Dialogue. Constellation Software AGM and RH 1Q25 Update
The Synopsis
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Debating Risk and Debt in Business Investments
The chapter explores business leaders' preferences between guaranteed returns versus higher potential returns with varying outcomes, touching on the investment matching principle and factors like distribution of outcomes. It compares Constellation and Berkshire's approaches to debt, discussing taking on more leverage for enhanced returns, and the importance of ring-fencing debt for stability. The conversation also delves into Constellation Software's unique board meetings focused on continuous learning and contrasts it with conventional corporate board practices.
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