On today’s episode, Clay Finck does a deep dive into Constellation Software (Ticker: $CSU). Constellation Software is a Canadian holding company that has acquired over 600 vertical market software businesses. The company was founded by Mark Leonard, and has delivered exceptional returns to shareholders since their IPO in 2006. The stock has had an average annual return of over 34% from 2006 through the end of 2022. If you are like Clay and enjoy learning about high-quality businesses, then you won’t want to miss this episode.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:01 - What makes Constellation such a high-quality business.08:32 - The similarities between Mark Leonard and Warren Buffett.09:57 - What Constellation’s business model is.19:32 - How Constellation garnered a reputation that founders are more than willing to sell to.21:39 - Clay’s takeaways from reading Mark Leonard’s shareholder letters.42:21 - How Clay views the valuation of Constellation Software today.44:10 - Why Clay took a position in Constellation Software to hold for the long-term.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESMark Leonard’s Letters.Chris Mayer’s blog post on Constellation Software.The 10th Man Blog.Don’t miss our review of Joel Tillinghast's book - Big Money Thinks Small. Watch the video here.Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSTalk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.Take stock of your finances and investing strategy with Betterment.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Let an expert do your taxes from start to finish so you can relax with TurboTax.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.