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 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
0:00– Introduction2:43– How Buffett has influenced our investing journey14:34– Our favorite Buffett investments27:35– Berkshire under Greg Abel 40:58– Berkshire highlights and mistakes over the years44:42– Mailbag: What if Buffett starts today?49:55– Mailbag: Could Berkshire be broken up? 52:51– Mailbag: Berkshire's valuation todayThe 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 – Introduction2:05 – Impact on tariffs on markets5:20 – How companies respond to tariffs11:58 – Service companies tend to be more protected from macroevents14:05 – Uncertainty of investing in equities16:45 – Importance of balance sheet health21:25 – The risks of using margin25:27 – How we define portfolio diversification 33:50 – Why we don't predict macro35:53 – Finding high quality businesses during the market pullbackIn 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 – Introduction2:10 – Reviewing buy & hold strategy6:35 – Netflix's record-breaking quarter16:43 – Is there still value for Netflix shareholdersgoing forward?17:39 – Mailbag!17:51 – Key lessons from the last 5-10 years22:23 – 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 – Introduction 2:33 – The recent market pullback 5:28 – Goldman Sachs forecast for 3% market returns 8:50 – Issues in predicting long-term market performance 11:30 – The global scale of new tech companies 18:30 – Attending the ATB Conference 22:14 – The state of the Energy/Infrastructure market 29:09 – NFI and different perspectives on tariffs A 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 – Introduction 4:09 – Why invest in Canadian compounders? 9:55 – How we define a compounder 15:45 – 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: Introduction 1:30: managing your emotions in the markets 3:03:Hard to learn lessons in a bull market 5:29: Silliness in the market today 7:45:Sticking to our circle of competence 9:40: Year-End Wrap Discussion 12:37: Surprising strength in the TSX in 2024 14:08: A strong year for the Canadian Banks 18:30: Reviewing portfolio changes in 2024 for our clients 20:48: Garmin's big year 24:52: Being patient on purchases 28:11: Reviewing the underperformers 34:40: Today's losers can be tomorrow's winners 36:08: Reviewing our top performers 40:58: Thoughts for 2025 Barry 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 Introduction 2:54 Market Bubble? 8:26 Getting Back into Meta 12:45 Thesis for Meta 13:31 Successful Pivots of Meta over the Years 16:15 What Makes Meta's Social Media Apps Different? 17:53 AI Opportunity for Meta 24:56 Reality Labs of Meta as a Risk Factor 26:43 What Have We Changed Our Mind About Recently? 33:41 Small to Medium Caps in Baskin's Strategy 37:59 Companies We Liked but Didn't Invest In 43:32 How Do We Manage Currency Fluctuations for Our Clients This 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 term 13:37 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 Introduction 1:14 The Tyson/Paul event on Netflix 5:57 What Trump means for your portfolio? 14:18 Tracking Berkshire Hathaway's portfolio 25:09 Live Nation's blowout demand 34:49 Mailbag- Managing risk in the portfolio 38:20 Mailbag- Constellation spinoffs 41:11 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 Donald Trump winning the 2024 Presidential Election, Barry and Ernest, provide their thoughts on what it might mean for your portfolio. They then give an overview of the current economic environment and the reasons why, they believe, stocks are hitting all time highs. Next, they discuss Constellation Software's earnings release which ties into the feature discussion - Baskin Wealth Management's recent purchase of TransDigm for its clients. Here, they review the similarities between the two companies and lay out their investment thesis on TransDigm.
