Constellation Software updated December 15, 2016

Constellation Software is updated and rated Buy at CAN $591. Note that the analysis is in U.S. dollars because it reports in U.S. dollars which is appropriate because it earns most of its revenues in U.S. dollars. This is definitely one of the very best managed Canadian companies. The founder and CEO, Mark Leonard is extremely open about his approach to building value with this company. His annual letters are the closest you will see in Canada to a Warren Buffett approach. You can see his annual letters here. (Scroll down and look for Presidents letter published in April or May each year.)

The share are not a screaming bargain and perhaps I should have rated them a (lower) Buy or just a hold. But based on the past results and the continuation of the same approach, the stock price is likely to continue to rise over the years to make this a good investment.

Having regrettably sold this twice in the past I own only a very small amount but intend to buy more and to place an order to add to that on any notable dip in the stock price.

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