Constellation Software is a prime example of a stock that appears to have already compounded significantly (from IPO at ~$16 to $650) yet still demonstrates early-stage characteristics and continued strong free cash flow growth, validating the principle that past appreciation does not mean the opportunity is exhausted.

factualpending

Speaker

Joseph Shapiro

Evidence Quote

The stock had gone from 16 to 600, 650...cash flow had followed the stock the stock movement

Source

The Compounders Hiding in Plain Sight | Joseph Shaposhnik on Finding Decade-Long WinnersExcess Returns
Created: 8/11/2026, 7:25:53 AM

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