Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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ML

Mark Leonard

T1InvestorsIndustriesTechnology and software

Founded the Canadian software company Constellation Software in 1995 and was its president until October 2025.

Constellation Software

The Constellation President's Letters are a primary source on serial acquisition, decentralisation and hurdle-rate discipline that a generation of software investors builds on.

19 letters · 3 articles

Letters 19Writing 3Profiles 1
Constellation Software Inc. 2021 President's LetterMark Leonard explains why Constellation Software may lower its hurdle rates and stop paying dividends to reinvest all its cash, as a director has long urged.2021
Constellation Software Inc. 2017 President's LetterMark Leonard says he will write to Constellation Software shareholders only when he has something new and important to say, pointing to his letter archive.2017
Constellation Software Inc. 2016 President's LetterMark Leonard continues his study of high-performance conglomerates, which earned extraordinary returns early in asset-light businesses before returns faded.2016
Constellation Software Inc. 2015 President's LetterMark Leonard explains Constellation Software's study of high-performance conglomerates with at least a decade of superior shareholder returns.2015
Constellation Software Inc. 2014 President's LetterMark Leonard updates Constellation Software's non-IFRS metrics and discusses its 2014 results.2014
Constellation Software Inc. 2013 President's LetterMark Leonard updates Constellation Software's metrics with 2013 results over ten years, as CSI has grown much larger.2013
Constellation Software Inc. 2012 President's LetterMark Leonard updates Constellation Software's metrics, including ROIC and maintenance revenue, with 2012 results.2012
Constellation Software Inc. 2011 President's LetterMark Leonard writes about Constellation Software's business and what he has learned about managing its stock.2011
Constellation Software Inc. 2010 President's LetterMark Leonard explains Constellation Software's 2010 review of strategic alternatives, which he says signals the company may be sold.2010
Constellation Software Inc. 2009 President's LetterMark Leonard explains the non-GAAP measures Constellation Software provides, including adjusted net income, ROIC and organic growth.2009
Constellation Software Inc. Q1 2009 President's LetterConstellation Software's Q1 2009 revenue rose 32% year on year, but sequential figures show a less rosy picture.1 2009
Constellation Software Inc. Q4 2008 President's LetterMark Leonard uses a reverse shaggy dog story to present Constellation Software's Q4 2008 results.4 2008
Constellation Software Inc. Q3 2008 President's LetterMark Leonard commends the performance of all Constellation Software's operating groups in Q3 2008.3 2008
Constellation Software Inc. Q2 2008 President's LetterConstellation Software reports record adjusted EBITDA of $14 million and adjusted net income of $12 million in Q2 2008.2 2008
Constellation Software Inc. Q1 2008 President's LetterConstellation Software's Q1 2008 revenue rose 32% and adjusted net income 62% against a weak Q1 2007.1 2008
Constellation Software Inc. Q4 2007 President's LetterConstellation Software's Q4 2007 net revenue grew 24%, with organic growth up to 3%.4 2007
Constellation Software Inc. Q3 2007 President's LetterConstellation Software's Q3 2007 net revenue grew 14%, short of its 20% goal for 2006 to 2010.3 2007
Constellation Software Inc. Q2 2007 President's LetterConstellation Software's organic revenue recovered to 0.5% growth in Q2 2007 while homebuilding-related businesses weakened.2 2007
Constellation Software Inc. Q1 2007 President's LetterConstellation Software's revenue growth slowed to 9% in Q1 2007 as organic revenue contracted 1%.1 2007
The letter archive → See all 19 in the Letters table →

Tags

constellation-softwareequitiestechnologysoftwarecapital-allocationserial-acquirersvertical-market-softwaredecentralisationhurdle-ratesreturn-on-invested-capital