It’s time for investors to get greedy and buy the beaten-down shares of Constellation Software

The author argues that the market is unfairly punishing vertical market software companies like Constellation Software due to misplaced fears about AI. Instead of a threat, AI is presented as a potential advantage for incumbents who control private data and established workflows. The article highlights the resilience of these businesses, citing the high switching costs and operational risks of replacing core software systems. With Constellation trading at a 14-year high 6% free cash flow yield, and recent insider buying from the new president, the author sees a compelling long-term investment opportunity.