Barry and Ernest break down their views on investing in gold and “alternatives” and then discuss Alimentation Couche-Tard’s earnings. 0:00 – Introduction 1:40 – The Outsiders + capital allocation 5:33 – Why we don’t own gold 15:47 – The issue with “alternatives” 23:49 – Evaluating AI within non-tech businesses 31:13 – Alimentation Couche-Tard earnings
In this episode, Barry and Ernest discuss their framework for evaluating disruption before discussing a new addition to the portfolio. 0:00 – Introduction 1:29 – Our thoughts on disruption risk 3:35 – The Innovator’s Dilemma 12:43 – Venture capital investing vs public market investing 15:49 – Our new investment in TSMC 29:51 – Valuation, risks, and looking forward for TSMC
This week, Barry and Ernest discuss why people aredrinking less alcohol, talk about the importance of culture & incentives, and provide an update on Costco. 0:00 – Introduction 2:51 – The “Big Beautiful Bill” 7:51 – Shifts in consumer consumption behavior 14:38 – Importance of company culture andincentives 27:11 – Update on Costco 29:05 – Thoughts on Costco’s valuation 42:05 – Costco’s unique culture 43:08 – Next steps for Costco...
In this episode, Barry & Ernest dive into key lessons from the past five years of investing and share our latest thoughts on the market. We challenge the idea that complexity leads to better results, and explore why “buy and hold” is oftenharder than it sounds. We also discuss how strong management teams pivot effectively and what that means for long-term success. Plus, we open the mailbag to answer your questions! 0:00 – Introduction 3:58 – Complexity does not lead to better results 10:23 –...
This week, Barry and Ernest discuss ConstellationSoftware's annual meeting and the strategic changes being made to continuecompounding into the future, before ending with Brookfield's earnings. 0:00- Introduction 0:58 – Constellation Software Annual Meeting 9:20 – Constellation's compounding runway 20:22 – AI impacts to CSU's model 25:24 – CSU's new compensation structure 27:33 – The potential threat of CSU imitators 33:47 – Brookfield earnings
This week, Barry and Ernest discuss their preference forcompounders over dividend-paying stocks before providing an update on Alimentation Couche-Tard, Canadian Natural Resources, and Tourmaline Oil. 0:00 – Introduction 3:43 – Our view on a potential recession 14:43 – Why we prefer capital allocators over dividend payers 33:10 – Update on Alimentation Couche-Tard 40:51 – Update on CNQ, Tourmaline, and M&A in the O&Gspace
0:00– Introduction 2:43– How Buffett has influenced our investing journey 14:34– Our favorite Buffett investments 27:35– Berkshire under Greg Abel 40:58– Berkshire highlights and mistakes over the years 44:42– Mailbag: What if Buffett starts today? 49:55– Mailbag: Could Berkshire be broken up? 52:51– Mailbag: Berkshire's valuation today The end of an era: With Warren Buffett's retirement, Barry and Ernest discuss lessons and highlights from his career and speculate how Berkshire might evolve un...
0:00 – Introduction3:02 – Stock market recovery and macro commentary11:28 – Visa earnings21:28 – Big tech earnings overview (Google, Meta, & Microsoft)23:02 – Google earnings31:20 – Meta earnings39:24 – Microsoft earnings41:50 – Garmin earnings45:14 – A note on owning growth-oriented companiesIn this week's episode, Barry and Ernest break down more Q1 earnings include the state of the consumer and promising results from Big Tech investments into AI
0:00 – Introduction3:09 – Q1 earnings season so far9:50 – Watsco earnings15:56 – TFI International earnings23:08 – Netflix earnings29:30 – Moody’s & MSCI earnings37:56 – Bad idea to focus on headlinesThis week, Barry and Ernest review first quarter earnings for Watsco, TFI International, Netflix, Moody’s, MSCI.
0:00 – Introduction3:25 – Companies responding to changing US tariffs 10:13 – Timing the markets in bad times19:52 – Quality companies are the best defence33:20 – How to protect your portfolio with a shorter time horizon40:52 – What we're looking for in Q1 earnings In this week's episode of the Long-Term Investing Podcast, Barry and Ernest provide more updates on tariffs as well as how best to position your portfolio in an uncertain time period.
0:00 – Introduction 2:05 – Impact on tariffs on markets 5:20 – How companies respond to tariffs 11:58 – Service companies tend to be more protected from macroevents 14:05 – Uncertainty of investing in equities 16:45 – Importance of balance sheet health 21:25 – The risks of using margin 25:27 – How we define portfolio diversification 33:50 – Why we don't predict macro 35:53 – Finding high quality businesses during the market pullback In this week's episode of the Long-Term Investing Podcast, Barr...
