Long Term Investing - With Baskin Wealth Management: Recent Episodes
Barry Schwartz
Join Barry Schwartz, Chief Investment Officer at Baskin Wealth Management, and other members of the Baskin Wealth Management team as they explore what it means to invest and think long term. Each week, we will talk markets, the economy, individual stocks, great businesses and their allocators and lots of book recommendations.
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 – 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, Barry and Ernest discuss the market uncertainty relating to tariffs in the US and how Baskin Wealth is responding to the macroeconomic uncertainty.
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 Tourmaline Oil.
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 well as potential risks to their business model from AI.
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 strategy considering the current market uncertainty.
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 guidance33:29 – TransDigm earnings37:40 – Restaurant Brands earnings
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?
25:48 – Should unoptimized companies trade at highermultiples?
29:34 – How do US tariffs impact the energy sector?
33:58 – Are young investors developing investing skillsby owning Fartcoins?
0:00 – Introduction2:33 – The recent market pullback 5:28 – Goldman Sachs forecast for 3% market returns8:50 – Issues in predicting long-term market performance11:30 – The global scale of new tech companies 18:30 – Attending the ATB Conference22:14 – The state of the Energy/Infrastructure market29:09 – NFI and different perspectives on tariffsA 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 the course. Next, they discuss Goldman Sachs prediction about forward returns on the S&P 500. Then, Barry and Ernest talk the global impact of Big Techs. Then it is the feature discussion. Ernest talks about meeting Mike Rose, CEO of Tourmaline Oil as well as what he learned by attending an oil and gas conference in Toronto.
0:00 – Introduction4:09 – Why invest in Canadian compounders? 9:55 – How we define a compounder15:45 – 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” with them breaking down the characteristics they look for when buying an investment that will compound. Next, they talk about the resignation of Prime Minister Justin Trudeau and what that means for Canadian investors. Then, the featured conversation about Constellation Software where they talk about Constellation’s plans to increase growth, its capital allocation policy, and the pros and cons of AI on its business model. A great episode ... as usual!
0:00: Introduction1:30: managing your emotions in the markets3:03:Hard to learn lessons in a bull market5:29: Silliness in the market today7:45:Sticking to our circle of competence9:40: Year-End Wrap Discussion12:37: Surprising strength in the TSX in 202414:08: A strong year for the Canadian Banks18:30: Reviewing portfolio changes in 2024 for our clients20:48: Garmin’s big year24:52: Being patient on purchases28:11: Reviewing the underperformers34:40: Today’s losers can be tomorrow’s winners36:08: Reviewing our top performers40:58: Thoughts for 2025Barry and Ernest are back with our final podcast of 2024. Not to worry, they will be back weekly in 2025! This is our year-end wrap show. Barry and Ernest review the high-lights and low-lights of the Baskin Wealth portfolio. They discuss the most surprising names in the portfolio as well as giving their thoughts on what might happen in 2025. Thank you very much for watching and listening and we wish you and your family a happy and healthy 2025.
0:00 Introduction2:54 Market Bubble?8:26 Getting Back into Meta12:45 Thesis for Meta13:31 Successful Pivots of Meta over the Years16:15 What Makes Meta’s Social Media Apps Different?17:53 AI Opportunity for Meta24:56 Reality Labs of Meta as a Risk Factor26:43 What Have We Changed Our Mind About Recently?33:41 Small to Medium Caps in Baskin’s Strategy37:59 Companies We Liked but Didn’t Invest In43:32 How Do We Manage Currency Fluctuations for Our ClientsThis week, Barry and Ernest, review Baskin Wealth’s decision to buy back shares of Meta. They give an overview of the risks and opportunities for the company with a thoughtful conversation about Meta’s business pivots over the years, its AI goals and what is going on with Reality Labs. Then the show is all about you. Barry and Ernest answer several questions from the mailbag including a discussion on stocks they regret not buying and how Baskin Wealth manages currency fluctuations.
0:00 Intro 1:54 Trump’s tariff threats + challenges 9:34 How Tim Cook managed Trump’s first term13:37 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 most. Next, they discuss the proposed remedies by the DOJ in its anti-trust lawsuit against Google. Moving on, Barry and Ernest provide an update on Couche-Tard’s bid for 7 Eleven and a review of its recent earnings release. The feature discussion is on the risks and opportunities for Copart.
