0:00: Introduction

1:00: talking Domino’s Pizza crust and its stock.

4:42: Review of the Constellation Software Annual meeting.

5:50: Why the annual meeting is still be done virtually.

8:49: Constellation Software is a capital allocation company.

11:11: Why acquired growth has been a better driver of returns for Constellation vs. organic growth.

13:15: Why Constellation will have to invest more to boost organic growth.

13:45: Why Constellation has limited worries about copycats.

19:11: reviewing Constellation’s carve-out strategy.

21:04: strategies to boost deal activity.

22:52: Constellation open to issuing stock for large deals?

29:23: more spin-offs on the way?

32:21: Mark Leonard on selling some of his shares.

34:32: How will AI affect Constellation?

36:41: Will Constellation deliver good returns to shareholders going forward?

This week we have a treat for Constellation Software fans! Barry and Ernest review the Constellation Software annual meeting and do a deep dive on the company. The guys discuss Constellation’s capital allocation, organic growth, competition, spin-off, carve-outs, copycats, AI and future catalysts.