April 5, 2026 | Constellation Software has been one of the most successful compounders of the last decade. But every business eventually struggles with the law of large numbers, and Constellation is no exception. Mark Leonard himself has acknowledged that, from all-time high prices, future returns would likely settle around 8%. Even after the recent drawdown improves that math, the reality is that a $40 billion company simply can’t deploy capital the way a billion-dollar company can.