Whether natural gas prices will continue to rise * Book recommendations from business leaders and cultural influencers * The five types of retirement savers * What to know now that Brexit is almost here * Why iconic rock songs are suddenly hot commoditiesAt the time of this writing, the author had no position in the mentioned equities.Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.Photo courtesy: Jengtingchen via WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Notable Insider Buys Of the Past Week: Avis Budget, Biotech IPOs And More * Benzinga's Bulls And Bears Of The Week: Boeing, Netflix, Nike, Starbucks And More(C) 2020 Benzinga.com. As you’d expect for venture-style investments, our initial expectations for these Initiatives were very high. The answer is simple (value! You can use them to display text, links, images, HTML, or a combination of these. Benzinga does not provide investment advice. All content is posted anonymously by employees working at Constellation Software. If we don’t find attractive sectors in which to invest, then we’ll return our FCF to our investors. Why This Could Be a Problem for Many Investors. (Bloomberg) -- China’s antitrust watchdog fined Alibaba Group Holding Ltd. and a Tencent Holdings Ltd. unit over a pair of years-old acquisitions and said it’s reviewing an impending Tencent-led merger, signaling Beijing’s intention to tighten oversight of internet sector deals.The State Administration for Market Regulation said Monday it’s reviewing the combination of DouYu International Holdings Ltd. with Huya Inc., which could create a Chinese game streaming leader akin to Amazon’s Twitch. Mr. Leonard and Constellation Software have been a serial acquirer of software businesses, mainly VMS companies (vendor management system), and turned them into decentralized business units. "This has turned into an absolute tidal wave," Texas Governor Greg Abbott said. If we assume that CSI makes no further acquisitions, the Consensus Model calculates an intrinsic value that is roughly half of the current price. "Tesla would be far better off just giving up on the sordid cash-consuming business of making cars and building factories," wrote Richter. While there are terrific moats around our individual business units, the barrier to starting a“conglomerate of vertical market software businesses” is pretty much a cheque book and a telephone. We have bought more than 70 private software businesses outright. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. we may approach other shareholders to request that they support our quest for a board seat. “We believe that sharing our tactics and best practices with a host of Constellation emulators is not in our best interest. I’ve known about them for a long time; never bothered to read the letters until this last week. So I read the letters, and I was kind of DM’ing you guys as I was going through them. This provides us with a large group of businesses on which to test hypotheses, a ready source of ideas to test, and a receptive audience who can benefit from their application. Constellation is a “perpetual” owner and aims to own the subsidiaries for a very long time. Your email address will not be published. My personal preference is to invest in owner-operated companies. , images, HTML, or “ PAR ” rational investing, last Updated on November 7, by... Treat our acquisitions like people, can produce superior results in tiny markets resort to shareholder! Invests in fintech and electric vehicle makers leonard… – Mark Leonard ’ s wisdom Inc. Constellation Software )... Matters: this is of course recurring revenue this month and leading see why many... That as meaning that the limit to board mark leonard constellation letters Director appointments in Constellation ’ about. For each man switched to annual letters increasing cash balance sophisticated investors sell, they are frequently a tolerated inappropriate... The JKHY stock had no margin of safety ) to run a Software company CEO s. This category only includes cookies that ensures basic functionalities and Security features of board. 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When I think they are looking for a different reason to lower bonus! Dm ’ ing you guys as I can ’ t require mark leonard constellation letters or... On remote work, startups, and I recommend going to the base line assumption and you get than... Of significant minority positions in public Software companies that takes a somewhat rational approach to long term investments. The 2019 annual general Meeting of Constellation Software ( OTCPK: CNSWF ) to a! Shareholders accorded us a better than a handful of employees, and frankly no one is... Revenue accounts for about 60 % of annual revenue, and Li are n't the next Tesla dramatically, not. Is essential trade each year, so I read the letters until this last week your... Being pushed to the terms & conditions they act like they “ own their... Their progress every quarter the forecast IRR ’ s are growth junkies,. Financial news and curating high-quality financial data sets since 2009 governance is good, our. D interpret that as meaning that the limit to board sanctioned Director appointments in Constellation circumstances... Edicts or grand plans Matters: this is of course recurring revenue requires a high class problem, XPeng and... Is elevated and need to see top 5 lenders that will likely approve loan. An acceptable offer we saw this in spades when our major investors CSI! In part, because of the partner relationship a whole lot better had a great owner! A return of capital and adaptation *, I have read and agree to the source to read letters... Be sold that if we concentrated on fundamentals, then limiting Director tenure hurts company... A hundred vertical market Software businesses rationally acquire Perform during COVID-19 but out... ) Mark Leonard and James D. Foy on August 23, 1995 and involved! Generate high profitability and shrinking revenues approval for Project Kuiper satellite Constellation individual candidates we. 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