Explore every episode of the podcast Long Term Investing - With Baskin Wealth Management

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 A $2 trillion AI IPO, a sharp selloff in Google, and three companies that put shareholders first. Is Wall Street losing

sight of what really matters?

On this episode of the Long-Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer at Baskin

Wealth Management, and Ernest Wong, Head of Research and Portfolio Manager, break down the anticipated Anthropic IPO and explain why, despite the explosive growth of its Claude AI models, they're unlikely to invest. With enormous data centre commitments, fierce competition and a potentially staggering valuation, is the AI opportunity worth the risk?

They also examine Google's (GOOGL) latest earnings and the market's negative reaction despite strong revenue growth. As Google and Meta (META) pour billions into AI infrastructure, investors are increasingly questioning whether that spending will generate adequate returns. Could the market be overlooking the long-term opportunity?

Finally, Barry and Ernest reveal three companies they believe stand apart when it comes to respecting shareholders: Berkshire Hathaway (BRK.B), Constellation Software (CSU) and Fairfax Financial (FFH). They discuss what makes these businesses exceptional capital allocators, why management incentives matter, and how aligning executives with shareholders can create lasting wealth.

0:00 Cold Open

0:54 Welcome to the Long Term Investing Podcast

1:40 Halloween costumes and the economics of Halloween

2:50 The Anthropic IPO: what Anthropic and Claude are

5:45 Anthropic's prospectus: valuation and revenue

7:09 Why Anthropic going public matters for AI

8:21 Would we buy the Anthropic IPO?

9:29 Is Anthropic actually profitable?

11:01 The $500B data center commitments

12:25 Meta and Google Q3 earnings

13:25 Why Google fell despite 20%+ growth

15:09 Google and Meta's history with new ad formats

16:44 AI capex and what the market wants to see

18:03 Companies that respect shareholders

19:27 What shareholder alignment really means

24:44 The only three truly shareholder-focused companies

26:41 How Fairfax pays its CEO

29:12 Buffett's legacy and incentive design

29:58 Is Anthropic's Dario Amodei aligned with shareholders?

31:44 Alignment doesn't guarantee a good business

32:24 Capital allocation and decentralized operations

33:37 Wrap-up

34:12 Legal disclaimer

Links

www.baskinwealth.com

info@baskinwealth.com

DISCLAIMERS

This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.

👉 Click Here to Subscribe: https://www.youtube.com/@LongTermInvestingPodcast

Great companies don't always make great stocks—at least in the short term. Netflix (NFLX) and Meta (META) are delivering impressive growth, yet their share prices are under pressure. Is Wall Street missing the bigger picture?

On this episode of the Long Term Investing Podcast, Barry Schwartz and Ernest Wong of Baskin Wealth Management break down what's driving the selloffs in Netflix and Meta. They examine Netflix's declining U.S. engagement, growing competition from YouTube, and whether its international expansion and live sports strategy can reignite investor enthusiasm. They also discuss Meta's ambitious AI investments, the rapid growth of its new Muse platform, and Mark Zuckerberg's plans to maintain control of the company.

Plus, why are some of the market's most reliable businesses being overlooked? Barry and Ernest discuss Waste Connections (WCN) and FirstService (FSV), two long-term holdings that have faced investor skepticism despite resilient fundamentals. From pricing power and acquisitions to share buybacks and disciplined capital allocation, they explain why patience can be one of the most valuable tools in an investor's portfolio.

The bottom line: Stock prices are opinions. Fundamentals are facts. And for long-term investors, knowing the

difference is everything.

Timestamps

0:00 Trailer & Intro: Meta, Netflix, Waste Connections and First Service

1:42 Kawhi Leonard and the Raptors

3:47 Are publicly traded sports teams good investments?

4:27 Netflix: stock under pressure and the YouTube narrative

5:37 Is Netflix engagement really declining?

