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5min chapter
TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard of
We Study Billionaires - The Investor’s Podcast Network
VMS Businesses Are High Quality Businesses That Leonard Wants to Invest In
Constellation was founded in 1995 as a holding company that would specialize in acquiring VMS businesses. Half of Constellation's revenues are from government agencies which makes their subscription revenue even more sticky and less prone to disruption from competition. Leonard also mentioned that their favorite businesses are bought directly from founders as they tend to have the best cultures. Similar to Buffett he puts a heavy heavy emphasis on the management team operating at these businesses that he's acquiring.
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