Long-Term Compounding w/ Chris Mayer | Constellation Software, Topicus, & Lumine (TIP608)

Рет қаралды 21,815

Күн бұрын

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:
0:00:00 - Intro
0:01:09 - A review of how Chris’s fund performed in 2023.
0:04:16 - Where Chris focuses much of his attention on managing a fund.
0:11:30 - How Chris discovered Constellation Software.
0:13:02 - Chris’s thoughts on Constellation Software’s ~60% increase in their share price over the past year.
0:17:57 - How the competitive landscape for Constellation Software has developed over the years.
0:21:01 - The potential drawbacks of Constellation Software’s decentralized business model.
0:23:45 - Why Constellation Software has started performing spinoffs.
0:25:26 - Whether Constellation will continue to do more spinoffs in the future or not.
0:37:24 - Why Chris decided to invest in the Constellation Software spinoffs in his fund (Topicus & Lumine).
0:40:15 - How Constellation 2.0 has developed in recent years.
0:41:17 - Why Topicus is targeting higher organic growth in their subsidiaries.
0:54:54 - Chris’s thoughts on the valuation of Constellation Software, Topicus, and Lumine.
1:02:51 - How Chris would consider allocating fresh capital today in his fund.
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▶️ RELATED EPISODES:
- Discover the Secrets of 100 Baggers: Stocks That Turned $1 Into $100! w/ Chris Mayer: • 100 Baggers: Stocks th...
- An Investor's Guide to Clear Thinking w/ Chris Mayer: • An Investor's Guide to...
- Serial Acquirer: Successful Acquisition Strategies w/ Chris Mayer: • Serial Acquirer: Succe...
- How to Identify High-Quality Compounders | Copart & Topicus Stock Analysis: • How to Identify High-Q...
- The Greatest Capital Allocator No One Knows About: • The Greatest Capital A...
- A Company To Watch Out For? Constellation Software: Intrinsic Value Analysis: • A Company To Watch Out...
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📖 BOOKS MENTIONED:
- 100 Baggers by Chris Mayer: amzn.to/3OuMK4G
- How Do You Know? by Chris Mayer: amzn.to/3qs5lGv
- 100 to 1 in the Stock Market by Thomas Phelps: amzn.to/3DKt5sy
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Пікірлер: 58

@WeStudyBillionaires 4 ай бұрын

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@greg7811 4 ай бұрын

Chris just seems like he's totally content on sharing just about anything, doesn't want or need your business, but does want to help you. Family office guys are my favorite.

@WeStudyBillionaires 4 ай бұрын

We agree, he's incredible! Thanks so much for watching. 🙌

@gmgabrielmoura 4 ай бұрын

When Chris appears, we watch.

@WeStudyBillionaires 4 ай бұрын

Agree! 😎

@investclubbg 4 ай бұрын

Chris is a Genius as per usual

@WeStudyBillionaires 4 ай бұрын

Thanks for tuning in! 💯

@ElLotdog 4 ай бұрын

Constellation is starting to feel a lot like Liberty Media, one of the great compounders of the last 50 years

@user-sg1wn7ho2r 4 ай бұрын

Great interview and investor. Please bring back Chris again and perhaps talk about his other holdings. Can you do a timestamp please? I've listened to this interview all through but sometimes don't have the time to listen to all your podcasts. Being able to focus in on a particular section of the interview about a specific stock or viewpoint would make it much more accessible.

@Hawking1969 4 ай бұрын

Mid-50s here....I've never sold a stock or ETF. Served me well.

@WeStudyBillionaires 4 ай бұрын

Thanks so much for sharing your experience. Best of luck to you! 🙌

@brianbirnbaum9760 4 ай бұрын

Wow so even something that’s down a lot?

@Hawking1969 4 ай бұрын

@@brianbirnbaum9760 yes....some are down 70%

@lisbethsalander1723 12 күн бұрын

Thanks for sharing. Gives us courage to hold on. How long have you been investing?

@Hawking1969 11 күн бұрын

@@lisbethsalander1723 20 years

@FoodForestBrad 4 ай бұрын

Attention is a scarce resource, focus it wisely. Great advice!

@WeStudyBillionaires 4 ай бұрын

So true! 💯

@silentnature977 4 ай бұрын

Thank you very much for creating and uploading this video!

@WeStudyBillionaires 3 ай бұрын

Glad it was helpful! 💯

@ElLotdog 4 ай бұрын

Great interview! Thanks Chris!!!

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed it! 🙌

@lunchinvesting 4 ай бұрын

That was incredible! Thank you for sharing :)

@WeStudyBillionaires 4 ай бұрын

Glad you enjoyed it! 🙏

@InvestingWithAdamK 4 ай бұрын

Great interview and couldn’t agree more. I try to stick to under 30 stocks in my portfolio and believe in buy and own. Unless something fundamentally changes in the companies i choose I expect and hope to own then for 20 years. I also do not rebalance if something starts running. If something becomes more than 25% of my total wealth then I’ll consider rebalancing a bit.

