The Undervalued Compounder 💎

A high-quality business the market is still mispricing

Hi partner 👋

Today, we’re breaking down the investment case of Constellation Software.

The Rare Drawdown in a “Forever Compounder”

Constellation Software almost never sells off, but in 2025, it experienced a meaningful pullback from its all-time highs of -36%.

This was not because the business broke or the fundamentals deteriorated, it was because invest…