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 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Chris Mayer’s books: 100 Baggers & How Do You Know? Resources mentioned: InPractise, Acquirers.com, & REQ Capital. Chris’s fund & blog: Woodlock House Family Capital. Thomas Phelps’ book: 100 to 1 in the Stock Market. Episode mentioned: TIP531: Mark Leonard: The Best Capital Allocator You've Never Heard Of | YouTube