0:00- Introduction 3:31- Did we miss the Chinese stock rally? 9:15- Why we sold Vail Resorts and CN Rail 18:24- Benefiting from bad weather 22:34- Breaking down CNQ's recent acquisition In this week's episode, Barry and Ernest discuss multiple fascinating topics. The podcast starts with a conversation on the recent rally in Chinese stocks and why we generally avoid investing outside North America. Next, the conversation turns to weather and why bad weather played a part in Baskin Wealth’s sales ...
Oct 16, 2024•41 min•Season 1Ep. 64
0:00 Introduction 2:10 The DoJ's antitrust lawsuit against Visa 12:03 Introducing Garmin 13:14 Garmin's pivot from car GPS 18:00 Garmin's unique distribution strategy 22:55 Breaking down Garmin's segments 29:30 Garmin’s smart capital allocation 33:34 What does Garmin look like in 10 years This week, Barry & Ernest wonder whether there is a pattern to recent Department of Justice antitrust lawsuits before breaking down their recent purchase of Garmin.
Oct 02, 2024•41 min•Season 1Ep. 63
0:00 Introduction 1:05 Brookfield’s $50 Billion Canada Fund 4:35 Adobe: a great business 8:56 Why are Adobe’s stock so volatile? 12:15 Future Drivers of Growth for Adobe 16:01 Ferrari: Car company or luxury company? 25:34 Ferrari’s EV Strategy 30:27 What is Ferrari’s opportunity? 36:08 Valuation thoughts 41:25 Bell’s Sale of MLSE to Rogers This week, Barry and Ernest react to Adobe's earnings and future growth prospects, then discuss their investment thesis on Italian luxury good manufacturer Fe...
Sep 25, 2024•46 min•Season 1Ep. 62
0:00 Introduction 1:05 Is the September effect real? 4:52 Baskin's successful multi-baggers and performance 13:19 Feature discussion: Brookfield Investor Day 16:53 Brookfield's insider alignment with shareholder 17:55 Brookfield Corporation vs Brookfield Asset Management 20:15 Brookfield's strategy in the current economic environment 24:17 Oaktree & growth in private credit 26:50 Brookfield Corp's capital allocation strategy 30:11 Getting to $176 of value by 2029 39:37 Why we prefer BN to BA...
Sep 18, 2024•50 min•Season 1Ep. 61
0:00 Introduction 1:33 Pillars of Quality Investing 6:30 Problems with investing in lower-quality businesses 9:10 Are yield stocks going to rebound? 15:38 Updates about Alimentation Couche-Tard 17:45 Another reason why US equity markets outperform 23:00 Differences in performance between the Canadian banks 26:27 Numbers on the upcoming mortgage renewal wave 32:14 Berkshire Hathaway reaches a $1 trillion market cap 38:38 Tourmaline Oil acquisition of Crew Energy In this week's episode, Barry &...
Sep 11, 2024•45 min•Season 1Ep. 60
0:00: Introduction 3:45: What Ernest and Barry learned on vacation 6:04: Reasons for stick to North American stocks 9:05: Convenience Store market in Japan vs North America 14:21: Alimentation Couche-Tard's acquisition proposal for Seven & i 16:34: Difficulties of making foreign acquisition in Japan 17:48: Couche Tard’s strong track record of doing M&A 19:09: Timing of Couche-Tard's proposal for Seven & i 25:17: Why Couche-Tard wants to acquire Seven & i In this week's episode, B...
Sep 04, 2024•44 min•Season 1Ep. 59
0:00: Introduction 1:23: The recent trends of Canada's interest rates and economic growth 4:56: When should investors buy bonds? 6:45: Review of the first half of 2024 9:53: Growth concentration in the S&P 500 13:22: Reviewing stock performance by sector 14:58: What if? Discussions for the first half of 2024 19:21: Why using hindsight is a mistake 21:26: Netflix: One of our top performers YTD 25:35: How Google is outperforming everyone's expectations 28:46: How Costco's fee hike has impacted...
