Long Term Investing - With Baskin Wealth Management

Recorded on: May 6, 2026This week, Barry and Ernest discuss the strong outperformance of AI-adjacent companies before discussing Berkshire Hathaway’s first AGM without Warren Buffett.0:00- Introduction2:14- High valuations for AI-adjacent names11:48- Google’s AI update 21:15- Apple’s strong results 24:49- Greg Abel at the Berkshire AGM 28:53- Berkshire’s capital allocation changes

This week, Barry and Ernest discuss Tim Cook's retirement and legacy, smart share buybacks from companies, and TFI International's improving financial outlook.0:00- Introduction 2:12- Tim Cook's retirement and legacy 9:38- Reed Hastings resigning from Netflix's board14:11- Smart share repurchases21:46- TFI International's rebound 

Recorded on: April 22, 2026This week, Barry and Ernest break down their newinvestment in Fairfax Financial including the business model, similarities anddifferences to Berkshire Hathaway, and their strong track record inunderwriting insurance and growing shareholder value. 0:00- Introduction6:44- Fairfax's business model12:10- Disciplined insurance underwriting21:00- Fairfax's investment strategy28:58- Return expectations34:44- Key man risk for Fairfax36:30- Insurance industry risks

In the latest episode, Barry and Ernest explain why business quality matters more than macroeconomics concerns and also provide an update on FICO and the rationale for selling CoStar Group last year. 0:00- Introduction5:51- Upcoming CUSMA renegotiation7:48- Business quality trumps macro 16:41- Outperformance of Domino's and Stryker21:05- FICO update28:06- Private credit worries for software 32:20- Why we sold CoStar Group

In this week's episode, Barry and Ernest discuss broader implications of the Iran conflict before breaking down a new addition to the portfolio. 0:00- Introduction2:12- Long-term implications of Iran 7:43- Low multiples for AI stocks 11:50- New addition to the portfolio14:54- Why FICO is a great business18:15- FICO's pricing power + industry incentives23:19- The housing cycle25:40- VantageScore competition 

This week, Barry and Ernest discuss the Iran conflict and long-term investing through market volatility before updating Restaurant Brands "Whopper" of a turnaround plan.0:00- Introduction2:20- Live Nation settlement correction4:52- Iran and market volatility15:00- Portfolio management in volatility19:20- Restaurant Brands update

This week, Barry and Ernest discuss the oil price spike, Constellation Software's earnings, and Live Nation's antitrust settlement. 0:00- Introduction1:25- Oil prices and Iran risks6:36- Constellation Software's earnings13:23- CSU's PEMS strategy 18:39- Live Nation's antitrust settlement 

This week, Barry and Ernest discuss Netflix dropping out of the bid for Warner Brothers Discovery, and what's next for Netflix. They also break down CCL Industries's capital allocation and M&A opportunities.0:00- Intro5:32- Netflix drops out of Warner bid12:26- Netflix benefits from PSKY/WBD 18:15- How AI benefits Netflix20:47- CCL Industries update27:20- Greg Abel's letter 

This week, Barry and Ernest discuss a wide range of topics including the strong performance of Canadian oil stocks, why proprietary data is safe from AI, and Constellation Software's decision to host an earnings call. 0:00- Introduction1:49- Canadian oil stocks performance9:03- Tourmaline Oil's buildout12:40- TFI International's outlook 19:30- Portfolio management in a sell-off23:15- Moody's vs S&P Global31:25- TMX Group's risk from AI 33:08- Constellation Software earnings call 

This week, Barry and Ernest break down Alimentation Couche-Tard's strategy from their Investor Day as well as an update to Ferrari's EV strategy.0:00- Intro2:41 - How we are reacting to the sell-off10:34 - Incentives with AI 14:30 - Alimentation Couche-Tard's IR Day 23:50 - EV experience in Norway26:08 - Ferrari's earnings 

Barry and Ernest are back and discuss Apple's strong results, Microsoft and Meta's mega-capex splurge, and Brookfield Asset management's new CEO Connor Teskey. 0:00- Intro7:20- Apple's record iPhone sales11:48- Apple's memory and chip constraints16:35- Microsoft's Azure miss20:10- Big tech returns on AI capex22:01- Meta's motivations for AI25:48- Brookfield Asset Management's new CEO 

Barry and Ernest explain how narratives impact near-term stock movements, before reviewing earnings and the 2026 outlook for Taiwan Semiconductor Manufacturing Company and Netflix. 0:00- Intro1:31- Stock price narratives5:27- Constellation Software disruptive threats14:15- TSM’s strong growth 18:47- Netflix update

In this week's episode, Barry and Ernest discuss the criminal investigation of Jerome Powell as well as the US proposal to cap credit card interest rates at 10%. 0:00- Introduction1:53- Narratives driving stock prices5:36- Jerome Powell criminal investigation 13:56- Credit card interest rate cap 

Barry and Ernest are back in 2026! They break down the implications of Venezuela on the Canadian energy industry, before providing an update on several companies in the financial industry. 0:00- Introduction2:16- How Venezuela impacts Canada12:06- Why we own CNQ14:39- Strong performance for financials19:59- TMX Group update21:24- Moody's update27:40- MSCI update30:40- Visa update 

This episode, Barry and Ernest review 2025 including both highlights and lowlights for the marketsand the portfolio. 0:00 - Intro4:06 - Lowlight 1: The Canadian Dollar8:09 - Lowlight 2: Constellation Software17:00 - Lowlight 3: Large M&A 21:50 - What’s nextfor AI29:03 - Highlight 1: Google’s rebound34:41- Baskin’s portfolio changes39:39 - Strong fundamentals

This week, Barry and Ernest discuss Telus's highdividend yield and Canadian dividend stocks, break down Netflix's motivationsfor buying Warner Brothers Discovery, before wrapping up with an outlook forthe Canadian banks. 0:00- Intro5:00- Telus's dividend trap8:40- Attractive Canadian dividend payers12:48- Netflix's bid for Warner Brothers Discovery16:56- Poor track record of media mergers21:08- Netflix's motivations for buying WBD33:04- Canadian bank update 40:14- 2026 for the Canadian banks 42:35- AI opportunity for Canadian banks 

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 

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 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 – 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.