0:00 Introduction 2:10 Bell Canada's Acquisition of Ziply: Does It Make Sense? 7:04 Balance Between Shareholder Expectations and Corporate Policy for Bell Canada 10:35 Breaking Down Apple's Growth Runaway 14:52 How Is Apple Spending Much Less on AI Than Others? 18:56 Large Capex Levels for Big AI Names 26:15 Understanding Berkshire's Earnings 33:40 Garmin's Stunning Quarterly Results 38:05 Potential Benefits of Garmin's Lumishore Acquisition In 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: Introduction 1:41 Impact of Bank of Canada's Interest Rate Policy on Markets 9:50 Does it Really Matter: US Presidential Election 14:12 Breaking Down the Earnings Season 15:28 Update on CoStar: Gap Between Fundamentals and Stock Price 25:16 The Parallel Between Meta and CoStar 27:00 TFI International Reported Earnings: What to Think? 32:13 Case of Moody's: Reports Amazing Earnings, Stock Price Falls 39:27 Why Did Netflix Go Up So Much After Earnings? 46:36 How to Think About Earnings in General In 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 Introduction 1:45 Subdued response to our Garmin pitch? 3:48 Our take on the strong markets 8:23 Learnings from Adobe MAX 17:16 Our experiments with using AI tools in investment research 22:24 Updates on Couche-Tard's proposal for 7-11 34:27 Domino's Pizza earnings In 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- Introduction 3:31- Did we miss the Chinese stock rally? 9:15- Why we sold Vail Resorts and CN Rail 18:24- Benefiting from bad weather 22:34- Breaking down CNQ's recent acquisition In this week's episode, Barry and Ernest discuss multiple fascinating topics. The podcast starts with a conversation on the recent rally in Chinese stocks and why we generally avoid investing outside North America. Next, the conversation turns to weather and why bad weather played a part in Baskin Wealth's sales 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 Introduction 2:10 The DoJ's antitrust lawsuit against Visa 12:03 Introducing Garmin 13:14 Garmin's pivot from car GPS 18:00 Garmin's unique distribution strategy 22:55 Breaking down Garmin's segments 29:30 Garmin's smart capital allocation 33:34 What does Garmin look like in 10 years This week, Barry & Ernest wonder whether there is a pattern to recent Department of Justice antitrust lawsuits before breaking down their recent purchase of Garmin.
0:00 Introduction 1:05 Brookfield's $50 Billion Canada Fund 4:35 Adobe: a great business 8:56 Why are Adobe's stock so volatile? 12:15 Future Drivers of Growth for Adobe 16:01 Ferrari: Car company or luxury company? 25:34 Ferrari's EV Strategy 30:27 What is Ferrari's opportunity? 36:08 Valuation thoughts 41:25 Bell's Sale of MLSE to Rogers This week, Barry and Ernest react to Adobe's earnings and future growth prospects, then discuss their investment thesis on Italian luxury good manufacturer Ferrari.
0:00 Introduction 1:05 Is the September effect real? 4:52 Baskin's successful multi-baggers and performance 13:19 Feature discussion: Brookfield Investor Day 16:53 Brookfield's insider alignment with shareholder 17:55 Brookfield Corporation vs Brookfield Asset Management 20:15 Brookfield's strategy in the current economic environment 24:17 Oaktree & growth in private credit 26:50 Brookfield Corp's capital allocation strategy 30:11 Getting to $176 of value by 2029 39:37 Why we prefer BN to BAM 44:49 Succession in Brookfield In this week's episode, Barry and Ernest discuss why buying and holding compounders works before breaking down Brookfield's Investor Day
0:00 Introduction 1:33 Pillars of Quality Investing 6:30 Problems with investing in lower-quality businesses 9:10 Are yield stocks going to rebound? 15:38 Updates about Alimentation Couche-Tard 17:45 Another reason why US equity markets outperform 23:00 Differences in performance between the Canadian banks 26:27 Numbers on the upcoming mortgage renewal wave 32:14 Berkshire Hathaway reaches a $1 trillion market cap 38:38 Tourmaline Oil acquisition of Crew Energy In this week's episode, Barry & 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 vacation 6:04: Reasons for stick to North American stocks 9:05: Convenience Store market in Japan vs North America 14:21: Alimentation Couche-Tard's acquisition proposal for Seven & i 16:34: Difficulties of making foreign acquisition in Japan 17:48: Couche Tard's strong track record of doing M&A 19:09: Timing of Couche-Tard's proposal for Seven & i 25:17: Why Couche-Tard wants to acquire Seven & i In this week's episode, 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: Introduction 1:23: The recent trends of Canada's interest rates and economic growth 4:56: When should investors buy bonds? 6:45: Review of the first half of 2024 9:53: Growth concentration in the S&P 500 13:22: Reviewing stock performance by sector 14:58: What if? Discussions for the first half of 2024 19:21: Why using hindsight is a mistake 21:26: Netflix: One of our top performers YTD 25:35: How Google is outperforming everyone's expectations 28:46: How Costco's fee hike has impacted their stock 30:33: Constellation Software's recent performance 31:45: Insights into the perception of rising and falling stocks 36:21: Our thesis on Floor & Decor 41:18: Focusing on business structure rather than stock fluctuations 43:17: 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 history 7:49: Why we keep bond duration short 9:53: The attractiveness of fixed income today 13:22: Outlook for Canadian preferred shares 16:18: The under-performance of dividend paying stocks 19:56: Why we sold TD Bank 23:26: Why we sold the Canadian telecoms 27:02: Dividend sectors/names where we're seeing value today With Barry on vacation, Ernest and David Baskin chat about the role of fixed income in a higher rate environment including bonds, preferred shares, and our outlook for dividend-paying stocks.
