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Founders: #246 Mark Leonard's Shareholder Letters

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What I learned from reading Constellation Software Inc. President's Letters by Mark Leonard. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes.com ---- [1:10] Business lessons from Mark Leonard by Tren Griffin [2:11] Newsletter: Liberty’s Highlights The Serendipity Engine: Investing & business, science & technology, and the arts. [2:59] I don’t like anyone telling me what to do. I don’t like anyone saying I am an authority figure and you will do it this way. I can’t think of anything that annoys me more. I was stuck by the principal. I challenged teachers. I left home early. I had a bootleg radio license. I built a flamethrower. I did things that weren’t accepted by lots of people. That ability to choose what I think is right is something I prize highly. [4:49] Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It (Founders #110) and The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success (Founders #94) [4:53] Teledyne grows bigger by dividing businesses into smaller parts wherever possible. Singleton claims that this keeps his managers creative and not wasteful. [5:12] Our preference is

[00:00:00] Mark Leonard reminds me of Warren Buffett. Anyone who likes reading Berkshire shareholder letters will enjoy Leonard's. The Globe and Mail describes part of what Leonard has accomplished at his company, Consolation Software. With an initial $25 million investment in 1995, Mark Leonard has built Consolation into a world-leading consolidator of vertical market software companies. These are companies that create products to help run businesses in specific industries. Over the years, Constellation has acquired over 500 businesses. Typically, Constellation's acquisitions are small,…

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