The Globe and Mail reports in its Wednesday, Nov. 12, edition that Caldwell Investment Management portfolio manager Denis Taillefer says Constellation Software is a stock he sold in August at $4,722.84 a share. The Globe's Brenda Bouw writes that Mr. Taillefer says in a note: "We bought it in October, 2023, at $2,855 a share. We sold it before chief executive officer Mark Leonard announced in late September that he was stepping down, (which contributed to the stock's recent sell-off). The stock had reached 40 times forward earnings, which is pretty expensive for any stock. We really like the company; it's very well run. We like what it does: consolidating vertical software markets. But the stock has been losing momentum. Some headwinds are building in that software space. AI can be a value-add to a software platform, but it can also be a massive disrupter for certain platforms. So, given that it was losing momentum and getting expensive, we sold it, feeling that there were better opportunities elsewhere."