7:04 Netflix's leadership shake-up

7:40 The Warner Bros. bid and the stock drop

9:43 Putting Netflix's U.S. engagement issue in perspective

11:19 Is Netflix a utility? Why engagement still matters

12:38 Netflix's international content strategy

15:32 Why the US engagement problem is fixable

16:57 Disney licensing deals and channel services

20:19 Live sports and the platform pivot

21:29 Netflix valuation vs. the S&P 500

22:31 Meta: why the stock fell after earnings

25:09 Meta's Muse AI agent and how it makes money

28:33 Meta's new non-voting share class

32:03 What Netflix and Meta have in common

32:55 Waste Connections: the exclusive-market model

38:18 First Service: property management, roofing and brands

42:56 First Service buybacks and capital allocation

45:57 Why boring compounders lagged this year

46:53 Legal disclaimer

Links

www.baskinwealth.com

info@baskinwealth.com

DISCLAIMERS

This podcast is for informational purposes only and

any forecast on the economy, markets or individual securities should not be

viewed as investment advice, a recommendation or an offer or solicitation to

buy or sell any securities. Clients of Baskin Wealth Management and the

speakers on this podcast may own shares of the companies discussed. Information

on this podcast is current as of the time of production and is subject to

change. If you have any questions or would like to subscribe to these podcasts,

visit our website at baskinwealth.com.

👉 Click Here to Subscribe: https://www.youtube.com/@LongTermInvestingPodcast

The AI trade is showing signs of cracking.

Rising interest rates, concerns about massive data centre spending, and questions about future returns are putting pressure on some of the market's biggest winners. Is your portfolio prepared if the AI boom loses momentum?

In this episode of the Long Term Investing Podcast, Barry Schwartz, President & CIO of Baskin Wealth Management, and Ernest Wong, Head of Research & Portfolio Manager, discuss why

diversification matters more than ever and why they're sticking with their strategy of owning high-quality, profitable businesses rather than chasing the hottest stocks. They explain the risks of an increasingly AI-concentrated S&P 500, why rising borrowing costs could spell trouble for companies like

CoreWeave (CRWV), and what separates speculative AI investments from companies that

can fund their own growth.

They also take a closer look at Taiwan Semiconductor (TSM), which is benefiting from explosive demand for AI chips, and explain why its disciplined approach to spending makes it an attractive long-term investment. Plus, with fast-food stocks struggling under the weight of inflation and a stretched consumer, Barry and Ernest discuss the challenges facing McDonald's (MCD) and why they continue to see opportunity in Domino's

Pizza (DPZ), despite its recent struggles.

With markets shifting and investors questioning what's next for AI, Barry and Ernest explain why fundamentals, cash flow and patience—not short-term performance—remain the keys to building long-term wealth.

Learn more about Baskin Wealth Management at baskinwealth.com.

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What do you do when a stock you own drops 26% in a single day? For long-term investors, moments like these can be the ultimate test of conviction.

In this episode of the Long Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer at Baskin Wealth Management, and Ernest Wong, Head of Research and Portfolio Manager, break down the sudden plunge in Fair Isaac (FICO), what changed for the business, and why they’re resisting the urge to make a knee-jerk decision. They discuss how to determine whether a falling stock represents a broken investment thesis—or simply a new challenge for a strong business. They also look back at lessons from Netflix (NFLX), TFI International (TFII.TO) and Moody’s (MCO), where sharp selloffs didn’t necessarily tell investors what would happen to the businesses over the long term.

Barry and Ernest also tackle rising interest rates in Canada and the U.S., why chasing higher yields in U.S. fixed income can introduce unexpected currency risk for Canadian investors, and why they prefer keeping bond maturities relatively short.

Finally, they make the case for Costco (COST). From cheaper gas and growing membership benefits to e-commerce, delivery and new stores, Barry and Ernest explain why they believe Costco’s flywheel continues to strengthen—and why they think the company deserves its premium valuation.



