Adrián, Head of the arena 

@MarkSauer18 That's brutal. Even some high growth software cos. are getting obliterated, so I guess the last ones to recover will be the "deep value" ones It might end up being acquired if Mr. Sadler is willing to do so

$ENGH.TO is down over the last 10 years. Yet the dividend is 7.9% - and they keep bumping it up, and not by small amounts (well this year was small, but they plan more buybacks as they think the shares are cheap). They have almost no long term debt. Of course revenue is down from 5 years ago. Obviously that is a huge concern. And now we have AI.. But they are still generating a fair bit of FCF - dividend is well covered. But likely the pace of increases will slowdown unless they can get revenue growing again. But man if they suddenly can figure out revenue growth, this could turn around in a jiffy.. When I run a discounted FCF model, the shares are priced for about -7% (minus 7) perpetual growth.. The market thinks the FCF will decline by 7% a year forever at the current price... Is this realistic?? Puzzling.. But I'll probably wait for an uptrend in their revenue and the shares..

You didn't do anything wrong JP. It's easy to blame others. Those emotional attacks speak for themselves; it's embarrassing. I hope this doesn't affect your process going forward. It's always good to read what other thoughtful investors think about a stock. Thanks for sharing your journey in Shelly. P.S.: no position

This week I shared this thread explaining why I exited $SLYG — a position I had been publicly vocal about for years. I shared it because I had been public going in and felt a moral duty to explain my thinking transparently, with my name on it. What followed is what I want to address today.

$ACP.WA Several resolutions weren't passed at yesterday's AGM due to a lack of support from shareholders 😳 - Incentive program - Redeption of own shares - Reduction of the share capital Adam Góral must be really pissed 😅 cc $TOI.V $CSU.TO

@BramVGenechten The problem lies in the numerator. EBIT is depressed by Non-cash accounting items like amortization, IRGA "liability", equity investments...

Constellation Software's ROIC in a downtrend. Problematic? $CSU

@KeithMLambert2 Today's weakness might be related to the price target cuts from yesterday, but who cares, I keep averaging up 🤝

CSU: down 7% today on no news is a bit of a head scratcher following Monday's very satisfactory full year results. Unlikely the NVDA/NBIS announcement has much to do with it. Obviously sellers wanting out still abound but the stock was looking better off the lows. This stock is dirt cheap. Two years out has the P/CF at less than 13X for such strong growth and 50% ROE returns. And there is no reason to doubt the company can make these operating numbers; VMS acquisitions continue apace and there no evidence of AI disrupting the biz as organic growth continues. The newly announced capital deployment strategy, PEMS, may cause some indigestion as we don't know if management has a core competency taking minority interests in public and private companies or if appointing board reps doesn't turn out to be a distraction, and then too, holding forever. Gerry Schwartz at Onex taught us decades you can't fall in love with your investments. I would have been happier with a policy to distribute excess cash after exhausting VMS acquisitions, which clearly is a competency. Bought the dip today. We'll see.

@JehoshaphatRsch @DonvilleKent

Can I still get those detailed thoughts on the $GSY.TO short report or is that offer expired @DonvilleKent

Despite being 35% above its 52w lows, Constellation is still trading at the lower end of its valuation range, both in terms of EV/EBITDA and P/E ratio

National Bank, Cowen, Raymond James, CIBC... on $CSU.TO results 👇

$CSU.TO down 3% after four analysts cut their price target vs 2 raises That's after solid results and a significant increase in capital deployed Now imagine what would happen if the results were bad 😆

@bigpoppastonk I certainly hope so. I keep averaging up 🤝

@adrivalue The beatings will continue until morale improves.

@JaredKubin And the "AI Ghost Trade" seems broken. Please fix, I want to keep increasing my sw exposure 😂

LIQUIDATION NATION eod 3/9: *violent reversal on more speculation/headlines* **sentiment for ADMIN MAX PAIN was correct... good work hive mind..retail continues to CRUSH IT** *** ORCL/OAI fake headline from Friday -> CRIMINAL! should be investigations *** Watch over the next couple days.... - HIGH VOL - Software v Semis - Quality Low v High - Cyclicals v Growth Its dangerous out there, adult swim... MANAGE.RISK.

@wallstengine Oh, an Uber executive just saw Bojack 😆

$UBER MAKES FEMALE DRIVER OPTION AVAILABLE NATIONWIDE

A perennial market concern about $CSU.TO has always been its ability to reinvest capital in the future With PEMS, they've just unlocked the next level of capital deployment 💰 I'm guessing that the $800M+ deployed QTD includes more public investments This is YUGE! 👀

I think we'll see more "PEMS" in the future, especially if the lower multiples persist in public cos. "as we continue to implement PEMS, hopefully, more often" (Mark Miller) I wonder if this strategy was inspired by the "friendly activist" style of Damien Leonard in $PNP.TO 🤔

$SABR was mentioned as a key example of the company's new investment strategy. Mark Miller highlighted the following points: PEMS Strategy: The investment in Saber is the "first meaningful expression" of their new Permanent Engaged Minority Shareholder (PEMS) strategy. Strategic Rationale: Under this model, Constellation acts as a long-term holder rather than a trader, focusing on governance, management incentives, and capital allocation without acquiring the business outright. Collaboration: Mark Leonard was specifically mentioned for his help in developing the PEMS strategy and his involvement in the Saber investment. Situational Approach: When asked about future plans for Sabre, Miller stated they would handle it situationally, looking for ways to add value and help the company's future with a long-term lens.

$CSU.TO Q4 2025 results are out: ✅ Revenue +18% ✅ Recurring revenue organic +6% (CC) ✅ FCFA2S ex-IRGA +15% ✅ Capital deployed Q4: ~$890 million (of which, $321M => $ACP.WA) ✅ Pending closing $802M 🤯 Software is dead indeed 😂

@NotMarkLeonard @MichaelGielkens You are absolutely right, thanks for clarifying, I will try to edit😎

@adrivalue @MichaelGielkens I think it’s $882 including asseco for Q4 Capital deployed Q4: $571 million + **other net investments $321M $ACP.WA Plus $802 deployed after…

BlackRock slashes another private credit loan to zero. Three months ago it was valued at 100 cents on the dollar:

@GoxhajShkelzen @NicoperJES Probably 1.0x

@NicoperJES Have you been able to update the Holdings? What is today's P/B?

$PNP.TO annual report is out. Given that Shezad sold most of his Bravura shares in February 2026, I would expect Pinetree did too. I would also expect they bought Topicus and Sygnity in Q1 2026.