Constellation Software, Topicus & the AI Panic That Misses the Point
Markets have a funny habit of panicking exactly when long-term investors should be leaning in. Over the past year, Constellation Software (CSU) and its European offspring Topicus (TOI) have both experienced meaningful drawdowns — not because the businesses broke, but because the narrative did. I’ve been averaging down on both of my positions in these companies over the last couple of weeks in a big way and I thought I would outline the main reasons for the sell-off and why I believe it is overblown.
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