0:00 Introduction1:14 The Tyson/Paul event on Netflix5:57 What Trump means for your portfolio?14:18 Tracking Berkshire Hathaway's portfolio25:09 Live Nation's blowout demand 34:49 Mailbag- Managing risk in the portfolio38:20 Mailbag- Constellation spinoffs41:11 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 and what moves you should or shouldn’t make for your portfolio. Then, they review Berkshire’s recent purchase of Domino’s Pizza and the motivations behind the investment. Moving on to Live Nation, Barry and Ernest discuss the strong results for the concert giant. And then it the podcast is all about you! Barry and Ernest introduce a new mailbag feature and answer several viewer questions from X. Don’t miss this episode.
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 DonaldTrump winning the 2024 Presidential Election, Barry and Ernest, provide theirthoughts on what it might mean for your portfolio. They then give anoverview of the current economic environment and the reasons why, theybelieve, stocks are hitting all time highs. Next, they discussConstellation Software's earnings release which ties into the featurediscussion - Baskin Wealth Management’s recent purchase of TransDigm for itsclients. Here, they review the similarities between the two companies and layout their investment thesis on TransDigm.
0:00 Introduction2:10 Bell Canada’s Acquisition of Ziply: Does It Make Sense?7:04 Balance Between Shareholder Expectations and Corporate Policy for Bell Canada10:35 Breaking Down Apple’s Growth Runaway14:52 How Is Apple Spending Much Less on AI Than Others?18:56 Large Capex Levels for Big AI Names26:15 Understanding Berkshire’s Earnings33:40 Garmin’s Stunning Quarterly Results 38:05 Potential Benefits of Garmin’s Lumishore AcquisitionIn this week's episode, Barry and Ernest cover Apple, Berkshire, Big Techs and Garmin’s recent results. Barry and Ernest, first discuss BCE’s recent acquisition foray into the U.S. and give their take on BCE’s capital allocation policy. Then they move on to review Apple’s and Berkshire’s latest results and discuss the impact of Big Tech spending on capital expenditures. The final discussion focuses on Garmin, whose stock surged over 20% following the release of its Q3 earnings. Barry and Ernest break down what you need to know about Garmin’s evolving business.
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 to learn from two experts who have navigated the ups and downs of the market for years.
0:00: Introduction1:41 Impact of Bank of Canada’s Interest Rate Policy on Markets9:50 Does it Really Matter: US Presidential Election 14:12 Breaking Down the Earnings Season15:28 Update on CoStar: Gap Between Fundamentals and Stock Price25:16 The Parallel Between Meta and CoStar27:00 TFI International Reported Earnings: What to Think?32:13 Case of Moody’s: Reports Amazing Earnings, Stock Price Falls39:27 Why Did Netflix Go Up So Much After Earnings?46:36 How to Think About Earnings in GeneralIn this week’s episode, Barry and Ernest discuss how Baskin Wealth’s investment team is reacting to the upcoming U.S. election. In the feature discussion, Barry and Ernest review earnings from CoStar, TFI International, Moody's, and Netflix. Using these four companies, they give examples of how the market reacts to good and bad earnings reports and what investors can learn from those reactions.
0:00 Introduction1:45 Subdued response to our Garmin pitch?3:48 Our take on the strong markets8:23 Learnings from Adobe MAX 17:16 Our experiments with using AI tools in investment research 22:24 Updates on Couche-Tard's proposal for 7-1134:27 Domino's Pizza earningsIn 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 presentation and provide their thesis on why Adobe could be the market leader in GenAI. Speaking of AI, Ernest talks about his experience using AI for investment research. The ongoing saga of Couche-Tard’s proposal to acquire 7-11 continues and Barry and Ernest breakdown all the drama. Finally, Domino’s Pizza reported a decent quarter and Barry and Ernest discuss why Domino’s continues to take market share from its competitors.Don't forget to register for our free webinar on October 29th at 7pm. https://baskinwealth.com/media-appearances/quality-investing-for-the-long-run/
0:00- Introduction3:31- Did we miss the Chinese stock rally? 9:15- Why we sold Vail Resorts and CN Rail 18:24- Benefiting from bad weather22:34- 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 of Vail Resorts and CN Rail. On the same topic, Barry and Ernest discuss two companies in the Baskin portfolio that benefit from bad weather events. The feature discussion is on Canadian Natural Resources acquisition from Chevron and why Barry and Ernest are positive on the deal.On October 29th, 2024 at 7pm. Barry and Ernest will be doing a free live webinar called, Quality Investing for the Long Run. They will be taking questions after the presentation. Please register for free here: https://baskinwealth.com/media-appearances/quality-investing-for-the-long-run/
0:00 Introduction2:10 The DoJ's antitrust lawsuit against Visa 12:03 Introducing Garmin13:14 Garmin's pivot from car GPS18:00 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.