Plus, why sometimes the hardest—and smartest—thing a long-term investor can do is nothing.

Timestamps

00:00 Intro

00:54 The three topics: FICO, interest rates, and Costco

02:48 FICO’s 26% drop: what happened?

03:41 Why investors shouldn’t react too quickly

04:34 Netflix and TFI: lessons from sharp selloffs

06:33 How US agency mortgages work

07:33 Credit scores and mortgage pricing

08:27 FICO vs. VantageScore: what’s changing?

11:10 Why mortgage lenders may favor VantageScore

11:56 The risk of weaker underwriting

13:22 How much FICO market share is priced in?

14:22 FICO’s other revenue streams and FICO 10T

15:28 FICO’s profitability and cash flow

16:25 Moody’s: a regulatory-fear comparison

17:54 Diversification and managing stock risk

18:34 FICO’s growth outlook over the next 3–5 years

20:25 Interest rates, inflation, and fixed income

22:29 The currency risk of chasing US bond yields

24:30 Why short-duration bonds can help in rising-rate markets

25:57 Costco’s earnings and business strength

27:07 Costco gas and membership value

28:42 Costco’s membership flywheel

29:02 Store growth and expansion potential

30:06 Why Costco can gain share in volatile times

31:05 Costco same-day delivery

32:31 Is delivery incremental or cannibalistic?

33:44 Why Costco commands a premium valuation

35:53 Closing thoughts

Links

www.baskinwealth.com 

info@baskinwealth.com 

DISCLAIMERS

This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.

Meta has spent billions betting on artificial intelligence. Now, investors may finally be getting a glimpse of what that investment could become.

In this episode of the Long-Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer, and Ernest Wong, Head of Research and Portfolio Manager at Baskin Wealth Management take a closer look at Meta’s new AI assistant, Muse, and the rise of agentic AI—technology that doesn’t just answer questions, but can actually complete tasks for you, from booking a restaurant to shopping for insurance or cancelling unwanted subscriptions. The bigger question is whether AI agents could eventually change how we shop, search and interact with the internet.

That could have major implications beyond Meta. Barry and Ernest discuss why Amazon is pushing back against Muse, the value of controlling customer purchasing data, and how Google and Apple could respond as Big Tech competes to become the AI agent consumers rely on. Could AI agents become a new gateway to online commerce—and what would that mean for some of the biggest companies in the market?

They also look at what Muse could mean for the investment case for Meta. After spending heavily on both the metaverse and AI infrastructure, Meta now has a product generating excitement among users. Barry

explains why he remains optimistic about the company’s long-term opportunity and why Meta continues to be a holding in the portfolio.

Plus, what can investors learn from baseball? Barry and Ernest use Vladimir Guerrero Jr.’s massive long-term contract and Moneyball to explore an important investing lesson: past success matters, but ultimately

investors are paying for the returns a company can generate in the future. They explain why they look for strong businesses where management is properly incentivized, capital is allocated intelligently and the market may be distracted by the wrong narrative.

Is agentic AI the beginning of a new internet—or another technology investors are getting too excited about too soon?

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The Long Term Investing Podcast is back with a brand-new season and a brand-new look. Barry Schwartz, President and Chief Investment Officer, and Ernest Wong, Head of Research and Portfolio Manager at Baskin Wealth Management, return to break down why short-term volatility hasn’t shaken their conviction in owning high-quality compounders—businesses that can grow earnings and free cash flow per share, reinvest at attractive rates and create value over the long term.

With interest rates moving higher, inflation concerns resurfacing and AI investment continuing to reshape the economy, Barry and Ernest explain why they aren’t making major changes to their portfolio. They discuss why higher rates can create challenges for dividend-paying stocks and why constantly chasing the market’s latest winners can come at a cost.

