This podcast episode highlights the impressive performance of Chris Mayer's fund in 2023, showcasing the importance of investing in high-quality businesses and adopting a long-term perspective. It explores the challenges of differentiating signal from noise in investing, using Constellation Software as an example. The discussion tackles the potential drawbacks of decentralization, spin-offs, and Topicus' complexity, while also evaluating the valuations of Constellation, Topicus, and Lumine. It emphasizes the significance of strategic investing, patience, and conviction, and provides valuable resources for learning more about the serial acquirer model.
