Episodes
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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.
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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.
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Missing episodes?
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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.
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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 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/
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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/
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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.
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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 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.
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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: 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!
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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. - Show more
