Topic

CSU

A collection of 9 issues

The Great SaaS Debate

Software is having one of its periodic identity crises. Instead of writing yet another think piece on the future of SaaS, let me curate today a wide range of point of views that I came across on this debate which I think will help you think through the high pitched

Never Sell: Episode 12-Serial Acquirer ROIC, Fiserv Debacle and Management Credibility, Wise and Stablecoins

For the “Never Sell” podcast, Scuttleblurb and I published a new episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed Some of the relevant posts that we touched on this episode: 1. What exactly is CSU’s ROIC? 2. Fiserv’s October Massacre 3. Wise is probably

Some Portfolio Changes

I made a few changes in my portfolio yesterday which I will discuss behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 64 Deep Dives here. Subscribe

What exactly is CSU's ROIC?

Yesterday, I mentioned “While CSU’s heydays of ~50-60% ROIC is clearly behind us, CSU’s ROIC in the last 12 quarters has been quite sticky around ~30% which is plenty good!” A couple of readers pushed back on how I calculated ROIC and after thinking through their points, I

Constellation Software 3Q'25

Constellation Software reported earnings on Friday last week. Unlike other companies, they do not hold quarterly earnings calls although I do wonder whether they will have a change of heart under the new CEO, especially if the stock continues to remain under pressure for an extended period of time. I

Constellation's Succession

A programming note: I am currently working on a Deep Dive on Instacart which I expect to publish by 25th of this month. I have recently spent some time in understanding Amazon’s ambition in groceries (see part 1 and part 2); given Instacart’s success in grocery delivery, I

Buying Constellation Software amidst its consternation!

After owning Constellation Software (CSU) for almost three years, I wrote the following in April 2025 (see final section): “I do not see anything particularly concerning about the business today. It’s a very well run business and run by pretty competent and high integrity management. However, I think the

MBI Daily Dose (July 09, 2025)

Companies or topics mentioned in today's Daily Dose: Constellation Software, AGI timeline, Waymo vs Tesla I listened to an interesting AlphaSense interview of former Head of M&A at Constellation Software (free trial link here). Let me share some bits and pieces that stood out to me.

CSI: Software Santa eating the VMS market

Note: I also appeared on a podcast to discuss Constellation Software. You can find the podcast here. Disclosure: I am long CSU.TO/CNSWF shares Mark Leonard is bit of a mythical character. There is perhaps not too many billionaire CEOs out there with only three/four images available on