Mark Leonard Letters

Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

Focus on the IRR, not the margins. Margins are an output, not an input.

The company's strategy is simple. Acquire small vertical software businesses with little competition, apply best practices from past experience and repeat as often as possible.