0:00 Introduction1:05 Brookfield’s $50 Billion Canada Fund4:35 Adobe: a great business8:56 Why are Adobe’s stock so volatile? 12:15 Future Drivers of Growth for Adobe16:01 Ferrari: Car company or luxury company? 25:34 Ferrari’s EV Strategy30:27 What is Ferrari’s opportunity?36:08 Valuation thoughts41:25 Bell’s Sale of MLSE to RogersThis week, Barry and Ernest react to Adobe's earnings and future growth prospects, then discuss their investment thesis on Italian luxury good manufacturer Ferrari.
0:00 Introduction1:05 Is the September effect real? 4:52 Baskin's successful multi-baggers and performance13:19 Feature discussion: Brookfield Investor Day16:53 Brookfield's insider alignment with shareholder17:55 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 202939:37 Why we prefer BN to BAM 44:49 Succession in BrookfieldIn this week's episode, Barry and Ernest discuss why buying and holding compounders works before breaking down Brookfield's Investor Day
0:00 Introduction1:33 Pillars of Quality Investing6:30 Problems with investing in lower-quality businesses9:10 Are yield stocks going to rebound?15:38 Updates about Alimentation Couche-Tard17:45 Another reason why US equity markets outperform23:00 Differences in performance between the Canadian banks26:27 Numbers on the upcoming mortgage renewal wave32:14 Berkshire Hathaway reaches a $1 trillion market cap38:38 Tourmaline Oil acquisition of Crew EnergyIn this week's episode, Barry & Ernest discuss their outlook for dividend-paying stocks, differences in performance between Canadian banks, and Tourmaline Oil's acquisition of Crew Energy.
0:00: Introduction 3:45: What Ernest and Barry learned on vacation6:04: Reasons for stick to North American stocks 9:05: Convenience Store market in Japan vs North America14:21: Alimentation Couche-Tard's acquisition proposal for Seven & i16:34: Difficulties of making foreign acquisition in Japan17:48: Couche Tard’s strong track record of doing M&A19:09: Timing of Couche-Tard's proposal for Seven & i25:17: Why Couche-Tard wants to acquire Seven & i In this week's episode, Barry and Ernest are back from vacation and discuss their preference for North American stocks before doing a deep dive on Alimentation Couche-Tard's proposal to acquire Japanese convenience store giant Seven & i Holdings.
0:00:Introduction1:23:The recent trends of Canada's interest rates and economic growth4:56:When should investors buy bonds?6:45:Review of the first half of 2024 9:53:Growth concentration in the S&P 50013:22:Reviewing stock performance by sector14:58:What if? Discussions for the first half of 202419:21:Why using hindsight is a mistake21:26:Netflix: One of our top performers YTD25:35:How Google is outperforming everyone's expectations28:46:How Costco's fee hike has impacted their stock30:33:Constellation Software's recent performance31:45:Insights into the perception of rising and falling stocks36:21:Our thesis on Floor & Decor 41:18:Focusing on business structure rather than stock fluctuations43:17:Are we currently in a bubble?In this week's episode of the Long-Term Investing Podcast with Baskin Wealth, Barry and Ernest review the winners and losers in the Baskin Wealth portfolio for the first six months of the year. Companies discussed include: Netflix, Google, Costco, Constellation Software, Adobe and Floor and Decor. Barry and Ernest also talk their outlooks for the markets and the current risks. Check it out!
0:00: Intro 1:06:The role of fixed income in portfolios through history7:49: Why we keep bond duration short9:53: The attractiveness of fixed income today 13:22: Outlook for Canadian preferred shares16:18: The under-performance of dividend paying stocks 19:56: Why we sold TD Bank23:26: Why we sold the Canadian telecoms 27:02: Dividend sectors/names where we're seeing value todayWith Barry on vacation, Ernest and David Baskin chat about the role of fixed income in a higher rate environment including bonds, preferred shares, and our outlook for dividend-paying stocks.
