vendredi 6 mars 2015

Sequoia Fund goes Constellation Software

Holy fuck, what a consecration!

Today, I've discovered that Sequoia Fund, one of the best funds in the world, has initiated a position of about 110 millions dollars in Constellation Software (at today's price but they probably paid less than that).

That company buys almost only A1 management teams. I think they're a little late to the party (I've bought my first shares around 90$ each and the price is now around 430$) but if they join, I'm confident to keep my shares longer even if I trimmed my position a few weeks ago.

Is Jason Donville responsible for that? I don't know. But I haven't heard of a lot of analysts talking about Constellation Software. So, I maintain my opinion: Jason has brought Constellation Software to the popular conscience. And the popular conscience has crossed the border and went to some of the best investors in the world.

Take a look at the top 6 stocks of Sequoia Funds and you'll only see great companies with a very good track record:

1- Valeant (23%)
2- TJX (9,6%)
3- Berkshire class A (9,5%)
4- Fastenal (5,9%)
5- Berkshire class B (5,4%)
6- O'Reilly Automotive (4,5%)

Constellation Sotfware ranks well below with about 1,1% of the fund.

Jason has recently said to buy Constellation Software and the guys at Sequoia just did it too.

With the current PE ratio, I'm not so sure if you should buy. But you surely shouldn't sell 23% of your shares like I did.

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