Mark Leonard Letters
Lessons From Century Club Companies: Managing for Long-Term Success
Vicki TenHaken • 1 highlight
amazon.com
Investors generate excess returns when they buy the shares of companies prior to a revision in expectationsabout future cash flows. A key determinant of cash flows is a company’s ability to allocate capital toinvestments that create value. The current principles of accounting do a poor job of separating investmentsand expenses, creating a veil that... See more
Morgan Stanley • Market-Expected Return on Investment Bridging Accounting and Valuation
This podcast features the story of Constellation Software, a software conglomerate which owns more than 500 vertical market software businesses. It was founded by Mark Leonard (who amusingly started his career as a venture capitalist for 11 eleven years) in 1995 and has returned more than 100x to their shareholders since its IPO on the
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