They also look at the push to get major infrastructure projects built in Canada and what it could mean for Canadian Natural Resources (CNQ.TO) and Tourmaline Oil (TOU.TO), two companies they believe could benefit from greater market access for Canadian energy. Plus, they discuss how Brookfield Corporation (BN.TO) and Brookfield Asset Management (BAM.TO) are positioning themselves to capitalize on the infrastructure investment boom.

Finally, Barry and Ernest examine just how exposed the S&P 500 has become to the AI and data-centre boom, with discussion of Nvidia (NVDA), Micron Technology (MU) and Amphenol (APH). Ernest argues that with roughly 40% of the index now directly tied to AI and data-centre spending, investing passively in the S&P 500 increasingly means making a significant bet on a single theme. For active investors, that raises an important question: how much AI exposure are you actually comfortable having in your portfolio? They also turn to Apple (AAPL) and whether its new foldable iPhone could become another meaningful growth driver.

Markets may be shifting, but does that mean your investment strategy should shift with them?

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00:00 Introduction

01:07 Welcome to the Long Term Investing Podcast

02:05 Ernest’s Summer in Asia and a Global Investment Perspective

03:00 Rising Interest Rates, Inflation, and Market Uncertainty

04:37 Are Today’s Rate Hikes Similar to 2022?

07:17 How Interest Rates Could Affect AI and Data Centre Growth

08:53 What Higher Rates Mean for Stocks, Bonds, and Dividend Investments

12:23 How Baskin Is Positioning Its Portfolios

14:09 Mark Carney’s Investor Summit and Canada’s Economic Strategy

16:09 Can Canada Actually Deliver on Its Mega-Projects?

19:31 Canadian Natural Resources and Tourmaline: Potential Beneficiaries (CNQ, TOU)

23:41 Is Compounding Still the Best Long-Term Investing Strategy?

26:33 Why Investors Should Focus on Fundamentals, Not Stock Prices

28:25 Brookfield, the Maple Fund, and Investing in Canadian Infrastructure

Links

www.baskinwealth.com

info@baskinwealth.com

DISCLAIMERS

This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.

Recorded: June 10, 2026

This week, Barry and Ernest review the current state of the stock markets including the mega IPO of SpaceX before discussing the strong performance of the Canadian banks. 

0:00- Introduction 

6:01- SpaceX's IPO

14:20- Elevated return expectations 

22:21- Diversified Canadian banks

28:03- Prime lending focus

33:00- Canadian bank valuations

38:54- Regulatory landscape 

This week, Ernest and Baskin Wealth’s Head of Financial Planning Benjamin Klein discuss the importance of financial planning and asset allocation from a wealth management perspective.

2:14- What isfinancial planning?

8:13- Assetallocation

15:50- Planning fordifferent generations

18:24: Taxconsiderations

21:12- Hierarchy ofinvestment accounts

25:53- Can AIreplace financial planning?

This week, Barry and Ernest discuss key learnings from the Constellation Software's annual general meeting. 

0:00- Introduction

3:52- Constellation Software backdrop 

12:08- CSU's response to AI 

25:50- CSU's acquisition pipeline

34:15- Incentives at Constellation Software

39:17- What would make us sell CSU?

Recorded on: May 6, 2026



This week, Barry and Ernest discuss the strong outperformance of AI-adjacent companies before discussing Berkshire Hathaway’s first AGM without Warren Buffett.

0:00- Introduction

2:14- High valuations for AI-adjacent names

11:48- Google’s AI update

21:15- Apple’s strong results

24:49- Greg Abel at the Berkshire AGM

28:53- Berkshire’s capital allocation changes

This week, Barry and Ernest discuss Tim Cook's retirement and legacy, smart share buybacks from companies, and TFI International's improving financial outlook.

0:00- Introduction 

2:12- Tim Cook's retirement and legacy 

9:38- Reed Hastings resigning from Netflix's board

14:11- Smart share repurchases

21:46- TFI International's rebound 

Recorded on: April 22, 2026

This week, Barry and Ernest break down their new

investment in Fairfax Financial including the business model, similarities and

differences to Berkshire Hathaway, and their strong track record in

underwriting insurance and growing shareholder value. 

