Long Term Investing - With Baskin Wealth Management

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- Intro8:33- Alimentation Couche-Tard's rebound15:04- Canadian compounder buybacks24:17- Copart's earnings30:29- 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- Intro4:24- TransDigm outlook10:16- Great capital allocators pivot 14:55- Garmin update19:33- Brookfield update24:51- Buffett's pitch for Berkshire stock29:13- Why we own CNQ36:43- 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- Intro15:08- Apple strong results26:08- Amazon and AWS growth 33:52- TFI's 2026 rebound40:26- 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- Intro7:38- Unprofitable company stocks16:20- MSCI, TMX, and Moody’s update24:15- Meta’s splurge on AI33:40- 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- Intro6:25- Market update and deals between big techs 9:40- ConstellationSoftware's CEO succession18:50- Domino's Pizza update 28:40- Costco update32:16- 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- Intro4:34- Constellation's AI conference call13:53- Geoffrey Hinton's radiologist prediction14:58- AI concerns for Constellation24:48- AI opportunities for Constellation27:02- 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- Intro6:40- Brookfield annual investor days9:38- BAM's AI strategy17:27- BAM's retail opportunity 18:51- BAM carried interest 20:41- BN's insurance business31:48- 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- Intro2:04- Google's antitrust risk8:34- Favorable remedies ruling for Google13:18- AI competition for Google Search18:12- Apple benefitting from the ruling25:00- Live Nation's antitrust issues30:00- 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- Intro2:20- Are alternatives suitable for investors? 13:25- Cracks in the housing market impacting banks15:55- What does long-term investing mean?19:30- What a long-term investor should look for? 22:30- How incentives lead to short-term performance26:35- 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 operators9:04- Couche-Tard’s failed Carrefour deal14:50- Market update21:24- Google’s strong performance26:24- What’s the return for big tech capex?33:20- Will AI displace traditional software? 36:25- How AI impacts Constellation Software

0:00 – Introduction5:06 – Tariffs removing regulatory scrutiny on Americantech9:03 – Importance of culture for long-term performance15:28 – Update on Adobe27:58 – Netflix’s earnings34:26 – Domino’s earnings39:06 – 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 – Introduction2:10 – A review of the first six months of 20258:22 – Good businesses outperform in volatility13:00 – Notable performers in the first half27:50 – Breaking down National Bank49:03 – 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 – Introduction1:40 – The Outsiders + capital allocation5:33 – Why we don’t own gold15:47 – The issue with “alternatives”23:49 – Evaluating AI within non-tech businesses31:13 – 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 – Introduction1:29 – Our thoughts on disruption risk3:35 – The Innovator’s Dilemma12:43 – Venture capital investing vs public market investing15:49 – Our new investment in TSMC29:51 – 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 – Introduction2:51 – The “Big Beautiful Bill”7:51 – Shifts in consumer consumption behavior14:38 – Importance of company culture andincentives27:11 – Update on Costco29:05 – Thoughts on Costco’s valuation42:05 – Costco’s unique culture43:08 – 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 – Introduction3:58 – Complexity does not lead to better results10:23 – Our current thoughts on the market13:18 – Lessons learned over the last five years19:54 – “Buy and Hold” as a strategy is easier said thandone28:05 – Management ability to pivot30:10 – Mailbag 1: Portfolio construction36:56 – 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 Meeting9:20 – Constellation's compounding runway20:22 – AI impacts to CSU's model25:24 – CSU's new compensation structure27:33 – The potential threat of CSU imitators33:47 – 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 – Introduction3:43 – Our view on a potential recession14:43 – Why we prefer capital allocators over dividend payers33:10 – Update on Alimentation Couche-Tard40:51 – Update on CNQ, Tourmaline, and M&A in the O&Gspace