Jul 23, 2024•47 min•Season 1Ep. 58
0:00: Intro 1:06:The role of fixed income in portfolios through history 7:49: Why we keep bond duration short 9:53: The attractiveness of fixed income today 13:22: Outlook for Canadian preferred shares 16:18: The under-performance of dividend paying stocks 19:56: Why we sold TD Bank 23:26: Why we sold the Canadian telecoms 27:02: Dividend sectors/names where we're seeing value today With Barry on vacation, Ernest and David Baskin chat about the role of fixed income in a higher rate environment i...
Jul 16, 2024•33 min•Season 1Ep. 57
0:00: Introduction 0:27: What is a share buyback? 3:12: The pros and cons of buybacks 6:26: The only reason why a company should buy back shares 7:57: Why does CNQ spend so much on share buybacks? 11:26: Alimentation Couche-Tard's buyback announcement 15:24: The earnings from Couche-Tard 18:38: How can Couche-Tard combat inflation and retain its customers? 21:38: Alimentation Couche-Tard's new CEO 25:05: The TMX Group investor day 32:25: TMX Group's journey towards analytics 34:42: Ernest's book...
Jul 05, 2024•37 min•Season 1Ep. 58
0:00: Introduction 2:04: Ernest's trip to a CCL Industries plant 8:48: CCL Industries' recent acquisition in the Middle East 10:47: A review of the TSX this year and comparisons to American stock exchanges 16:33: Why we own specific Canadian stocks, and whether currency makes a difference 18:42: What Ernest pays attention to in the market 19:38: Feature Discussion: National Bank's acquisition of Canadian Western Bank 22:15: Why National has done better than other Canadian banks 23:47: Why Nation...
Jun 28, 2024•33 min•Season 1Ep. 53
0:00: Introduction 1:56: A refresher on the new capital gains changes in Canada 3:37: What do the new changes mean for your portfolio? Should you act or do nothing? 6:44: Could the new capital gains changes hurt your portfolio? 7:54: Feature Discussion: Tax-free savings accounts 10:48: What if you want to start a TFSA for a child? 12:39: What if you want to move a stock to your TFSA? 15:21: The future of your TFSA if you start early 17:53: Should you go YOLO in your TFSA? 20:11: Dollar-Cost aver...
Jun 17, 2024•36 min•Season 1Ep. 56
0:00: Introduction 1:17: Barry talks about his trip to Calgary to visit clients. 3:25: A quick review of the markets in May and a preview of upcoming rate cuts in Canada 5:55: An update on our Costco thesis 8:40: reasons for strong e-commerce sales at Costco 10:33: Ernest’s experience buying a washing machine at Costco. 12:01: The trust that people have in Costco. 14:21: Costco adding value to its membership offering. 16:40: Is Costco’s valuation really that expensive? 18:15: Costco’s beautiful ...
Jun 10, 2024•43 min•Season 1Ep. 55
0:00: Introduction 1:00: talking Domino’s Pizza crust and its stock. 4:42: Review of the Constellation Software Annual meeting. 5:50: Why the annual meeting is still be done virtually. 8:49: Constellation Software is a capital allocation company. 11:11: Why acquired growth has been a better driver of returns for Constellation vs. organic growth. 13:15: Why Constellation will have to invest more to boost organic growth. 13:45: Why Constellation has limited worries about copycats. 19:11: reviewing...
May 21, 2024•41 min•Season 1Ep. 54
0:00: Introduction 2.25: Our takeaways from the Berkshire Hathaway Annual Meeting 9:08: Berkshire’s Apple trim 14:01: Berkshire’s enormous cash pile 19:08: Is Berkshire looking at making a large investment in Canada? 23:15: Reviewing Berkshire Hathaway’s First quarter results. 26:10: Reviewing our Apple thesis 32:00: Apple’s recent struggles in China 35:20: Don’t sleep on Apple’s services business. 36:56: Apple’s insane share buyback program 38:22: Apple’s under-appreciated capital light story. ...