0:00: Introduction 0:27: What is a share buyback? 3:12: The pros and cons of buybacks 6:26: The only reason why a company should buy back shares 7:57: Why does CNQ spend so much on share buybacks? 11:26: Alimentation Couche-Tard's buyback announcement 15:24: The earnings from Couche-Tard 18:38: How can Couche-Tard combat inflation and retain its customers? 21:38: Alimentation Couche-Tard's new CEO 25:05: The TMX Group investor day 32:25: TMX Group's journey towards analytics 34:42: Ernest's book 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: Introduction 2:04: Ernest's trip to a CCL Industries plant 8:48: CCL Industries' recent acquisition in the Middle East 10:47: A review of the TSX this year and comparisons to American stock exchanges 16:33: Why we own specific Canadian stocks, and whether currency makes a difference 18:42: What Ernest pays attention to in the market 19:38: Feature Discussion: National Bank's acquisition of Canadian Western Bank 22:15: Why National has done better than other Canadian banks 23:47: Why National acquired CWB 26:08: National Bank's strengths and opportunities 29:28: National Bank's avoidance of weak-points in the Canadian economy In 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: Introduction 1:56: A refresher on the new capital gains changes in Canada 3:37: What do the new changes mean for your portfolio? Should you act or do nothing? 6:44: Could the new capital gains changes hurt your portfolio? 7:54: Feature Discussion: Tax-free savings accounts 10:48: What if you want to start a TFSA for a child? 12:39: What if you want to move a stock to your TFSA? 15:21: The future of your TFSA if you start early 17:53: Should you go YOLO in your TFSA? 20:11: Dollar-Cost averaging in your TFSA 23:19: 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's Join Barry and Benjamin for a special episode all about TFSA's.
0:00: Introduction 1:17: Barry talks about his trip to Calgary to visit clients. 3:25: A quick review of the markets in May and a preview of upcoming rate cuts in Canada 5:55: An update on our Costco thesis 8:40: reasons for strong e-commerce sales at Costco 10:33: Ernest's experience buying a washing machine at Costco. 12:01: The trust that people have in Costco. 14:21: Costco adding value to its membership offering. 16:40: Is Costco's valuation really that expensive? 18:15: Costco's beautiful balance sheet 20:40: Costco treats its employees well which leads to happy customers. 21:22: Costco's untapped pricing and potential store runway 24:07: Feature discussion on MSCI Inc. 25:35: Why we finally bought MSCI after watching it for over 5 years 27:55: 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 products 34:05: Why it is near impossible to switch your benchmark 35:00: Reason for the recent pullback 36:00: MSCI's ESG business 39:40: MSCI's capital allocation MSCI 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: Introduction 1:00: talking Domino's Pizza crust and its stock. 4:42: Review of the Constellation Software Annual meeting. 5:50: Why the annual meeting is still be done virtually. 8:49: Constellation Software is a capital allocation company. 11:11: Why acquired growth has been a better driver of returns for Constellation vs. organic growth. 13:15: Why Constellation will have to invest more to boost organic growth. 13:45: Why Constellation has limited worries about copycats. 19:11: reviewing 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: Introduction 2.25: Our takeaways from the Berkshire Hathaway Annual Meeting 9:08: Berkshire's Apple trim 14:01: Berkshire's enormous cash pile 19:08: Is Berkshire looking at making a large investment in Canada? 23:15: Reviewing Berkshire Hathaway's First quarter results. 26:10: Reviewing our Apple thesis 32:00: Apple's recent struggles in China 35:20: Don't sleep on Apple's services business. 36:56: Apple's insane share buyback program 38:22: Apple's under-appreciated capital light story. 