0:00: Introduction0:27: What is a share buyback?3:12: The pros and cons of buybacks6:26: The only reason why a company should buy back shares7:57: Why does CNQ spend so much on share buybacks?11:26: Alimentation Couche-Tard's buyback announcement15:24: The earnings from Couche-Tard18:38: How can Couche-Tard combat inflation and retain its customers?21:38: Alimentation Couche-Tard's new CEO25:05: The TMX Group investor day32:25: TMX Group's journey towards analytics34:42: Ernest's book recommendation about Rogers and its acquisitions In this week's episode, Barry and Ernest delve into the pros and cons of share buybacks, Alimentation Couche-Tard's weak quarter and CEO change, and share observations from TMX Group's Investor Day.
0:00:Introduction2:04:Ernest's trip to a CCL Industries plant8:48:CCL Industries' recent acquisition in the Middle East10:47:A review of the TSX this year and comparisons to American stock exchanges16:33:Why we own specific Canadian stocks, and whether currency makes a difference18:42:What Ernest pays attention to in the market19:38:Feature Discussion: National Bank's acquisition of Canadian Western Bank22:15:Why National has done better than other Canadian banks23:47:Why National acquired CWB26:08:National Bank's strengths and opportunities29:28:National Bank's avoidance of weak-points in the Canadian economyIn this week’s episode Barry and Ernest review National Bank’s rationale for offering to acquire Canadian Western Bank. They also discuss the recent under-performance of the TSX vs. S&P 500 and Nasdaq and why they are still finding attractive opportunities in Canada.
0:00:Introduction1:56:A refresher on the new capital gains changes in Canada3:37: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 accounts10:48: 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 early17:53:Should you go YOLO in your TFSA?20:11:Dollar-Cost averaging in your TFSA23:19:What does having a corporate account mean for your TSFA?25:49:What makes TFSA's so attractive for you and your children?28:27:Which account should you put your money into?32:06:Over-contributions and other final tips about TFSA'sJoin Barry and Benjamin for a special episode all about TFSA's.
0:00: Introduction1:17: 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 Canada5:55: An update on our Costco thesis8:40: reasons for strong e-commerce sales at Costco10:33: 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 balance sheet20:40: Costco treats its employees well which leads to happy customers.21:22: Costco’s untapped pricing and potential store runway24:07: Feature discussion on MSCI Inc.25:35: Why we finally bought MSCI after watching it for over 5 years27:55: quick primer of MSCI’s Index business.29:00: Why MSCI is a great business.31:42: MSCI benefits from the launch of new investment products34:05: Why it is near impossible to switch your benchmark35:00: Reason for the recent pullback36:00: MSCI’s ESG business39:40: MSCI’s capital allocationMSCI is a provider of indexes and data for asset managers and, in our opinion, a high-quality business. Barry and Ernest provide the reasons for the purchase and their outlook for the company going forward. Plus, Barry and Ernest, have an update on our thesis of everyone’s favourite retailer, Costco.
0:00: Introduction1:00: 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 Constellation’s carve-out strategy.21:04: strategies to boost deal activity. 22:52: Constellation open to issuing stock for large deals?29:23: more spin-offs on the way?32:21: Mark Leonard on selling some of his shares.34:32: How will AI affect Constellation?36:41: Will Constellation deliver good returns to shareholders going forward?This week we have a treat for Constellation Software fans! Barry and Ernest review the Constellation Software annual meeting and do a deep dive on the company. The guys discuss Constellation’s capital allocation, organic growth, competition, spin-off, carve-outs, copycats, AI and future catalysts.
0:00: Introduction2.25: Our takeaways from the Berkshire Hathaway Annual Meeting9:08: Berkshire’s Apple trim14:01: 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 thesis32:00: Apple’s recent struggles in China35:20: Don’t sleep on Apple’s services business.36:56: Apple’s insane share buyback program38:22: Apple’s under-appreciated capital light story.40:38: Apple Vision Pro a Con?42:32: Update on Live NationIf you are a fan of two of the largest companies in the world, then you don’t want to miss this episode. Barry and Ernest, review the highlights of the Berkshire Hathaway 2024 annual meeting. Why did Buffett trim Apple? What is Berkshire going to do with all that cash? What could Buffett buy in Canada? Tune in to find out! Plus, Barry and Ernest discuss Baskin Wealth’s investment thesis on Apple and why they feel many parts of the business are under-appreciated
0:00: Introduction1:42: Ernest’s talks about meeting Murray Edwards, Chairman of Canadian Natural Resources5:05: Murray Edwards’ rant on Canada’s energy policy7:26: TMX Pipeline expansion is in business; what it means for Canada.12:22: Natural Gas’ role in electricity demand14:15: Listening to Mitch Rales on Capital Allocation19:53: Follow up on Waste Connections23:38: Feature discussion on Restaurant Brands31:19: The genius of Patrick DoyleThis week’s episode has it all, a meeting with Murray Edwards, a discussion about Canadian Energy and the TMX pipeline, listening to Mitch Rales on capital allocation and culture, a review of Waste Connections recent earnings results and then a feature discussion on Restaurant Brands.