0:00- Introduction

6:44- Fairfax's business model

12:10- Disciplined insurance underwriting

21:00- Fairfax's investment strategy

28:58- Return expectations

34:44- Key man risk for Fairfax

36:30- Insurance industry risks

In the latest episode, Barry and Ernest explain why business quality matters more than macroeconomics concerns and also provide an update on FICO and the rationale for selling CoStar Group last year. 

0:00- Introduction

5:51- Upcoming CUSMA renegotiation

7:48- Business quality trumps macro 

16:41- Outperformance of Domino's and Stryker

21:05- FICO update

28:06- Private credit worries for software 

32:20- Why we sold CoStar Group

In this week's episode, Barry and Ernest discuss broader implications of the Iran conflict before breaking down a new addition to the portfolio. 

0:00- Introduction

2:12- Long-term implications of Iran 

7:43- Low multiples for AI stocks 

11:50- New addition to the portfolio

14:54- Why FICO is a great business

18:15- FICO's pricing power + industry incentives

23:19- The housing cycle

25:40- VantageScore competition 

This week, Barry and Ernest discuss the Iran conflict and long-term investing through market volatility before updating Restaurant Brands "Whopper" of a turnaround plan.

0:00- Introduction

2:20- Live Nation settlement correction

4:52- Iran and market volatility

15:00- Portfolio management in volatility

19:20- Restaurant Brands update

This week, Barry and Ernest discuss the oil price spike, Constellation Software's earnings, and Live Nation's antitrust settlement. 

0:00- Introduction

1:25- Oil prices and Iran risks

6:36- Constellation Software's earnings

13:23- CSU's PEMS strategy 

18:39- Live Nation's antitrust settlement 

This week, Barry and Ernest discuss Netflix dropping out of the bid for Warner Brothers Discovery, and what's next for Netflix. They also break down CCL Industries's capital allocation and M&A opportunities.

0:00- Intro

5:32- Netflix drops out of Warner bid

12:26- Netflix benefits from PSKY/WBD 

18:15- How AI benefits Netflix

20:47- CCL Industries update

27:20- Greg Abel's letter 

This week, Barry and Ernest discuss a wide range of topics including the strong performance of Canadian oil stocks, why proprietary data is safe from AI, and Constellation Software's decision to host an earnings call. 

0:00- Introduction

1:49- Canadian oil stocks performance

9:03- Tourmaline Oil's buildout

12:40- TFI International's outlook 

19:30- Portfolio management in a sell-off

23:15- Moody's vs S&P Global

31:25- TMX Group's risk from AI 

33:08- Constellation Software earnings call 

This week, Barry and Ernest break down Alimentation Couche-Tard's strategy from their Investor Day as well as an update to Ferrari's EV strategy.

0:00- Intro

2:41 - How we are reacting to the sell-off

10:34 - Incentives with AI 

14:30 - Alimentation Couche-Tard's IR Day 

23:50 - EV experience in Norway

26:08 - Ferrari's earnings 

Barry and Ernest are back and discuss Apple's strong results, Microsoft and Meta's mega-capex splurge, and Brookfield Asset management's new CEO Connor Teskey. 

0:00- Intro

7:20- Apple's record iPhone sales

11:48- Apple's memory and chip constraints

16:35- Microsoft's Azure miss

20:10- Big tech returns on AI capex

22:01- Meta's motivations for AI

25:48- Brookfield Asset Management's new CEO 

Barry and Ernest explain how narratives impact near-term stock movements, before reviewing earnings and the 2026 outlook for Taiwan Semiconductor Manufacturing Company and Netflix.

