No More Investing Secrets! (by René Sellmann) SaaSMageddon, CSU, Almost Buying Wise & His "Passion Stock" – A Chat with Andrew Brown
Jan 24, 2026
Andrew Brown, investor and small-business operator, blends public-equity ideas with hands-on acquisition experience. He breaks down why Constellation Software earned his attention, how AI risk looks for vertical software, and the psychology of missed opportunities with Wise. He also recounts buying and running a small business and shares a contrarian passion pick in Boston Omaha.
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Paying Up For A One-Of-One
- Exceptional companies can justify paying higher multiples versus private deal norms.
- Constellation's culture, spin-offs and growth runway made Andrew accept 17–22x FCF.
Why Vertical Software Resists AI
- Vertical market software is much harder to disrupt than horizontal SaaS because it's niche and tightly integrated.
- AI tools currently act as predictive text and lack the real-world implementation needed to replace niche incumbents.
Brockhouse: Cheap Bet, Weak Rapport
- Brockhouse was a cheap asymmetric bet but underwhelming execution left management doubts.
- Andrew sold easily because he 'didn't love management' despite the thesis being directionally right.
