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

• Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.


• 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.


• Follow Chris on Twitter.


• Follow Clay on Twitter.


• Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
  


• Check out all the books mentioned and discussed in our podcast episodes here.

NEW TO THE SHOW?

• Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.


• Check out our We Study Billionaires Starter Packs.


• Browse through all our episodes (complete with transcripts) here.


• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.


• Enjoy exclusive perks from our favorite Apps and Services.


• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
  


• Learn how to better start, manage, and grow your business with the best business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

• River


• Toyota


• Meyka


• AT&T


• Vacasa


• Fidelity


• Monarch Money


• Yahoo! Finance


• Long Angle


• Public


• USPS


• American Express


• Shopify

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm