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We Study Billionaires - The Investor’s Podcast Network
TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard of
Mar 5, 2023
58:23
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- Constellation Software focuses on acquiring vertical market software businesses with high return on capital and sticky revenues.
- Mark Leonard's meticulous acquisition strategy ensures attractive returns for investors by fixing operational inefficiencies through shared best practices.
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Constellation Software Founding and Success
Constellation Software, founded by Mark Leonard in 1995, focuses on acquiring vertical market software (VMS) businesses. Leonard's unique strategy involves purchasing VMS businesses with high return on capital and sticky revenues. The company's success lies in Leonard's conservative approach, emphasizing long-term ownership and focusing on VMS acquisitions. Leonard's strategy includes fixing operational inefficiencies through shared best practices, leading to a strong track record of growth and profitability.
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