40:38: Apple Vision Pro a Con? 42:32: Update on Live Nation If 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: Introduction 1:42: Ernest's talks about meeting Murray Edwards, Chairman of Canadian Natural Resources 5:05: Murray Edwards' rant on Canada's energy policy 7:26: TMX Pipeline expansion is in business; what it means for Canada. 12:22: Natural Gas' role in electricity demand 14:15: Listening to Mitch Rales on Capital Allocation 19:53: Follow up on Waste Connections 23:38: Feature discussion on Restaurant Brands 31:19: The genius of Patrick Doyle This week's episode has it all, a meeting with 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: Introduction 3:25: Benjamin walks us through the new budget in Canada with respect to the upcoming capital gains changes. 5:43: Taking $250,000 of capital gains in one year is rare. 7:21: What to know about the new tax changes for death, selling an investment property or liquidity needs. 8:34: Capital gains taxation upon death and what actions one can take to limit the taxation impact. 12:04: For most of us, the best advice is to do nothing. 14:38: What can you do about cottages and 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: Introduction 1:37: discussion about capital gains changes in Canada and how it could affect your portfolio. 3:52: should you own a dividend payer stock vs. a growth stock given changes in capital gains rates in Canada 7:10: do these tax changes make Canada less competitive? 10:22: Feature discussion on Waste Connections 10:46: A quick discussion about the Halloween Surprise taxation of income trusts in Canada 14:00: a history of Baskin's purchase of BFI Garbage Trust which eventually became Waste Connections 14:35: Waste Connections and waste business overview 21:50: Waste Connections' secret sauce 23:23: Servant Leadership Culture at Waste Connections 29:55: Future catalysts for the stock 31:25: RNG potential upside for Waste Connections 33:52: Robotics and AI use in the Waste industry 35:40: Risks to consider when investing in Waste Connections In 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: Introduction 0:56: Ernest's discusses his debut on BNN Bloomberg 4:15: Why are there so few “super-investors”? 6:23: Canadian compounders trading at a discount to their U.S. peers and examples. 8:43: Why Canadian stocks are out of favour right now. 10:02: Example #1 - Couche-Tard 11:36: What do Hot Dogs and Compounders have in common? 12:40: Couche-Tard's valuation discount 15:05: Example #2 – CCL Industries 16:40: Example of a Canadian Compounder trading at premium. 18:56: Example #3 – Canadian Natural Resources 21:43: Example #4- TFI Industries 23:16: 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: Introduction 1:27: Bare Trust Debacle 3:08: Why people set up joint accounts with family members 4:17: Explaining probate on non-registered accounts held jointly with family members 10:28: The pros and Cons of Formal and Informal Trusts and joint accounts with family members 13:53: Explaining formal trusts 15:48: Explaining Informal Trusts 19:10: Explaining “For” accounts 20:25: Which trust makes sense for you? 21:30: Real example of an informal trust account becoming a joint account with parents 22:22: What happens to the informal trust account when your child turns 18 24:32: 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: Introduction 1:48: Golf and Cialdini 2:42: Our take on the the DOJ suit against Apple 11:42: The Apple Bull and Bear thesis 17:50: Feature discussion on Alimentation Couche-Tard (ATD) 19:40: The beauty of convenience stores 22:22: ATD's Consolidation story 23:57: ATD's secret sauce to improving sales per square foot 27:22: The power of ATD's compounding 28:43: lack of volatility in gasoline pricing hurting recent results 30:50: why fuel margins could stay higher for longer 34:15: Electric vehicles are risks and rewards 41:22: Potential risks to the ATD story 42:50: 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 Oil 27:20: 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.
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