0:00: Introduction3:25: 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 investment properties?16:30: Should you take capital gains if you have meaningful short-term liquidity requirements? 18:34: Trusts and Corporation discussion. 22:40: Summary of the actions you can take.24:00: changes to the lifetime capital gains exemption for owners of small businesses. 26:12: Listening to Warren Buffett on capital gains. A big show this week. Benjamin Klein, CFP, joins Barry to discuss the new budget in Canada. Barry and Benjamin explain the relevant capital gains taxation changes, what it means for your portfolio and your estate and what actions (if any) one should take before the June 25th deadline. https://baskinwealth.com/blog/fun-with-numbers-should-you-realize-capital-gains-and-pay-taxes-early-2/
0:00: Introduction1:37: 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 Canada7:10: do these tax changes make Canada less competitive? 10:22: Feature discussion on Waste Connections10:46: A quick discussion about the Halloween Surprise taxation of income trusts in Canada14:00: a history of Baskin’s purchase of BFI Garbage Trust which eventually became Waste Connections14:35: Waste Connections and waste business overview21:50: Waste Connections’ secret sauce23:23: Servant Leadership Culture at Waste Connections29:55: Future catalysts for the stock31:25: RNG potential upside for Waste Connections33:52: Robotics and AI use in the Waste industry35:40: Risks to consider when investing in Waste ConnectionsIn our opinion, successful long-term investments are found in companies that focus exclusively on culture. Waste Connections fits this bill. Under the tutelage of its founder, Ronald Mittelstaedt, Waste Connections has collected a compounder status by turning trash into cash with its unique Servant Leadership model. Barry and Ernest discuss Baskin's history of owning Waste Connections as well potential rewards and risks they see going forward. If you love compouders, you will love this episode!
0:00: Introduction0:56: Ernest’s discusses his debut on BNN Bloomberg4:15: 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-Tard11:36: What do Hot Dogs and Compounders have in common?12:40: Couche-Tard’s valuation discount15:05: Example #2 – CCL Industries16:40: Example of a Canadian Compounder trading at premium.18:56: Example #3 – Canadian Natural Resources21:43: Example #4- TFI Industries23:16: Still prefer U.S. business and a discussion on Costco.26:50: Amazon’s years of investments finally paying off.Great discussion this week about Canadian Compounders that trade at a discount to their U.S. peers. Barry and Ernest give four examples of companies owned by Baskin Wealth Management clients that are valued at a discount and the reasons why. Barry and Ernest discuss why Canadian stocks are currently out of favour and then finish off the episode with comments on Costco and Amazon. check out Ernest's debut on BNN Bloomberg: https://baskinwealth.com/media-appearances/ernest-wong-on-bnn-we-remain-underweight-on-canadian-stocks/
0:00: Introduction1:27: Bare Trust Debacle3:08: Why people set up joint accounts with family members4:17: Explaining probate on non-registered accounts held jointly with family members10:28: The pros and Cons of Formal and Informal Trusts and joint accounts with family members13:53: Explaining formal trusts15:48: Explaining Informal Trusts19:10: Explaining “For” accounts20:25: Which trust makes sense for you?21:30: Real example of an informal trust account becoming a joint account with parents22:22: What happens to the informal trust account when your child turns 1824:32: What Grandparents/Aunt’s/Uncle’s should know when gifting money to minor family members.Benjamin Klein, Senior Portfolio Manager and CFP, joins Barry for our monthly financial planning podcast. Benjamin and Barry have a fascinating discussion all about trusts and joint accounts with family members. If you are curious about how they work, the pros and cons of each, and the differences between a formal and informal trust, then this episode will be enlightening.
0:00: Introduction1:48: Golf and Cialdini2:42: Our take on the the DOJ suit against Apple11:42: The Apple Bull and Bear thesis17:50: Feature discussion on Alimentation Couche-Tard (ATD)19:40: The beauty of convenience stores22:22: ATD's Consolidation story23:57: ATD's secret sauce to improving sales per square foot27:22: The power of ATD's compounding28:43: lack of volatility in gasoline pricing hurting recent results30:50: why fuel margins could stay higher for longer34:15: Electric vehicles are risks and rewards41:22: Potential risks to the ATD story42:50: Insider alignment, valuation and potential U.S. listing?Alimentation Couche-Tard (ATD) is one of the best performing Canadian equities for over 30 years. Ernest and Barry discuss the pros, cons and the reasons why we finally purchased this investment for clients. We also talk about Apple's recent woes and reasons to stay optimistic.