0:00 – Introduction1:43 – Market correction3:40 – Upcoming Canadian election7:10 – Canadian government energy policy 15:15 – Principles when investing in oil and gas stocks20:06 – Canadian Natural Resources 2024 26:40 – Long term demand for oil29:25 – Impact of US tariffs on Canadian crude 31:20 – Tourmaline Oil earningsThis week, Barry and Ernest first discuss how Baskin Wealth is navigating the upcoming Canadian federal election before reviewing 2024 results of Canadian Natural Resources and T...
0:00 – Introduction1:44 – The rough 2025 for the US stock market6:00 - The current market vs other pullbacks12:37 – Constellation Software's earnings23:07 – Topicus.com's earnings and recent acquisitions26:14 – Can Constellation keep compounding? 28:49 – Is AI a risk for Constellation’s business modelIn this week's episode of the Long Term Investing Podcast, Barry and Ernest review Constellation Software and Topicus.com's 2024, and discuss whether it can grow at the same pace going forward as we...
0:00 – Introduction2:05 – A detailed overview of tariffs9:45 – Thinking about tariffs as leverage to renegotiate USMCA17:15 – Tariffs impact on the stock market20:15 – Evaluating the impact of tariffs on individual companies27:30 – Reviewing Baskin’s portfolio and strategy to navigate tariffs39:05 – Dominos new stuffed crust This week, Barry and Ernest discuss the impact of tariffs on your portfolio. They discuss why and how long these tariffs could be in place and review Baskin Wealth’s strateg...
0:00 – Introduction1:35 – Importance of investing for the long-term3:41 – Warren Buffett’s annual letter and succession planning at Berkshire19:15 – Update on ATD’s acquisition of 7-Eleven 27:04 – Exor selling Ferrari shares 30:03 – National Bank earnings35:14 – Domino’s Pizza earningsThis week, Barry and Ernest discuss Warren Buffett’s annual letter, then provide updates on Alimentation Couche-Tard’s acquisition of 7-Eleven as well as earnings for National Bank and Domino’s Pizza.
0:00: Introduction1:38: Trump and navigating uncertainty in the markets5:40 : How has retirement changed? 12:00: TFI International’s disaster quarter 23:01: Garmin earnings 26:12 : Watsco earnings30:15 : Moody’s earnings33:11: Feature discussion on Brookfield Corp. and Brookfield Asset Management In this week’s episode, Barry and Ernest discuss more Trump, TFI’s weak performance, and earnings for Garmin, Watsco, and Moody’s before talking about all things Brookfield.
In this week's Long-Term Investing Podcast, Barry and Ernest discuss their fixed income strategy with spreads at multi-decade highs, then discuss Q4 earnings for Amazon, TransDigm, and Restaurant Brands. 0:00 – Introduction1:56 – Aluminum and steel tariffs3:38 – Weakening Canadian dollar and the lack of quality businesses in Canada9:27 – Canadian vs US interest rates11:31 – Baskin bond portfolio discussion20:54 – Fourth quarter 2024 earnings season23:45 – Amazon earnings and its massive capex gu...
0:00: Introduction1:20: More thoughts on Trump's tariffs6:40: Trump’s new tariffs on China11:40: Baskin’s long-term strategy resiliency to macro events15:10: Capex spend for big tech20:01: PE ratios in US indexes versus other countries25:30: TMX Group earningsWith Trump pulling back on its tariff threats for Canada, Barry and Ernest discuss why owning quality stocks is the best defense against geopolitical threats before discussing TMX Group's evolution.
This week, Barry and Ernest break down Netflix’s huge quarter and its initiatives in sports before doing another mailbag, answering questions about key learnings, US tariffs, and, believe it or not, something called Fartcoin. 0:00 – Introduction 2:10 – Reviewing buy & hold strategy 6:35 – Netflix’s record-breaking quarter 16:43 – Is there still value for Netflix shareholdersgoing forward? 17:39 – Mailbag! 17:51 – Key lessons from the last 5-10 years 22:23 – Should CEOs announce buyback plans...
0:00 – Introduction 2:33 – The recent market pullback 5:28 – Goldman Sachs forecast for 3% market returns 8:50 – Issues in predicting long-term market performance 11:30 – The global scale of new tech companies 18:30 – Attending the ATB Conference 22:14 – The state of the Energy/Infrastructure market 29:09 – NFI and different perspectives on tariffs A jam packed show this week. Barry and Ernest start the podcast with a discussion about the recent market pullback and why Baskin Wealth is staying t...
0:00 – Introduction 4:09 – Why invest in Canadian compounders? 9:55 – How we define a compounder 15:45 – Why Compounders deserve to trade at high prices 24:50 – How we are reacting to Trudeau's resignation 29:00 – Update on Constellation Software going into 2025 38:13 – Does AI impact Constellation? 42:28 – Books we read during the holiday After taking a much-needed holiday, Barry and Ernest are back this week with a jam-packed episode. The discussion starts with a definition of a “compounder” w...
