Deep Dives

Deep Dive – Constellation and Topicus: AI panic remains invisible in the numbers

The acquisition machines Constellation Software (Toronto: CSU) and Topicus.com (Toronto: TOI) recently published their results for the second quarter of 2026. Constellation elaborated on the results a day later during a conference call. Reason enough this week to dive deeper into the figures and the capital allocation of both serial acquirers.

This article was originally written in Dutch and automatically translated into English with the help of AI. In case of any difference, the Dutch original prevails.

Michael Gielkens · Tresor Capital

I'm Michael Gielkens, partner and co-owner of Tresor Capital. Investing has been my great passion for years: from analysing holding companies and serial acquirers to building long-term strategies. What was once a hobby is now my job. More from Michael Gielkens

Deep Dive – How interest rates and a narrow stock market are widening the discount on holding companies

In September, the bond market set the tone on the stock markets. The United States delivered strong figures, including a sizeable increase in the number of jobs and purchasing managers' surveys pointing to a fast-growing economy. As a result, investors increasingly priced in a stricter Federal Reserve policy,

Deep Dive – Constellation and Topicus: AI panic remains invisible in the numbers

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Deep Dive – How interest rates and a narrow stock market are widening the discount on holding companies

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