Constellation Software is an incredible business and acts as a Berkshire-like entity for the software industry.

“I knew I had to study consolation at some point and as you said it's basically the Birkshshire of software and this time you can really make the argument or the comparison with a clean conscious”

Constellation Software is a great company but there is uncertainty regarding its future prospects without Mark Leonard.

“And so when you're implicitly betting on their ability to pivot without having Mark Leonard's stewardship anymore, all the while you have this major uncertainty swirling around in terms of how LLMs will impact their subsidiaries. It's not entirely clear to me that the market is dramatically overreac”