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 Tourmaline Oil27:20: Tourmaline sticks to its circle of competence 28:36: Tourmaline’s natural gas strategy
32:20: reasons to be bullish on Canadian Nat gas 36:18: What is Mike Rose doing with his own money? 36:51: Tourmaline’s capital allocation strategy 40:15: keep an open mind to own a commodity business 41:30: comparing Tourmaline to the Magnificent 7.
This week's episode has Barry and Ernest discussing interest rates, why Baskin Wealth favours U.S. equities, why Alimentation Couche-Tard and Constellation Software are only listed on the Canadian exchange and then our feature discussion on Tourmaline Oil. Mike Rose, founder of Tourmaline, is one of Canada's greatest capital allocators. We learn all about his strategy and reasons to be bullish on Natural Gas.
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 Berkshire's railroad and utility asset. Next, they have a conversation about the Canadian Bank results and what Bank CEO's are saying about the Canadian economy. And the feature discussion is about Canadian Natural Resources (CNQ). Barry and Ernest give investors food for thought on how to value CNQ differently.
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?
We are introducing a new regular feature to the podcast, the Financial Planning edition with, Benjamin Klein, CFA, CFP and Senior Portfolio Manager at Baskin Wealth Management.
Benjamin joins Barry to discuss topics like, What is Financial Planning, Does everyone need a Financial Plan? Mistakes people make as the prepare for retirement. Then the feature discussion is about the First Home Savings Account. We plan on dropping a financial planning podcast once a month so please let us know your feedback and questions!
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 companies that are getting the long-term shareholders they deserve, CoStar Group, CCL Industries and Restaurant Brands. Finally, the feature discussion is on Topicus. Spun out from Constellation Software in 2021, Topicus is a serial acquirer of software companies based in Europe. The guys discuss the reason for the spin-out, Topicus' strategy, why it is listed on the TSX Venture exchange and why it trades at a higher valuation that Constellation Software.
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.
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.
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 the outlook for the company going forward.
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.
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!
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.
This is the final episode of 2023! Barry and Ernest review the crazy year that was 2023. We discuss why staying with market leaders is the right choice for us over the long-term. Also Ernest talks about his road trip to Michigan for the Domino's Pizza investor day as well as the CCL Industries investor day. Plus, Ernest, talks a lot about NetflixBest to all for the Holiday Season and we will see you back here in 2024!
Barry and Ernest discuss the large opportunities for Brookfield and Constellation, lessons they have learned from Charlie Munger - especially his speech "The Art of Stock Picking" and then a review of the pros and cons of Canadian Banks for 2024
http://www.grahamanddoddsville.net/wordpress/Files/Gurus/Charlie%20Munger/Charlie%20Munger%20_%20Art%20of%20Stock%20Picking.pdf
In this week's episode, Barry and Ernest discuss the Toronto Twelve. Twelve stocks on the TSX exchange that have compounded their shareholders returns by over 15% a year going back 10 years. They discuss what these companies have in common, what elements have made them so successful, why Canada has so many serial acquirers and the outlook for some of the twelve going forward.
Companies mentioned:
Constellation Software
Boyd GroupDescartesDollaramaTfi InternationalAlimentation Couche-TardWaste Connections ToromontThomson ReutersATS Corporation
FirstService
Colliers
You don't want to miss this episode! Barry and Ernest start the show with a discussion about the current market rally and its implications. Then the feature discussion on the GOAT, Warren Buffett. We discuss Buffett's major bet on Apple, some of his mistakes, why you should trust his judgment, why he pared his financials to buy energy, why Buffett won't pay up for a fantastic business and we speculate about his new "mystery" stock.
Continuing on where they last left off, Ernest and Barry, review quarterly earnings of client holdings including, Canadian Natural Resources, Tourmaline Oil, Apple, Ferrari, Live Nation and Restaurant Brands. But first, the guys discuss why indexing in Canada should be avoided.
Happy belated Halloween! Ernest and Barry start the podcast with a discussion about Candy as well as Ozempic. Then we do quick reviews of some of our client's holdings including: CoStar, Visa, CN Rail, TFI International, Netflix, Dominos, Google, Amazon and Microsoft.
