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TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard of
We Study Billionaires - The Investor’s Podcast Network
Is CSI a Good Place to Buy VMS Businesses?
In 2017, Constellation software completed around 50 acquisitions. In 2022, they completed over 130. The average acquisition size has increased slightly, but it's still very small. I think another risk with this company is the valuations of the VMS businesses eventually increasing relative to the underlying earnings. This could definitely lead to lower return on domestic capital for constellation as more companies try and copy what they're trying to do.
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