@Dividendflywheel 4 ай бұрын

Brilliant simply BRILLIANT Interview. I am taking notes.

@WeStudyBillionaires 4 ай бұрын

Awesome! Thank you so much. 💡

@theenglishpaper3448 4 ай бұрын

Berkshire should give Chris Mayer 2 billion dollars to manage

@blaquiere141 4 ай бұрын

Thank you for interviewing the very best ! The last people you interviewed where really disappointing, their lists and portfolios where full of trash companies on the way to bankruptcy... I've said it all along : Chris Mayer is the GOAT.

@Wrex327 4 ай бұрын

Who do you mean?

@personalfinance2000 4 ай бұрын

Anyone know which friend released the 300 page serial acquirer manual?? Did he say RAQ or REQ capital??

@JPX-7 4 ай бұрын

It was REQ Capital

@davorsostaric 4 ай бұрын

Thank you for episode

@WeStudyBillionaires 4 ай бұрын

Thanks for watching! 💡

@davidwilson9976 4 ай бұрын

Hold onto your winners and trim your losers.

@WeStudyBillionaires 4 ай бұрын

Preach! 💰

@jonl9192 4 ай бұрын

Losers should only be defined by fundamentals not stock price

@every_day_dad_1550 4 ай бұрын

I think people hear and see chris Mayer and immediately hear and expect 100x because of his book. I'd be more than happy with some 10xs , a couple 5xs, the odd 15x and 20x. Anything more is just gravy. Yes depending on timelines. Ofcourse

@earlyretirement1459 4 ай бұрын

The way I think about it is a 15% long term CAGR goal. Or doubling every 5 years. That makes you very rich over time.

@faw1998ss 4 ай бұрын

really enjoyed this conservation. really like Chris a lot. A question: with all the AI capablity improving, how AI will impact CSU, TOI and Lumeine? I bought many Chris's picks, but I am hesitant here with these three great companies.

@Dividendflywheel 4 ай бұрын

A 1% stake in each won’t hurt much😊😊. But if they grow 10x or 20x you’d be in a good place. Best wishes

@ValueHunt1 4 ай бұрын

❤

@NicE-jq3wv 3 ай бұрын

Agreed…I would never punish my winners for doing well.

@bradleyhope3652 4 ай бұрын

Another one

@HepCatJack 4 ай бұрын

The difficulty is being to differentiate a serial acquirer from what Peter Lynch called a de-worsifier.

@Anton-eh6jw 4 ай бұрын

What did Peter Lynch mean by deworsifier?

@HepCatJack 4 ай бұрын

@@Anton-eh6jw It was initially used to describe the over-expansion of a company into new growth projects and businesses that they do not fully understand and which do not align with the company’s core competencies. When Sam Zell purchased troubled companies he tried to repackaged them in a way that there was some synergies between them. In the context of portfolio management, “diworsification” refers to the practice of owning an excessive number of stock positions for the sake of diversification. This can lead to suboptimal investment decisions being made which lower the expected return of the portfolio.

@HepCatJack 4 ай бұрын

@@Anton-eh6jw one fictitious example of a deworsifier would be a conglomerate that owns a sugar factory and one that makes airplane parts. There is no synergy between them. Contrast this with the Ford Motor factory which originally vertically integrated owning mines to supply the iron and coal for the steel it needed. Subdiaries to manufacture the rubber and glass needed for their cars, freighters to bring ores from the mines.

@youtubeaccount137 4 ай бұрын

@clay you love copart more than copart

@DM-bn6bf 4 ай бұрын

Topicus seems very expensive, even with my good growth expectations. Book value is expensive, cash flow seems expensive with growth rates. Am I missing something? If someone could explain pls. I understand great companies demand higher multiples, just seems very high

@Dr.Dumpnpump 4 ай бұрын

What your missing is what’s priced into their future. Past performance doesn’t equal future results. Just because it’s technically expensive today, doesn’t mean it won’t or can’t grow into that valuation or higher.

@brianbirnbaum9760 4 ай бұрын

Book value is completely meaningless when analyzing 99% of businesses.

@KamilMauel 4 ай бұрын

Constellation Software S3E27 😏

@brianbirnbaum9760 4 ай бұрын

Yeah the comments here aren’t helping this channel. This isn’t a good episode. I really like Chris but they provide very little value and entertainment.

@piedfpiper6965 4 ай бұрын

terrible. no value added.

@cheesy132 4 ай бұрын

the implication here is he was smart enough never to sell. When will you guys interview the investors who held onto Cisco, Nokia, BlackBerry… and Never sold. He’s just one investor out of thousands who flipped a coin 10 times and kept getting heads.

@Dividendflywheel 4 ай бұрын

I think he owns about 15 or 20 compounders.

@georgepolski9771 26 күн бұрын

😂😂😂 at some point you gotta admit that there's some skill involved

1:01:25

An Investor's Guide to Clear Thinking w/ Chris Mayer (TIP569)

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