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 - Intro
03:27 - A review of how Chris’s fund performed in 2023.
06:37 - Where Chris focuses much of his attention in managing a fund.
12:39 - How Chris discovered Constellation Software.
18:02 - How the competitive landscape for Constellation Software has developed over the years.
24:58 - The potential drawbacks of Constellation Software’s decentralized business model.
28:09 - Chris’s thoughts on Constellation Software’s ~60% increase in their share price over the past year.
28:53 - How Constellation 2.0 has developed in recent years.
33:04 - Why Constellation Software has started performing spinoffs.
39:42 - Whether Constellation will continue to do more spinoffs in the future or not.
37:05 - Why Chris decided to invest in the Constellation Software spinoffs in his fund (Topicus & Lumine).
39:32 - Why Topicus is targeting higher organic growth in their subsidiaries.
55:12 - Chris’s thoughts on the valuation of Constellation Software, Topicus, and Lumine.
61:56 - 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 & How Do You Know?
Resources mentioned: InPractise, Acquirers.com, & REQ Capital.
Chris’s fund & 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've Never Heard Of | YouTube Video.
Related Episode: TIP543: 100 Baggers w/ Chris Mayer | YouTube Video.
Related Episode: TIP569: An Investor'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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Check out all the books mentioned and discussed in our podcast episodes here.
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TIP608: Long-Term Compounding w/ Chris Mayer | We Study Billionaires - The Investor’s Podcast Network - Listen or read transcript on Metacast