In this week's episode, Barry and Ernest discuss the recent volatility in the market, the illusion of safety in private real estate investments and their feature conversation is about CoStar.
Great episode today! Ernest and Barry discuss Baskin's strategy for fixed income. Then they discuss what to do when you own a stock that is going nowhere. This leads to the feature discussion on Vail Resorts. Vail's stock has been flat for years but its fundamentals are improving...
check out Ernest's Blog https://baskinwealth.com/an-ernest-opinion/what-to-do-when-a-stock-doesnt-work/
September was a tough month for the markets, but not to fear, pullbacks are a feature of investing. Ernest and Barry breakdown the month that was. They also review why buying stocks only with a low price earnings ratio can be dangerous to your returns. Finally, the feature conversation is about Costco. Ernest and Barry review its latest quarterly earnings and give an outlook for its future.
We have a jam packed show today! Ernest and Barry discuss inflation and what it means for your portfolio. The guys talk about weird Constellation Software rights offering and what options one has. Then they review earnings from Copart and Adobe. And then the feature conversation is a review of the investor days for both Brookfield Corporation and Brookfield Asset Management.
If you like dividends, you will love this episode! Barry and Ernest discuss the rationale of owning Canadian Energy stocks for income. We also give an overview of the Canadian telco industry and review whether the dividends of the big three are sustainable.
Packed show today with a great discussion of "Higher for Longer" and what it means for your portfolio, a quick review of our Copart thesis and then our feature discussion on the Canadian Banks. We review the risks facing the Canadian Banks given higher interest rates and the impact on the Canadian consumer in the short and medium term. Finally, we discuss the long term bullish outlook for Canadian Banks and the reason why prefer National Bank.
https://cccis.com/news-and-insights/insights/what-is-vehicle-complexity-really-costing-us/?utm_source=Newsletter&utm_medium=Email&utm_campaign=CCC+Trends+September+2023&utm_term=Trends+Newsletter+September+2023
We are back with a great conversation about Amazon. The everything store and cloud giant is firing on all cylinders. Has new CEO, Andy Jassy, finally set Amazon up for sustainable profits going forward? Tune in and find out...
Back from vacation with our best podcast ever. Ernest and I discuss why we love companies that have the owner operator mindset and make themselves invincible on the balance sheet. Then we discuss our feature company, the profit machine called Apple. We talk about the current criticisms of the company and why we feel the best days stay lie ahead. Check it out!
In this week's episode, Barry and Ernest discuss disruptions in the trucking industry, Constellation Software's big deal, and react to Netflix's earnings.
This week's episode is a grab-bag of random topics. Ernest and I touch on the Magnificent Seven (the seven mega-techs that are driving the current rally), Domino's partnership with Uber, the FTC case against and Activision and Microsoft and the implications for Adobe, risks in the Canadian grocery sector and why we don't buy fashion businesses. Check it out!
Join us for another great episode! Today we talk about the under-performance of the TSX year to date, the volatility of a stock's performance in any one year, dividend stocks vs. interest rates and why we don't buy alts for our clients. Our feature conversation is our research process to find High Quality Investments. Ernest dives deep into our strategy - to own a carefully selected portfolio of well run companies and hold them forever. Dontcha dare miss it!
This week’s episode discusses Netflix’s initial success in cracking down on password sharing, followed by a rare macro forecast from Ernest, and then finally our feature company: a “boring” property management/renovations company that has delivered anything but boring returns.
https://www.antenna.live/post/a-first-look-at-the-impact-of-netflixs-password-sharing-crackdown
https://www.desjardins.com/on/en/savings-investment/economic-studies/canada-mortgage-debt-may-25-2023.html
Ernest and I, kick off this episode with a discussion about AI and Nvidia as well as stock price volatility, then we move on to talk about the opportunity in Brookfield Corporation. Next we discuss the lacklustre results of the Canadian Banks and then it is our feature discussion...CCL Industries. CCL is the largest label maker in the world and is one of the greatest capital allocators in North America (that you may never heard of).
Check out Ernest's blogs on Brookfield and CCL Industries to find out more:
https://baskinwealth.com/an-ernest-opinion/a-compounder-thesis-for-brookfield-corporation/
https://baskinwealth.com/blog/great-capital-allocation-makes-a-great-company-ccl-industries/
This podcast delivers in just over 30 minutes a hot, tasty and fresh take on Domino's Pizza. Domino's stock soared during 2020/2021 but has pulled back significantly on pizza fatigue. We think the long-term growth thesis is unchanged and we look for brighter days ahead as shareholders. Check it out!
