3min chapter

We Study Billionaires - The Investor’s Podcast Network cover image

TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard of

We Study Billionaires - The Investor’s Podcast Network

CHAPTER

Constellations - The Reversion to the Mean

Instead of earnings per share, Leonard prefers to use what he calls a just a net income. This makes certain adjustments for non-cash expenses such as the depreciation of intangible assets. Forrester estimated that there were more than 100,000 independent software companies globally growing at 25% per year. Constellations has been a serial acquirer of inherently attractive small-vertical market software businesses in a large number of different verticals.

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