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
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41:43
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41:43
Checking out at Costco
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
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50:45
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50:45
Talking Investment Strategy + Taking your Questions!
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
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52:04
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52:04
Constellation Software's pivot
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
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42:20
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42:20
Not yielding for yield
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
About Long Term Investing - With Baskin Wealth Management
Welcome to the refreshing podcast that focuses exclusively on Long-Term Investing and how to grow your wealth. This podcast features in-depth discussions on quality businesses, great capital allocators and compounders. Show hosts, Barry Schwartz and Ernest Wong, are industry professionals with years of experience and each week they will bring you an exciting conversation that filters out the noise and gets to the heart of what really matters for Long-Term Investors.
Listen to Long Term Investing - With Baskin Wealth Management, Hot Money: Agent of Chaos and many other podcasts from around the world with the radio.net app
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