Long Term Investing - With Baskin Wealth Management

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...

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...

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 i...

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 incenti...

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...

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...

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...

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 th...

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...

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 retiremen...

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...

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 pos...

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 qual...

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...

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 S...

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 portfol...

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-Ta...

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...

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 d...