Christopher Begg

Constellation Software was purchased at a 50% discount during the ‘software apocalypse’ cloud, where AI was perceived as a imminent threat to all software. Deep analysis revealed an eight-layer moat (IMMORTAL) making vertical-market, system-of-record assets very hard to disrupt. Evidence shows churn is not accelerating and AI may instead be deployed to add value for customers. Mark Leonard’s legendary capital allocation adds further upside.

Alphabet is one of the most extraordinary businesses ever built, organized around graph theory with increasing returns to scale. Temporary clouds—fear that LLMs would replace search and antitrust break-up risk—obscured its durable moat and AI leadership. Search volumes actually increased with AI, regulatory overhang cleared, and the company was purchasable at 15x earnings with multiple emerging value vectors (Google Cloud, YouTube, Waymo, DeepMind).

Tesla has reached escape velocity with five businesses—EV, full self-driving (robotaxi), energy storage, and the Optimus humanoid robot—each representing powerful emerging graphs. Autonomy is solved and will be 10x safer than human drivers, energy storage is grid 2.0, and Optimus is entering production. A potential merger with SpaceX adds further value. The market underestimates the inevitability of these technologies, offering highly asymmetric returns (potential 10x over 10 years).