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Speedwell Research's Drew Cohen shares thesis on FinTwit favorite, Constellation Software $CSU.TO

Yet Another Value Podcast

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The Evolution of Capital Allocation at Trapeze Software

In 1995, Trapeze Software shifted from centralized capital allocation to a holding company system, delegating allocation responsibilities to business units as they acquired more software companies. Employees were given autonomy to acquire businesses within their niche, with deals initially requiring approval for amounts exceeding $2 million, later increased to $20 million. Business units were empowered to make acquisition decisions as long as they met specified hurdle rates, with an expectation of at least a 20% incremental return by Mark Leonard in 2011.

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