Director, Growth Equity + Private Equity, Technology & Media at Investissement Québec / Board member & observer
📖 Insights from Mark Leonard from Constellation Software through his annual shareholder letters on outperforming the market 📈: 1. Buy vs build - think like an owner 2. Focus on return on invested capital - proxy for a company's moat 3. It's all about capital allocation - will determine long-term outcomes for shareholders 4. Strong reinvestment opportunities - grow organically with little incremental capital 5. Autonomy creates value - decentralized business model 6. Size matters - easier to compound a small pool of capital 7. Founder-led business - it's my baby mentality 8. Cash is king - seize opportunities quickly 9. Corrections are great - entry price drives returns 10. Culture - alignment of interest of all employees on creating value for shareholders 11. Price vs. intrinsic value - over the long-term they will converge so focus on fundamentals rather than valuation. #privateequity #investing #saas Guillaume Mounier Sain Godil, MSc Marcelo Taboada https://lnkd.in/e8T7QAMn