0:00- Intro

1:31- Stock price narratives

5:27- Constellation Software disruptive threats

14:15- TSM’s strong growth

18:47- Netflix update

In this week's episode, Barry and Ernest discuss the criminal investigation of Jerome Powell as well as the US proposal to cap credit card interest rates at 10%. 

0:00- Introduction

1:53- Narratives driving stock prices

5:36- Jerome Powell criminal investigation 

13:56- Credit card interest rate cap 

Barry and Ernest are back in 2026! They break down the implications of Venezuela on the Canadian energy industry, before providing an update on several companies in the financial industry. 

0:00- Introduction

2:16- How Venezuela impacts Canada

12:06- Why we own CNQ

14:39- Strong performance for financials

19:59- TMX Group update

21:24- Moody's update

27:40- MSCI update

30:40- Visa update 

This episode, Barry and Ernest review 2025 including both highlights and lowlights for the markets

and the portfolio.

0:00 - Intro

4:06 - Lowlight 1: The Canadian Dollar

8:09 - Lowlight 2: Constellation Software

17:00 - Lowlight 3: Large M&A

21:50 - What’s nextfor AI

29:03 - Highlight 1: Google’s rebound

34:41- Baskin’s portfolio changes

39:39 - Strong fundamentals

This week, Barry and Ernest discuss Telus's high

dividend yield and Canadian dividend stocks, break down Netflix's motivations

for buying Warner Brothers Discovery, before wrapping up with an outlook for

the Canadian banks. 

0:00- Intro

5:00- Telus's dividend trap

8:40- Attractive Canadian dividend payers

12:48- Netflix's bid for Warner Brothers Discovery

16:56- Poor track record of media mergers

21:08- Netflix's motivations for buying WBD

33:04- Canadian bank update 

40:14- 2026 for the Canadian banks 

42:35- AI opportunity for Canadian banks 

This week, Barry and Ernest review results for Alimentation Couche-Tard and Copart before breaking down Netflix offer to purchase Warner Brothers Discovery. 

0:00- Intro

8:33- Alimentation Couche-Tard's rebound

15:04- Canadian compounder buybacks

24:17- Copart's earnings

30:29- Copart's low-value car problem 

36:42- How AVs impact Copart 

39:00- Netflix's bid for Warner Brothers Discovery 

This week, Barry and Ernest review quarterly results for some more names before providing an update on their two favorite Canadian energy names. 

0:00- Intro

4:24- TransDigm outlook

10:16- Great capital allocators pivot 

14:55- Garmin update

19:33- Brookfield update

24:51- Buffett's pitch for Berkshire stock

29:13- Why we own CNQ

36:43- Tourmaline's business model  

39:43- Data center tailwinds for natural gas 

42:29- Country-level risk for commodities 

This week, Barry and Ernest give an update on a number ofcompanies including Apple, Amazon.com, TFI International, and Live Nation. 

0:00- Intro

15:08- Apple strong results

26:08- Amazon and AWS growth 

33:52- TFI's 2026 rebound

40:26- Live Nation update 

This week, Barry and Ernest discuss the underperformance of high-quality companies, provide an update on some companies in the financial sector and Big Techs, and defendpublic equities as an asset class.  

0:00- Intro

7:38- Unprofitable company stocks

16:20- MSCI, TMX, and Moody’s update

24:15- Meta’s splurge on AI

33:40- Google and Microsoft’s earnings

39:58- Why we invest in stocks

This week, Barry and Ernest break down Apple's stock price resurgence and review earnings from Netflix, TSMC, and Waste Connections before explaining if it still makes sense to own compounders.0:00- Intro4:40- Apple update11:54- Thoughts on smart glasses18:05- Netflix's earnings32:23- TSMC's results39:31- Waste Connection's earnings42:58- What is compounding? 48:48- Characteristics of compounders55:51- When to sell compounders?

In the latest episode, Barry and Ernest provide an update onConstellation Software's management changes, earnings from Domino's Pizza and Costco, and Ferrari's strategy over the next 5 years. 