May 14, 2024•47 min•Season 1Ep. 53
0:00: Introduction 1:42: Ernest’s talks about meeting Murray Edwards, Chairman of Canadian Natural Resources 5:05: Murray Edwards’ rant on Canada’s energy policy 7:26: TMX Pipeline expansion is in business; what it means for Canada. 12:22: Natural Gas’ role in electricity demand 14:15: Listening to Mitch Rales on Capital Allocation 19:53: Follow up on Waste Connections 23:38: Feature discussion on Restaurant Brands 31:19: The genius of Patrick Doyle This week’s episode has it all, a meeting with...
May 07, 2024•37 min•Season 1Ep. 52
0:00: Introduction 3:25: Benjamin walks us through the new budget in Canada with respect to the upcoming capital gains changes. 5:43: Taking $250,000 of capital gains in one year is rare. 7:21: What to know about the new tax changes for death, selling an investment property or liquidity needs. 8:34: Capital gains taxation upon death and what actions one can take to limit the taxation impact. 12:04: For most of us, the best advice is to do nothing. 14:38: What can you do about cottages and invest...
Apr 29, 2024•31 min•Season 1Ep. 51
0:00: Introduction 1:37: discussion about capital gains changes in Canada and how it could affect your portfolio. 3:52: should you own a dividend payer stock vs. a growth stock given changes in capital gains rates in Canada 7:10: do these tax changes make Canada less competitive? 10:22: Feature discussion on Waste Connections 10:46: A quick discussion about the Halloween Surprise taxation of income trusts in Canada 14:00: a history of Baskin’s purchase of BFI Garbage Trust which eventually becam...
Apr 22, 2024•39 min•Season 1Ep. 50
0:00: Introduction 0:56: Ernest’s discusses his debut on BNN Bloomberg 4:15: Why are there so few “super-investors”? 6:23: Canadian compounders trading at a discount to their U.S. peers and examples. 8:43: Why Canadian stocks are out of favour right now. 10:02: Example #1 - Couche-Tard 11:36: What do Hot Dogs and Compounders have in common? 12:40: Couche-Tard’s valuation discount 15:05: Example #2 – CCL Industries 16:40: Example of a Canadian Compounder trading at premium. 18:56: Example #3 – Ca...
Apr 15, 2024•32 min•Season 1Ep. 49
0:00: Introduction 1:27: Bare Trust Debacle 3:08: Why people set up joint accounts with family members 4:17: Explaining probate on non-registered accounts held jointly with family members 10:28: The pros and Cons of Formal and Informal Trusts and joint accounts with family members 13:53: Explaining formal trusts 15:48: Explaining Informal Trusts 19:10: Explaining “For” accounts 20:25: Which trust makes sense for you? 21:30: Real example of an informal trust account becoming a joint account with ...
Apr 09, 2024•30 min•Season 1Ep. 48
0:00: Introduction 1:48: Golf and Cialdini 2:42: Our take on the the DOJ suit against Apple 11:42: The Apple Bull and Bear thesis 17:50: Feature discussion on Alimentation Couche-Tard (ATD) 19:40: The beauty of convenience stores 22:22: ATD's Consolidation story 23:57: ATD's secret sauce to improving sales per square foot 27:22: The power of ATD's compounding 28:43: lack of volatility in gasoline pricing hurting recent results 30:50: why fuel margins could stay higher for longer 34:15: Electric ...
Apr 01, 2024•45 min•Season 1Ep. 47
0:00: Introduction 0:56: Charlie and Warren rubber duckies backstory 2:36: Bank of Canada interest rate announcement and why it is reluctant to lower interest rates. 7:47: why does this matter for long term investing? 10:08: why Baskin has as much as 70% of its clients equity exposure to the U.S. 15:50: rethinking dividend payers in a more normalized rate environment. 18:18: why Constellation Software and Couche-Tard aren’t listed on the US stock exchange 21:15: All about Mike Rose and Tourmalin...
