Founder and President, Constellation Software Inc. 1995-present
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
www.csisoftware.com/generic-document/?category=presidents-letters
Constellation Software's own President's Letters index, reached from csisoftware.com/category/pres-letters, holds 19 letters: quarterly letters for Q1-Q4 2007, Q1-Q4 2008 and Q1 2009, then annual letters for 2009-2017, plus a final letter to shareholders dated 15 February 2021. Leonard stopped writing the annual letter after the 2017 letter (published April 2018); the 2021 item is his letter announcing that he would not take a salary. The same letters also appear inside Constellation's annual reports, which the company posts at csisoftware.com/investor-relations.