The enterprise software landscape of 2026 is defined by a profound tension between the disruptive potential of generative artificial intelligence and the enduring resilience of mission-critical systems of record. At the epicenter of this conflict is Constellation Software Inc. (TSX: CSU), a Canadian-based holding company that has spent three decades refining a decentralized model of capital allocation that many now refer to as the "Berkshire of Software". As the organization navigates its first year under the leadership of President Mark Miller following the resignation of legendary founder Mark Leonard, the market is grappling with a fundamental question, Can a model built on the acquisition of thousands of small, niche software businesses survive an era where AI promises to commoditize code? Analysis of the firm’s operational trajectory, financial architecture, and recent strategic acquisitions suggests that the "Architecture of Permanence" is not only intact but is being fortified by the very technological shifts that skeptics feared would destroy it.
Fund Managers
CROCS, IS THE UGLY SHOE THAT UGLY…?
Often, the market passes judgment based on recent and easy narratives ("it was a passing fad," "the HEYDUDE acquisition was a disastrous mistake"), partially ignoring the business fundamentals. Currently, Crocs stock has corrected sharply and trades at a valuation that suggests a bleak future, almost one of disappearance. However, if we look beyond the noise, the numbers tell a very different story...
LA NUEVA MENTE DEL MERCADO: CÓMO LA IA ESTÁ REVOLUCIONANDO LAS FINANZAS DEL COMPORTAMIENTO
Artificial intelligence is a double-edged sword in the world of finance. It offers an incredible toolkit to diagnose and correct our most ingrained behavioral flaws, potentially making investors more successful. Yet it also introduces novel risks by becoming an actor in the market itself, complete with its own systematic machine biases and the frightening prospect of algorithmic herding. The line between human and machine decision-making in finance is blurring, creating a new market ecosystem defined by their interaction. The new market mind is here, and whether it leads to a more rational market or new forms of systemic fragility will depend entirely on the behavioral wisdom we embed in its code.
CAPM, ¿SÍ O NO?
El Capital Asset Pricing Model (CAPM) es, probablemente, el modelo más influyente —y cuestionado— de la historia de las finanzas modernas. Su fórmula, tan simple como potente, ha servido durante décadas como punto de partida para valorar activos, estimar el coste del equity y evaluar carteras. Pero hoy, más de 60 años después de su nacimiento, las preguntas se acumulan: ¿sirve todavía? ¿Debe seguir enseñándose en escuelas de negocios? ¿Es útil o solo elegante?
When an AI Outperforms 93% of Fund Managers!
For decades, financial theory has rested on a central axiom: public information is free, symmetric, and quickly incorporated into prices. Under this premise, investors shouldn’t be able to generate sustained returns using data available to everyone. However, a recent study by Ed deHaan, Chanseok Lee, Miao Liu, and Suzie Noh (Stanford and Boston College, 2025) challenges this idea with a compelling experiment: an AI that, relying solely on public data, systematically improves the portfolios of thousands of real-world funds.
EBITDA…¿SÍ O NO?
Durante décadas, el EBITDA ha sido el atajo favorito de muchos analistas para estimar la rentabilidad operativa de una empresa. Pero su uso generalizado ha generado también graves distorsiones: ignora la inversión necesaria para sostener el negocio, puede inflar la percepción de liquidez, y es fácilmente manipulable...
Why Even the Smartest People Make Predictable Mistakes…
Why do even the smartest people make predictable mistakes? Because the trap isn’t in the data — it’s in how we interpret it. Representativeness, availability, anchoring, overconfidence, illusion of control... These aren't flukes. They're systemic biases. Kahneman and Tversky called them out decades ago. Yet we keep falling for them — in investing, in business, in healthcare, in public policy.
15 ideas about Risk (From against the gods)
"Against the Gods: The Remarkable Story of Risk" is a fascinating book about how humanity has learned to measure and manage risk, enabling advancements in knowledge, the economy, and society by transforming uncertainty into a calculated opportunity.
Contrarians by Choice, Herds by Design
"Be a contrarian." It is the whispered mantra in trading rooms, financial forums, and among many investors who take pride in it. It sounds sophisticated, daring, and hints at the secret to outperforming the market. It evokes images of lone wolves bravely defying conventional wisdom to uncover hidden gems and achieve extraordinary returns. But is this contrarian ideal a true reflection of market reality? Or is it, instead, a more complex and paradoxical dance between individual conviction and collective influence? Every investment decision is simultaneously a contrarian act and an adherence to the herd. Let’s explore this seemingly contradictory truth.
Speculation versus Investment: An Increasingly Blurred Frontier
Is the distinction between speculation and investment truly valid, or is it merely a theoretical construct that has been consolidated throughout the history of financial markets? This article examines how, in today’s environment, marked by technological transformations, structural market changes, and a growing understanding of investor psychology, these categories have progressively blurred.
Irrational Investors 