All aboard! Grab your ticket, sit back and enjoy the relaxing ride as you learn all about the Canadian Railroads: Canadian National Railway and Canadian Pacific Railway.
Canadian Railroads are such great businesses. The growing population, the geography, the resources - perfect set up for years of growth.
This week we have a very special guest....David Baskin, Chairman, Founder and Portfolio Manager at Baskin Wealth Management. In our opening discussion, David explains why inflation expectations matter more than the current inflation number and gives his take on the Federal Reserve and Jay Powell. Then David discusses what happened to one of Canada's premiere money managers, Gluskin Sheff. Finally, David tells us why he is still bullish on Canadian Banks given the recent negative headlines.
https://baskinwealth.com/latest-news/monthly-newsletter-march-2023/
Costco's stores are so busy that no one goes there anymore, just kidding! Costco store traffic continues to be very strong, Costco's balance sheet is in great shape and many expect a special dividend and membership fee hike shortly. In the meantime, Costco continues to open stores at a measured pace around the globe. Ernest and I profess our love for Costco and give our thesis why you should pay up for this great business.
https://baskinwealth.com/an-ernest-opinion/costcos-true-moat/
https://baskinwealth.com/an-ernest-opinion/costcos-e-commerce-opportunity/
Ernest and I tackle a controversial investment, Live Nation. We start the podcast by discussing why we still see value in "Big Tech". Then we move on to our feature company, Live Nation. We discuss why artists need to tour to make money, the rationale behind the Live Nation and Ticketmaster merger and why Live Nation will thrive going forward. A great episode, check it out!
In this week’s episode, Barry & Ernest discuss the prospects for the Canadian energy sector and our recent investment in Canadian Natural Resources.
https://baskinwealth.com/blog/why-we-are-buying-an-oil-company/
Learn more about Google's moat here : https://www.justice.gov/opa/press-release/file/1563746/download
Alain Bedard has built a trucking giant in TFI International. Come learn about one of the best capital allocators in Canada.
Happy Friday! We are back with another episode of the Long Term Investing Podcast. In today's episode, Ernest and I, talk about Factor Investing and have a feature discussion about Netflix. The stock market rally in 2023 has caught everyone off guard, we review what's working and what's not and what companies are saying about a possible downturn to come. We also do our best to describe what a Factor is and how important Factors are to portfolio management. Finally, we spend some quality time with Netflix. Its stock has doubled since last June, is there more to come? We sure hope so and more!
Welcome back to the podcast! A new year brings us the first Long Term Investing Podcast of 2023. Please join us as we talk about ChatGPT and it's possible implications on Google. Plus, Ernest and I, go in depth on the Brookfield Asset Management Spin-off.
Happy Friday! You'll love this episode as Ernest and I talk about Mark Leonard, Constellation Software, as well as Restaurant Brands. We talk Mark Leonard's beard, Ernest learns a yiddish word, and why we think the Constellation growth strategy is far from over. Then we talk Restaurant Brands. We review Patrick Doyle's stellar track record at Domino's Pizza and why we think he can recreate the magic at Restaurant Brands.
Canadian Real Estate Investment Trusts have had a tough year on the back of rising interest rates and worries about inflation and a possible recession. Ernest and I review the current landscape and discuss the opportunities and risks with Canadian REIT's. An interesting discussion as always! Please enjoy
I'm joined today by Ernest Wong, Head of Research at Baskin Wealth Management. Ernest and I discuss his recent blog on big tech https://baskinwealth.com/an-ernest-opinion/the-bottom-line-for-big-tech/ as well we talk about the GOAT, Warren Buffett. A fun show as always!
In today's episode, I'm joined by Ernest Wong @ernestwongbwm, Head of Research at Baskin Wealth Management. Ernest and I discuss interest rates, give examples of our long term investing approach, discuss Ernest's blog on our site, https://baskinwealth.com/an-ernest-opinion/creating-value-in-volatile-markets/ , and give examples of companies that we believe will do well in a downturn. Including Ferrari, Domino's Pizza, CoStar, Copart and Costco.
In the first of a new Podcast series, Barry Schwartz, Chief Investment Officer at Baskin Wealth Management, discusses the ongoing market volatility and how we are positioning client portfolios with companies that we believe, in the long run, can withstand the challenging economic environment.