On today’s episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries.Both companies have strong competitive advantages, strong fundamentals, high insider ownership, and managers who think and act like owners, which led Clay to researching them further during this episode.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:05 - Clay’s biggest takeaways from reading 100 Baggers by Chris Mayer.07:00 - Chuck Akre’s 3 legged stool approach to compounding wealth.09:00 - Clay’s assessment of Topicus as an individual stock.08:00 - Topicus’s history as a business.10:00 - Why Topicus operating in Europe is potentially a big competitive advantage.29:00 - Why Copart is well-positioned to prevent competition from taking their market share.47:00 - Copart’s insider ownership.54:00 - Potential risks for Topicus and Copart.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESLuxor Capital’s Presentation.Willis Johnson’s book Junk to Gold.Check out our newly released TIP Mastermind Community.Check out our recent episode covering Mark Leonard’s Letters and Constellation Software or watch the video.Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.