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 - Intro03:27 - 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<ul>
<li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">TIP Mastermind Community</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
<li>Chris Mayer’s books: <a href="https://www.amazon.com/100-Baggers-Stocks-100-1/dp/1621291650?crid=2IIO8U8XGHU7B&keywords=chris+mayer&qid=1680205290&sprefix=chris+mayer%2Caps%2C121&sr=8-2&linkCode=ll1&tag=tipnetwork-20&linkId=f516554ddf01b2c7e1c6ac6b2b2b918c&language=en_US&ref_=as_li_ss_tl">100 Baggers</a> &<a href="https://www.amazon.com/Guide-Clear-Thinking-Street-Investing/dp/1970164085?crid=1ETG501N4BMN9&keywords=how+do+you+know&qid=1690815600&sprefix=how+do+you+kn%2Caps%2C213&sr=8-4&linkCode=ll1&tag=tipnetwork-20&linkId=bd7a5cc1b158cf1099e490810138ffc7&language=en_US&ref_=as_li_ss_tl"> How Do You Know?</a>
</li>
<li>Resources mentioned: <a href="https://inpractise.com/">InPractise</a>, <a href="https://www.acquirers.com/">Acquirers.com</a>, & <a href="https://req.no/">REQ Capital</a>.
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<li>Chris’s fund & blog: <a href="https://www.woodlockhousefamilycapital.com/">Woodlock House Family Capital</a>.</li>
<li>Thomas Phelps’ book: <a href="https://www.amazon.com/100-Stock-Market-Distinguished-Opportunities/dp/B09425QXWW?crid=1VO13FUC17KYW&keywords=Thomas+phelps&qid=1680205299&sprefix=thomas+phelps%2Caps%2C114&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=d72d91625ba85e65753ee8b09241e7a4&language=en_US&ref_=as_li_ss_tl">100 to 1 in the Stock Market</a>.</li>
<li>Episode mentioned: <a href="https://link.chtbl.com/WSB531">TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard Of</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mark-leonard-the-best-capital-allocator-youve-never-heard-of/">Video</a>.</li>
<li>Related Episode: <a href="https://link.chtbl.com/WSB543">TIP543: 100 Baggers w/ Chris Mayer</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/100-baggers-stocks-that-return-100-1-w-chris-mayer/">Video</a>.</li>
<li>Related Episode: <a href="https://link.chtbl.com/WSB569">TIP569: An Investor's Guide to Clear Thinking w/ Chris Mayer</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/an-investors-guide-to-clear-thinking-w-chris-mayer/">Video</a>.</li>
<li>Related Episode: <a href="https://link.chtbl.com/MI310">MI310: A Serial Acquirers Deep Dive w/ Chris Mayer</a> | YouTube <a href="https://www.theinvestorspodcast.com/millennial-investing/serial-acquirers-deep-dive/">Video</a>.</li>
<li>Follow Chris on <a href="https://twitter.com/chriswmayer">Twitter</a>.</li>
<li>Follow Clay on <a href="https://twitter.com/Clay_Finck">Twitter</a>.</li>
<li>Learn more about the Berkshire Summit by clicking <a href="http://theinvestorspodcast.com/berkshiresummit">here</a> or emailing Clay at clay@theinvestorspodcast.com.
</li>
<li>Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/wsb">here</a>.</li>
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<li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/we-study-billionaires/">here</a>.</li>
<li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">TIP Finance Tool</a>.</li>
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TIP608: Small But Mighty: Long-Term Compounding w/ Chris Mayer

We Study Billionaires - The Investor’s Podcast Network