0:00: Introduction 1:30: managing your emotions in the markets 3:03:Hard to learn lessons in a bull market 5:29: Silliness in the market today 7:45:Sticking to our circle of competence 9:40: Year-End Wrap Discussion 12:37: Surprising strength in the TSX in 2024 14:08: A strong year for the Canadian Banks 18:30: Reviewing portfolio changes in 2024 for our clients 20:48: Garmin’s big year 24:52: Being patient on purchases 28:11: Reviewing the underperformers 34:40: Today’s losers can be tomorrow’s...
0:00 Introduction 2:54 Market Bubble? 8:26 Getting Back into Meta 12:45 Thesis for Meta 13:31 Successful Pivots of Meta over the Years 16:15 What Makes Meta’s Social Media Apps Different? 17:53 AI Opportunity for Meta 24:56 Reality Labs of Meta as a Risk Factor 26:43 What Have We Changed Our Mind About Recently? 33:41 Small to Medium Caps in Baskin’s Strategy 37:59 Companies We Liked but Didn’t Invest In 43:32 How Do We Manage Currency Fluctuations for Our Clients This week, Barry and Ernest, re...
0:00 Intro 1:54 Trump’s tariff threats + challenges 9:34 How Tim Cook managed Trump’s first term 13:37 Have markets peaked? 15:29 Google’s challenges from antitrust and AI 26:25 Alimentation Couche-Tard’s earnings + update on 7 Eleven 35:02 Copart earnings and long-term drivers 42:34 Why does Copart have so much cash? This week, Barry and Ernest cover the Tariff concerns in depth. They review the risks to the Canadian and U.S. economies and discuss the types of companies that could be hurt the m...
0:00 Introduction 1:14 The Tyson/Paul event on Netflix 5:57 What Trump means for your portfolio? 14:18 Tracking Berkshire Hathaway's portfolio 25:09 Live Nation's blowout demand 34:49 Mailbag- Managing risk in the portfolio 38:20 Mailbag- Constellation spinoffs 41:11 Mailbag- Brookfield Wealth solutions 43:47 Mailbag- Position sizing A busy show this week. First, Barry and Ernest discuss the Mike Tyson/Jake Paul fight on Netflix and what it means for investors. Next, they talk more about Trump 2...
0:00 Introduction 2:08 What Does Trump’s Victory Mean for the Markets? 10:30 Breaking Down the Broader Economic Environment 16:30 Ultimate Long-Term Focus: Constellation Software 22:50 Similarities Between TransDigm and Constellation Software 24:20 Power Relationship Between TransDigm and OEMs 31:55 Fundamentals of TransDigm 37:15 How Will TransDigm Continue to Grow? Barry and Ernest deliver a packed show this week. With Donald Trump winning the 2024 Presidential Election, Barry and Ernest, prov...
0:00 Introduction 2:10 Bell Canada’s Acquisition of Ziply: Does It Make Sense? 7:04 Balance Between Shareholder Expectations and Corporate Policy for Bell Canada 10:35 Breaking Down Apple’s Growth Runaway 14:52 How Is Apple Spending Much Less on AI Than Others? 18:56 Large Capex Levels for Big AI Names 26:15 Understanding Berkshire’s Earnings 33:40 Garmin’s Stunning Quarterly Results 38:05 Potential Benefits of Garmin’s Lumishore Acquisition In this week's episode, Barry and Ernest cover Apple, ...
On Tuesday October 29th, 2024 seasoned investors Barry Schwartz and Ernest Wong hosted an exclusive webinar, Quality Investing for the Long Run. Discussing timeless strategies to build wealth and secure your financial future, even in a volatile market. Whether you're a beginner or an experienced investor, you'll gain actionable insights into long-term investment planning, portfolio management, and how to stay the course in an ever-changing financial landscape. Don’t miss out on this opportunity ...
0:00: Introduction 1:41 Impact of Bank of Canada’s Interest Rate Policy on Markets 9:50 Does it Really Matter: US Presidential Election 14:12 Breaking Down the Earnings Season 15:28 Update on CoStar: Gap Between Fundamentals and Stock Price 25:16 The Parallel Between Meta and CoStar 27:00 TFI International Reported Earnings: What to Think? 32:13 Case of Moody’s: Reports Amazing Earnings, Stock Price Falls 39:27 Why Did Netflix Go Up So Much After Earnings? 46:36 How to Think About Earnings in Ge...
0:00 Introduction 1:45 Subdued response to our Garmin pitch? 3:48 Our take on the strong markets 8:23 Learnings from Adobe MAX 17:16 Our experiments with using AI tools in investment research 22:24 Updates on Couche-Tard's proposal for 7-11 34:27 Domino's Pizza earnings In this week's episode, Barry and Ernest cover several topics. With markets at all-time highs, Barry and Ernest provide their thoughts on what investors should consider going forward. Next, the guys review the Adobe Max presentat...