Mar 19, 2024•43 min•Season 1Ep. 46
0:00: Intro 2:09: What to do in a bull market: 5:12: Berkshire Annual Letter 9:22: Reviewing Berkshire's under-performing assets 16:29: Letting your winners compound: 18:29: Why National Bank is outperforming: 21:44: The big picture for Canadian banks: 23:33: CNQ has reached its debt target - now what? 25:49: The math for CNQ This week's podcast touches a number of topics including a review of Berkshire Hathaway's recent shareholder letter. Barry and Ernest discuss Buffet's dissatisfaction with ...
Mar 12, 2024•36 min•Season 1Ep. 45
0:00: Intro 0:50: Introducing Benjamin Klein 3:49: What is Financial Planning? 5:08: Should one get a CFA or CFP? 7:37: Does everyone need to do a financial plan? 13:12: The value of knowing your clients 15:22: Mistakes people make as they prepare for retirement 25:00: Building in a margin of safety into your financial plan 27:50: Not getting too conservative too soon 30:20: All about the First Home Savings Account 36:30: If I can do only one contribution - RSP/TFSA/FHSA - which one should I do?...
Mar 04, 2024•41 min•Season 1Ep. 43
0:00: Intro 2:22: Our take (or lack of it) on Nvidia's earnings 4:32: Having patience for long-term investments as a long-term investor 7:29: Case study on Costar Group's investment in Homes.com 12:27: Case study on CCL Industries's flat stock price 15:45: Deep dive on Topicus.com With Barry back from vacation, Barry and Ernest get right back into discussing stocks and the markets. First, the guys discuss Nvidia and AI and sticking to you what you know as an investor. Next, they talk about three...
Feb 26, 2024•37 min•Season 1Ep. 42
With Barry away this week, Ernest talks with Baskin Wealth Management’s founder and Chairman, David Baskin about the story of Baskin and how wealth management has evolved. This episode is full of stories and wisdom from David’s extensive experience in the industry.
Feb 16, 2024•28 min•Season 1Ep. 41
Jam packed episode this week! First, Ernest discusses what he does during earnings season. Next, Barry and Ernest discuss why stocks react the way they do after reporting quarterly earnings. Then, Barry and Ernest breakdown some recent quarterly earnings reports from Alphabet, Ferrari and Microsoft Finally, they have a feature discussion about the medical device giant, Stryker. Barry and Ernest discuss its moat and the outlook for its business going forward.
Feb 05, 2024•40 min•Season 1Ep. 40
In this week's podcast, Barry and Ernest, talk streaming and the Canadian Railroads. But first they discuss how one should behave in a bull market and talk about the valuations of stocks as we start 2024. Then it is the feature discussion on Netflix. They discuss the latest earnings report and the game-changing deal with World Wrestling Entertainment (WWE). In the final segment, the guys talk about a business that has a lot less drama; CN Rail. They also review CN's latest earnings results and t...
Jan 29, 2024•35 min•Season 1Ep. 39
Our feature discussion today is about Blackrock, the $10T asset manager juggernaut. We discuss our reasons for owning Blackrock as well as a deep dive into its recent acquisition in the private equity space. We also discuss why this acquisition validates Brookfield's strategy. But before we get to that, we answer some of our viewer's questions about portfolio construction and when and how we decide to buy a stock. And we also talk Apple.
Jan 22, 2024•31 min•Season 1Ep. 38
This week, Barry and Ernest dive deep into their research process and what they look for in buying a new company for their client's portfolio. If you love discussions about management, culture, capital allocation, valuation and quality factors then this is the episode for you!
Jan 15, 2024•41 min•Season 1Ep. 37
Happy New Year! We are back with our first episode of 2024. It is a packed show. First, Barry and Ernest, rant a little bit about short-term thinking and narratives that drive the market. Then, they discuss what Charlie Munger would have owned if he was a Canadian investor. Lastly, the guys discuss the big deals made by our portfolio companies, TFI International, TMX Group and Waste Connections.
Jan 08, 2024•36 min•Season 1Ep. 36
