Interesting clips from CNBC's weekly Buffett email on when Buffett and Musk traded barbs on moats. I think Elon makes a great point in his quote here, and I'd love to hear what WB thinks about what he said a decade ago, specifically the idea that Snickers or M&M's brand have more pricing power than a hypothetical "Musk bar". The upstart brands (see the protein bar isle), health food focus, store brands (Kirkland, etc) and the downfall of all kinds of once powerful food brands like GIS, KHC, etc... I wonder if WB has a different view today

“People who love all fields of knowledge are the ones who can best spot the patterns that exist across nature.” ― Jeff Bezos

Today I'm publishing a new essay, Policy on the AI Exponential. AI is progressing extremely fast—much faster than the policy process was built to handle. The essay lays out where I think the technology is now, and the action needed to close the gap: darioamodei.com/post/policy-…

Anthropic finally released the model they were too scared to make public 🤯 It's called Claude Fable 5. Same architecture as Mythos. Safety guardrails added. Available to everyone today. Stripe tested it on a 50-million-line codebase. A migration that would've taken a team 2 months done in a single day. Beat Pokémon FireRed using nothing but raw screenshots. No maps. No tools. Just vision. Highest score on FrontierCode the benchmark testing if AI writes code good enough to actually merge. Accelerated drug design by 10x. Ran autonomous genomics research for a week and outperformed a Science-published paper 100x smaller model. Highest score on Hebbia's finance benchmark. IMC said it aced trading analysis nearly across the board. $10 per million input tokens. Free on Pro and Max plans through June 22. This isn't an upgrade. This is a different league.

Constellation Software $CSU.TO Jonas Software’s CORA Group Acquires Finastra’s software in a carve-out. Purchasing the Phoenix Core System, Malauzai Digital Banking and Fusion Analytics Businesses

Avoid intense ideology. It turns your brain to cabbage. — Charlie Munger

CapCut is partnering with @GeminiApp . Soon, users will be able to edit images and videos directly within the Gemini app using CapCut’s advanced creative and editing capabilities. As creative workflows become more connected and seamless, we believe the future of creation will be more conversational, intuitive, and intelligently integrated across tools and experiences. This is just the beginning.

My $CSU.TO raw notes from this morning's AGM: - Opened with a video showing year-by-year acquisitions across operating groups. Seeing gross/recurring revenue alongside capital deployed was impressive with over 1,300 acquisitions during their 30 year run. - Core message remained consistent: - Decentralization - Decisions pushed to business units - Small teams - Buy-and-hold forever mindset - No PE-style flipping - Scale highlights: - 69K employees - 1,500 business units - 1,300 acquisitions - 100 countries - 150 vertical markets - Conventional org charts are NOT how CSI operates - HQ exists to coach, not control - Nyland (Lumine) mentioned speaking with their telecom customers about potential acquisition opportunities that improve service to end customers - Concentrating talent within verticals is a major edge. Deep knowledge in transportation with Bill Delaney (CEO of Modaxo, part of Volaris) runs transportation software services for 3,000 cities and governments - Mark Miller's AI comment: - “It’s about what you actually do, not what you say you’re going to do” - Short-term leaders focus on what they say, not execution - Vertical markets require deep industry expertise, even in the AI era - Founder who spoke on a panel sold to CSI in 2018 is now fully out of that business and running an academic vertical inside completely outside of the operating unit he sold to - Interesting pattern: founders often stay within Constellation in new leadership roles years later - Agentic coding is helping them build more software faster - Some companies are fully rebuilding and modernizing products from scratch — previously inconceivable pre-agentic coding - CSI is hosting many AI hackathons to: - Produce new products - Rebuild outdated systems - Modernize software untouched for decades - Potential upside: - Longer product life cycles - Lower churn - CSI increasingly investing in “PEMS” in other words taking stakes in other public software companies. Miller sees value in public markets and mentioned on the earnings call last week that private valuations haven't moved while publics get smoked. - PEMS = Permanent Engaged Minority Shareholders - Holding long term, not trading the equities - Brief mention of Mark Leonard at the start, then not referenced again... Company remains very private about his health - Mark Miller: - “We really haven’t seen any AI-related attrition of customers” - Software businesses are not just products, they are Companies: - Support matters - Sales matters - Services matter - Customers don’t ask for AI. Customers ask for solutions. If AI improves the solution, great

Due to a family emergency I couldn't make it to the $CSU.TO AGM today. But look through the feed it looks amazing and glad so many well-informed investors were doing their duty. It's amazing to see and hear.

“We believe that maintenance revenues are the best indicator of Intrinsic Value.” — Mark Leonard, Q1 2007 Shareholder Letter. Q1 2026 Recurring Revenue Performance: • $CSU.TO: 22% ( 4% Organic FX-Adj) • $TOI.V: 23% ( 7% Organic FX-Adj) • $LMN.V: 27% ( 3% Organic FX-Adj)

What an interesting question. But not a very good one.

Constellation Software $CSU.TO reported their Q1 numbers, here’s some hlghlights: - Revenue: 20% YoY (w/ 6% from organic) - FCF: 44% YoY - Acquisitions: $809M deployed Anything I missed!?

Wrote up about this. And I think this will be the way.

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That's the rational answer. $CSU.TO

Steve Jobs and Warren Buffett have stories about painting. Not the frescos-type. Other types of painting. But both are lessons in product and investing. Free post in bio. $AAPL $DIS