Writings
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Reading Mark Leonard's Shareholder Letters: Part 2 (2013–2021)
How Constellation measured itself with the Combined Ratio, why Leonard predicted his own returns would fall, and what he looked for in managers and directors.
September 25, 2026
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Reading Mark Leonard's Shareholder Letters: Part 1 (2006–2012)
How Constellation Software measured value creation, moved capital between organic growth and acquisitions, and built its many-verticals operating model.
August 19, 2026
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Single-Specialty Clinics
A framework for understanding clinic chains, repeatable clinic boxes, unit economics, and specialty-specific operating models.
May 16, 2026
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Surfing & the journey of a wave
Brief history of surfing, the physics and geography behind a wave, first experience surfing.
March 29, 2026
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