Subject: OT Constellation Software & Topicus
Excellent write up on Mark Leonard and his amazing record at Constellation Software. The Topicus spinoff of European business may offer Constellation like returns.

Constellation Software is a remarkable business that can be justifiably compared to Berkshire-Hathaway. CEO Mark Leonard has found a way to make a multi-billion-dollar business operate like hundreds of smaller businesses, with most managers generating returns on capital well in excess of 20% per annum.

Topicus.com, spun-out of Constellation in 2021, is about the size of its parent in 2013-2014, and essentially a replica of it too, but with potentially more organic growth and a lower valuation.

https://seekingalpha.com/artic...