Going deep on Constellation Software with Mostly Borrowed Ideas (MBI)
Liberty's Highlights
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Transdime Is a Better Business Than Consolation
Concerns that Constellation hasn't deployed much capital since inception. Some countan toma, bravo just bought almost 11 billion plan for like $1bn. The problem with compounding is the numbers really don't become big after a while. It's counter intuitive how many of these companies there are everywhere.
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