
Going deep on Constellation Software with Mostly Borrowed Ideas (MBI)
Liberty's Highlights
Is the Scam a Scam?
The business is that they're buying, they're basically cash cows right there. They're almost bonds with very i yield. But inside of constellation, what constellation grafts onto these businessesit is a reinvestment vehicle. And so suddenly, these cash flows from all these cash cows are being funnelled into this machine that re them at very high returns. It's kind of like the snowball, right?They've also proven, overtime, not only the ability to reinvest, but to scale the machine too. That's what the market is payin 20 times a bit, or whatever it is for.
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