On today’s episode, Clay chats with Chris Mayer about long-term compounding and a few of his holdings, including Constellation Software. Chris is well-known for his book, 100 Baggers, and has inspired thousands of readers to become better investors. If you’re interested in investing in multi-baggers, then this episode is a must-listen.
Chris is the author of 100 Baggers and the co-founder and portfolio manager of Woodlock House Family Capital. 
IN THIS EPISODE YOU’LL LEARN: 
00:00 &#8211; Intro 
03:27 &#8211; A review of how Chris’s fund performed in 2023. 
06:37 &#8211; Where Chris focuses much of his attention in managing a fund. 
12:39 &#8211; How Chris discovered Constellation Software. 
18:02 &#8211; How the competitive landscape for Constellation Software has developed over the years. 
24:58 &#8211; The potential drawbacks of Constellation Software’s decentralized business model. 
28:09 &#8211; Chris’s thoughts on Constellation Software’s ~60% increase in their share price over the past year. 
28:53 &#8211; How Constellation 2.0 has developed in recent years. 
33:04 &#8211; Why Constellation Software has started performing spinoffs. 
39:42 &#8211; Whether Constellation will continue to do more spinoffs in the future or not. 
37:05 &#8211; Why Chris decided to invest in the Constellation Software spinoffs in his fund (Topicus &#038; Lumine). 
39:32 &#8211; Why Topicus is targeting higher organic growth in their subsidiaries. 
55:12 &#8211; Chris’s thoughts on the valuation of Constellation Software, Topicus, and Lumine. 
61:56 &#8211; How Chris would consider allocating fresh capital today in his fund.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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Chris Mayer’s books: 100 Baggers &#038; How Do You Know?
Resources mentioned: InPractise, Acquirers.com, &#038; REQ Capital.
Chris’s fund &#038; blog: Woodlock House Family Capital.
Thomas Phelps’ book: 100 to 1 in the Stock Market.
Episode mentioned: TIP531: Mark Leonard: The Best Capital Allocator You&#8217;ve Never Heard Of | YouTube Video.
Related Episode: TIP543: 100 Baggers w/ Chris Mayer | YouTube Video.
Related Episode: TIP569: An Investor&#8217;s Guide to Clear Thinking w/ Chris Mayer | YouTube Video.
Related Episode: MI310: A Serial Acquirers Deep Dive w/ Chris Mayer | YouTube Video.
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Stig T. Brodersen

Preston Pysh

William Green

Clay Finck

TIP608: Long-Term Compounding w/ Chris Mayer

On today’s episode, Clay chats with Chris Mayer about long-term compounding and a few of his holdings, including Constellation Software. Chris is well-known for his book, 100 Baggers, and has inspired thousands of readers to become better investors. If you’re interested in investing in multi-baggers, then this episode is a must-listen. Chris is the author [&hellip;]

We Study Billionaires Episode #840

TIP608: Long-Term Compounding w/ Chris Mayer