0:00- Intro

6:25- Market update and deals between big techs 

9:40- ConstellationSoftware's CEO succession

18:50- Domino's Pizza update 

28:40- Costco update

32:16- Ferrari's investor update 

This episode was recorded before the sad news that Mark Leonard had to step down as CEO of Constellation Software for health reasons. We wish him a full and speedy recovery.

This week, Barry and Ernest react to Constellation Software's conference call about the risks and opportunities of AI to their business. 0:00- Intro

4:34- Constellation's AI conference call

13:53- Geoffrey Hinton's radiologist prediction

14:58- AI concerns for Constellation

24:48- AI opportunities for Constellation

27:02- Constellation's decentralization

32:00- High hurdle rates for M&A

This week, Barry and Ernest provide an update onBrookfield after its annual investor day, before breaking down Adobe's earnings and business updates. 

0:00- Intro

6:40- Brookfield annual investor days

9:38- BAM's AI strategy

17:27- BAM's retail opportunity 

18:51- BAM carried interest 

20:41- BN's insurance business

31:48- BN's real estate update 

35:19- How BN's insurance growth benefits BAM 

39:39- Adobe update 

This week, Barry and Ernest break down Google's favorable antitrust remedies ruling and how it impacts Google, Apple, and perhaps surprisingly, Live Nation. 

0:00- Intro

2:04- Google's antitrust risk

8:34- Favorable remedies ruling for Google

13:18- AI competition for Google Search

18:12- Apple benefitting from the ruling

25:00- Live Nation's antitrust issues

30:00- Live Nation's international growth

This week, Barry and Ernest discuss the risks of alternativeinvestments and explain why long-term investing makes sense, before reviewing the current state of Canadian banks. 

0:00- Intro

2:20- Are alternatives suitable for investors? 

13:25- Cracks in the housing market impacting banks

15:55- What does long-term investing mean?

19:30- What a long-term investor should look for? 

22:30- How incentives lead to short-term performance

26:35- Building conviction through research for the long-term 

29:52- Incentives to sell "losers"

36:00- Update on Canadian banks 

Barry and Ernest are back from summer vacation and discuss why companies need to think locally in international markets, before breaking down how Big Techs can earn healthy returns on their massive capital spending on AI.  

1:41- Ernest getting stuck in Europe

5:37- Importance of local operators

9:04- Couche-Tard’s failed Carrefour deal

14:50- Market update

21:24- Google’s strong performance

26:24- What’s the return for big tech capex?

33:20- Will AI displace traditional software?

36:25- How AI impacts Constellation Software

0:00 – Introduction

5:06 – Tariffs removing regulatory scrutiny on Americantech

9:03 – Importance of culture for long-term performance

15:28 – Update on Adobe

27:58 – Netflix’s earnings

34:26 – Domino’s earnings

39:06 – MSCI’s earnings

In this week’s podcast, Barry and Ernest react to Alimentation Couche-Tard announcing it will drop their bid for Seven and i, before discussing TSMC’s quarterly earnings. 

In this week's episode, Barry and Ernest review the first six months of 2025 deep dive into National Bank.

0:00 – Introduction

2:10 – A review of the first six months of 2025

8:22 – Good businesses outperform in volatility

13:00 – Notable performers in the first half

27:50 – Breaking down National Bank

49:03 – Disruptors for Canadian banks?

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 – Our current thoughts on the market

13:18 – Lessons learned over the last five years

19:54 – “Buy and Hold” as a strategy is easier said thandone

28:05 – Management ability to pivot

30:10 – Mailbag 1: Portfolio construction

36:56 – Mailbag 2: Why Waste Connections over other wastemanagement companies?

41:42 – Mailbag 3: Would Couche-Tard have been punished the same way if it were listed on the NYSE?

44:40 – Mailbag 4: Review of your biggest mistakes

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 under new CEO Greg Abel. 

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