The Canadian Investor Buffett’s Farewell, Constellation’s Pullback, and GoEasy Sells Off
Nov 13, 2025
This week delves into the fallout from Constellation Software’s latest quarter and whether the dip presents a buying chance. Shopify reports impressive margins despite a stock pullback, highlighting its AI strategy's evolution. WSP Global shines with a record backlog, signaling strength in infrastructure. GoEasy faces scrutiny after a short report raises concerns about loan quality and borrower risks, leading to discussions on its precarious earnings outlook. Plus, reflections on Warren Buffett’s farewell and Texas-sized transitions at Berkshire Hathaway.
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Episode notes
Host's Newborn Twins And Sleep Realities
- Dan Kent returned to the podcast and recently became a father to twins, which changed his concept of tiredness.
- He says parenting made him accept a new, deeper level of fatigue but also brought joy.
Constellation’s Strong Quarter Amid AI Fears
- Constellation's quarter showed 16% revenue and 46% free cash flow growth despite AI fears and founder Mark Leonard stepping back.
- Slow acquisitions and rising cash balances drive sentiment risk, but insiders bought the dip, hinting management confidence.
Use Market Fear To Find Cheaper Deals
- Consider AI-driven market fear as a potential opportunity to acquire targets at cheaper valuations.
- Use dips to improve expected returns, since lower entry valuations increase long-term upside.