About this episode

Daniel Mahncke and Shawn O’Malley discuss the investment strategies and principles behind Constellation Software.

Daniel Mahncke and Shawn O’Malley take a deep dive into Constellation Software — the popular Canadian compounder that has turned buying “boring” vertical market software into one of the most effective capital-allocation machines in public markets. IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:03:33 - How Mark Leonard founded Constellation 00:08:43 - What principles drive Mark Leonard 00:15:23 - What Constellation looks for in acquisition targets 00:19:20 - About the metrics that matter to Constellation 00:21:15 - How Constellation is structured and incentivized 00:46:26 - Whether AI is a threat or chance 01:04:50 - Why Constellation considers investing outside of VMS 01:08:50 - Whether Shawn and Daniel add Constellation to the portfolio *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Sign up for ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn how to…

People in this episode

Guests: Daniel Mahncke, Shawn O’Malley

Topics covered

• Constellation Software
• capital allocation
• acquisition strategy
• investment principles
• AI impact
• portfolio management

Keywords

• Constellation Software
• Mark Leonard
• capital allocation
• investment strategy
• AI
• vertical market software

Mentioned in this episode

Organizations: Constellation Software, The Investors Podcast Network, Fiscal.ai

More episodes of The Intrinsic Value Podcast - The Investor’s Podcast Network

• TIVP68 (Video): CoStar Group (CSGP): The Real Estate Empire Making a $5 Billion Bet w/ Shawn O'Malley & Daniel Mahncke · April 25, 2026 · 1h 37m
• TIVP067: Portfolio Review: Thoughts on Airbnb, Reddit, Adobe, and co. w/ Daniel Mahncke, Shawn O'Malley, & Kyle Grieve · April 19, 2026 · 1h 47m
• Special Announcement: The Intrinsic Value Podcast Update · April 12, 2026 · 3 min
• TIVP066: Valuing Constellation Software's Spinoffs: Topicus, Lumine and co. w/ Daniel Mahncke & Shawn O’Malley · April 5, 2026 · 1h 21m
• TIVP065: Spotify (SPOT): Investing in Music in the Age of AI w/ Shawn O’Malley & Daniel Mahncke · March 29, 2026 · 1h 36m
• TIVP064: Kelly Partners Group: The Constellation Software of Accounting? w/ Daniel Mahncke & Shawn O’Malley · March 22, 2026 · 1h 17m

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