I recently noticed that the company had a rights offering and were raising capital with debentures. AS. I look forward to spending more time with the Topicus founders as travel becomes easier. writing on remote work, startups, and online businesses . Thus, we looked into the company's filings and shareholder letters to find investing lessons from Mark Leonard, who is the founder and president of the company as well as a former venture capitalist. However, in his final letter, Leonard stated that other companies have tried to copy Constellation’s winning strategy. Value Investors: Michael Burry*, Scion Capital Joel Greenblatt*, Gotham Funds Bruce Greenwald*, Columbia University Seth Klarman*, Baupost Group Peter Lynch*, Fidelity Howard Marks, Oaktree Capital Michael Mauboussin, Counterpoint Global/Credit Suisse Charlie Munger Wesco Letters. As a part of my exercise for joining Constellation Software, I created a summary of my notes from Mark Leonard's letters … Oct 19 What are the biggest distributed companies? Constellation’s president Mark Leonard founded the company in 1995 and remains involved with Constellation. You can use them to display text, links, images, HTML, or a combination of these. Anthony Pompliano reads Mark Leonard's 2017 Annual Constellation Shareholder Letter -----This episode of Letters from Wall Street is sponsored by eToro, the smartest crypto trading platform, and one of the largest in the world. Little is known about Mark, as he is elusive. ‎Show The Acquirers Podcast, Ep Value: After Hours S02 E05: Time for Risk Arbitrage, Mark Leonard's Constellation CSU.TO Acquisition Strategy and Terry Smith's Fundsmith letter - Feb 6, 2020 This is a text widget, which allows you to add text or HTML to your sidebar. Mark Leonard is the man behind the entire Constellation operation. I’ve known about them for a long time; never bothered to read the letters until this last week. Mark Leonard, Constellation’s CEO, is famous for his candid writing in his letters to shareholders. The cat is out of the bag that there are great and generous business and investment minds that share their thoughts with us in the form of letters. Click to access wesco-charlie-munger-letters-1983-2009-collection.pdf . Presently, he holds the … Either way, he is clearly an “Outsider” CEO, and has a fantastic wealth of knowledge. By Minerva Review / Posted on 20/07/2020. Mark Leonard of Constellation took a simple idea, took it seriously, built methodically, and created an empire. Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. Tobias Carlisle: But Mark Leonard and Constellation is kind of… for me, they’re a little bit under the radar. Here is a post with lessons learned from the Constellation Software shareholder letters . He used to write annual letters in which he would update shareholders on the company’s progress. Constellation’s businesses constantly need to improve their products in order to maintain market share in their respective industries. (Available here). For the past 19 years, Mark Leonard has been building Constellation Software into one of the most successful software companies in Canada, and yet you probably don’t know much about him.He’s managed to avoid the spotlight completely, to the point where it … Constellation Software Inc. (TSX:CSU) is one of the best-performing stocks in Canadian history. It seems on its way to joining the 100 bagger club. Any data they share in common is displayed as purple boxes in the middle "Shared" column. Constellation Software – Takeaways From Mark Leonard’s Shareholder Letters Posted on February 17, 2020 November 7, 2020 by Oddmund Groette This article contains a brief description of Constellation Software, some thoughts on its competitive advantages and excerpts from Mark Leonard’s excellent shareholder letters. Mark Leonard (Letters), Constellation Software Stephen Schwarzman, Blackstone Group. Toronto, Ontario – March 26, 2019 – The board of directors of Constellation Software Inc. (“Constellation”) (TSX: CSU) announced today the appointment of Lawrence Cunningham as Vice-Chairman of the board of directors of Constellation.The role of Vice-Chairman, a new position at Constellation, will be to assist Mark Leonard in his role as Chairman of the board of directors. Any investor worth their salt would know about Warren Buffett’s letters in Berkshire Hathaway’s annual reports. Tag: Mark Leonard. So I read the letters, and I was kind of DM’ing you guys as I was going through them. This post does not focus on Constellation exclusively, but on Mark’s letters. Leonard is the son of Canadian business icon Mark Leonard of Constellation Software. I recently spent an afternoon reading all of Mark Leonard’s annual president letters. His letters to shareholders (used to be quarterly, now yearly) and calls are worth checking out. Abundant growth possibilities. (Please see the appendix at the end of this write-up.) Oct 27 Mark Leonard's Constellation Software Letters AS. There are around 2 pictures of him on the internet. Mark Leonard & Constellation Software. Value: After Hours S02 E05: Time for Risk Arbitrage, Mark Leonard's Constellation CSU.TO Acquisition Strategy and Terry Smith's Fundsmith letter 2020-02-06 Download Right click and do "save link as" 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. 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. Mark Henri Leonard, 63 Chairman & President, Constellation Software, Inc. Mark Henri Leonard founded Constellation Software, Inc. Like Warren Buffett (Trades, Portfolio), Mark Leonard publishes his annual letter every year in a format somewhat similar to Buffett’s but much shorter. Now, I’m not saying that Damien will be as successful as his father but it can’t be a bad thing to have Mark Leonard … I'm proud to say that I'll be joining Constellation Software in the coming days - leading up a corporate development team for one of their business units. Oct 19. So far this year, less has been more for Constellation Software Inc. Less communication, as chief executive Mark Leonard has decided to abandon his regular shareholders' letters… The third column shows data points from Hodgson, Leonard, active 1949-1956, Reverend Regius Professor of Divinity University of Oxford in blue. Constellation Software shareholder letters – Mark Leonard and his investing philosophy. (Whether you’ve read them or not is another matter.) And he seems to have done it with humility and kindness. Mark Leonard, President of Constellation, said: “I cannot think of another vertical market software company that has achieved Topicus' size without using outside shareholder funding. Toronto, Ontario – February 25, 2019 – Constellation Software Inc. (“CSI”) (TSX:CSU) announced today that Mark Leonard has notified the Company that he or entities controlled by him (“Leonard”) intend to enter into an automatic share purchase and disposition agreement (“ASPD”) with a registered broker in Canada. Leonard is the founder of Constellation Software. In the 2017 Constellation Software President’s Letter, Mark Leonard discussed his process for dealing with potential investments that don’t quite meet their hurdle rate. In his 2018 letter, Leonard stated that the market is expensive Here’s an excerpt from that letter: Maintaining Investment Discipline: I recently worked on a large transaction. Annual Letters (1983-2009) Download Letters: Daily Journal 13-F: Francois Rochon: Giverny Capital: Annual Letters (2001-2019) Download Letters: Giverny 13-F: Mark Leonard: Constellation Software: Annual Letters (2007-2019) Download Letters: Constellation Software Homepage: John Elkann: Exor N.V. The founder of Constellation Software (TSE:CSU), Mark Leonard, shares his lessons on business, investing and management. Mark Leonard, the CEO, is in my opinion one of the best managers and capital allocators out there. Mark Leonard Constellation Software Letters Side note: It's fun to watch @ trengriffin annotate someone's career. 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