This episode, Barry and Ernest review 2025 including both highlights and lowlights for the markets
and the portfolio.
0:00 - Intro
4:06 - Lowlight 1: The Canadian Dollar
8:09 - Lowlight 2: Constellation Software
17:00 - Lowlight 3: Large M&A
21:50 - What’s nextfor AI
29:03 - Highlight 1: Google’s rebound
34:41- Baskin’s portfolio changes
39:39 - Strong fundamentals
This week, Barry and Ernest discuss Telus's high
dividend yield and Canadian dividend stocks, break down Netflix's motivations
for buying Warner Brothers Discovery, before wrapping up with an outlook for
the Canadian banks.
0:00- Intro
5:00- Telus's dividend trap
8:40- Attractive Canadian dividend payers
12:48- Netflix's bid for Warner Brothers Discovery
16:56- Poor track record of media mergers
21:08- Netflix's motivations for buying WBD
33:04- 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- Intro
8:33- Alimentation Couche-Tard's rebound
15:04- Canadian compounder buybacks
24:17- Copart's earnings
30:29- 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- Intro
4:24- TransDigm outlook
10:16- Great capital allocators pivot
14:55- Garmin update
19:33- Brookfield update
24:51- Buffett's pitch for Berkshire stock
29:13- Why we own CNQ
36:43- 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- Intro
15:08- Apple strong results
26:08- Amazon and AWS growth
33:52- TFI's 2026 rebound
40:26- 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- Intro
7:38- Unprofitable company stocks
16:20- MSCI, TMX, and Moody’s update
24:15- Meta’s splurge on AI
33:40- 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- Intro
6:25- Market update and deals between big techs
9:40- ConstellationSoftware's CEO succession
18:50- Domino's Pizza update
28:40- Costco update
32:16- 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- Intro
4:34- Constellation's AI conference call
13:53- Geoffrey Hinton's radiologist prediction
14:58- AI concerns for Constellation
24:48- AI opportunities for Constellation
27:02- 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- 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 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- 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 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- 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 incentives lead to short-term performance
26:35- 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 operators
9:04- Couche-Tard’s failed Carrefour deal
14:50- Market update
21:24- Google’s strong performance
26:24- What’s the return for big tech capex?
33:20- Will AI displace traditional software?
36:25- How AI impacts Constellation Software
0:00 – 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 culture
43:08 – 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 – Introduction
3:58 – Complexity does not lead to better results
10:23 – Our current thoughts on the market
13:18 – Lessons learned over the last five years
19:54 – “Buy and Hold” as a strategy is easier said thandone
28:05 – Management ability to pivot
30:10 – Mailbag 1: Portfolio construction
36:56 – 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