Any data they share in common is displayed as purple boxes in the middle "Shared" column. So I read the letters, and I was kind of DM’ing you guys as I was going through them. Oct 19. The third column shows data points from Hodgson, Leonard, active 1949-1956, Reverend Regius Professor of Divinity University of Oxford in blue. Oct 27 Mark Leonard's Constellation Software Letters AS. As a part of my exercise for joining Constellation Software, I created a summary of my notes from Mark Leonard's letters … AS. 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. Mark Leonard, the CEO, is in my opinion one of the best managers and capital allocators out there. (Whether you’ve read them or not is another matter.) 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 The stock has been a giant winner since its IPO in 2006 – up more than 80x. This post does not focus on Constellation exclusively, but on Mark’s letters. 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. Leonard is the son of Canadian business icon Mark Leonard of Constellation Software. However, in his final letter, Leonard stated that other companies have tried to copy Constellation’s winning strategy. Mark Henri Leonard, 63 Chairman & President, Constellation Software, Inc. Mark Henri Leonard founded Constellation Software, Inc. His letters to shareholders (used to be quarterly, now yearly) and calls are worth checking out. The founder of Constellation Software (TSE:CSU), Mark Leonard, shares his lessons on business, investing and management. 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. 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’s businesses constantly need to improve their products in order to maintain market share in their respective industries. writing on remote work, startups, and online businesses . Either way, he is clearly an “Outsider” CEO, and has a fantastic wealth of knowledge. 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. Constellation Software Inc. (TSX:CSU) is one of the best-performing stocks in Canadian history. 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… Constellation was founded in 1995 by Mark Leonard with a focus on the acquisition and management of smaller, specialized software development … 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. I’ve known about them for a long time; never bothered to read the letters until this last week. You can use them to display text, links, images, HTML, or a combination of these. Mark Leonard is the man behind the entire Constellation operation. Charlie Munger Wesco Letters. 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. After reading all letters since 2006, I am impressed by several things. I recently spent an afternoon reading all of Mark Leonard’s annual president letters. Mark Leonard & Constellation Software. It seems on its way to joining the 100 bagger club. By Minerva Review / Posted on 20/07/2020. Any investor worth their salt would know about Warren Buffett’s letters in Berkshire Hathaway’s annual reports. Side note: It's fun to watch @ trengriffin annotate someone's career. 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. Tobias Carlisle: But Mark Leonard and Constellation is kind of… for me, they’re a little bit under the radar. 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. (Available here). Presently, he holds the … Tag: Mark Leonard. Like Warren Buffett (Trades, Portfolio), Mark Leonard publishes his annual letter every year in a format somewhat similar to Buffett’s but much shorter. Mark Leonard Constellation Software Letters Little is known about Mark, as he is elusive. I look forward to spending more time with the Topicus founders as travel becomes easier. Information: The first column shows data points from Hodgson, Leonard, 1889-1969 in red. 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. 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 … 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" Oct 19 What are the biggest distributed companies? 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. Constellation Software shareholder letters – Mark Leonard and his investing philosophy. Mark Leonard, Constellation’s CEO, is famous for his candid writing in his letters to shareholders. Leonard is the founder of Constellation Software. Here’s an excerpt from that letter: Maintaining Investment Discipline: I recently worked on a large transaction. 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. Abundant growth possibilities. In his 2018 letter, Leonard stated that the market is expensive Here is a post with lessons learned from the Constellation Software shareholder letters . 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. And he seems to have done it with humility and kindness. Mark Leonard of Constellation took a simple idea, took it seriously, built methodically, and created an empire. Click to access wesco-charlie-munger-letters-1983-2009-collection.pdf . ‎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 There are around 2 pictures of him on the internet. Mark Leonard (Letters), Constellation Software Stephen Schwarzman, Blackstone Group. I recently noticed that the company had a rights offering and were raising capital with debentures. 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. The letters summarize his thoughts on the company. You know, it wasn't just until a couple of years ago, there was not a photograph of Mark Leonard available on the internet; you couldn't find out what he looked like. Constellation’s president Mark Leonard founded the company in 1995 and remains involved with Constellation. This is a text widget, which allows you to add text or HTML to your sidebar. He used to write annual letters in which he would update shareholders on the company’s progress. (Please see the appendix at the end of this write-up.) Read them or not is another matter. Whether you ’ ve about., active 1949-1956, Reverend Regius Professor of Divinity University of Oxford blue... 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