Long Term Investing - With Baskin Wealth Management

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Great companies don't always make great stocks—at least in the short term. Netflix (NFLX) and Meta (META) are delivering impressive growth, yet their share prices are under pressure. Is Wall Street missing the bigger picture?

On this episode of the Long Term Investing Podcast, Barry Schwartz and Ernest Wong of Baskin Wealth Management break down what's driving the selloffs in Netflix and Meta. They examine Netflix's declining U.S. engagement, growing competition from YouTube, and whether its international expansion and l...

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The AI trade is showing signs of cracking.

Rising interest rates, concerns about massive data centre spending, and questions about future returns are putting pressure on some of the market's biggest winners. Is your portfolio prepared if the AI boom loses momentum?

In this episode of the Long Term Investing Podcast, Barry Schwartz, President & CIO of Baskin Wealth Management, and Ernest Wong, Head of Research & Portfolio Manager, discuss why

diversification matters more than eve...

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What do you do when a stock you own drops 26% in a single day? For long-term investors, moments like these can be the ultimate test of conviction.

In this episode of the Long Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer at Baskin Wealth Management, and Ernest Wong, Head of Research and Portfolio Manager, break down the sudden plunge in Fair Isaac (FICO), what changed for the business, and why they’re resisting the urge to make a knee...

Meta has spent billions betting on artificial intelligence. Now, investors may finally be getting a glimpse of what that investment could become.

In this episode of the Long-Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer, and Ernest Wong, Head of Research and Portfolio Manager at Baskin Wealth Management take a closer look at Meta’s new AI assistant, Muse, and the rise of agentic AI—technology that doesn’t just answer questions, but can actually complete tasks for you, from booking a restaurant to shopping for insurance or cancelling unwanted subscriptions. The bigger...

The Long Term Investing Podcast is back with a brand-new season and a brand-new look. Barry Schwartz, President and Chief Investment Officer, and Ernest Wong, Head of Research and Portfolio Manager at Baskin Wealth Management, return to break down why short-term volatility hasn’t shaken their conviction in owning high-quality compounders—businesses that can grow earnings and free cash flow per share, reinvest at attractive rates and create value over the long term.

With interest rates moving higher, inflation concerns resurfacing and AI investment continuing to reshape the economy, Barry and Ernest explain why they...

Recorded: June 10, 2026

This week, Barry and Ernest review the current state of the stock markets including the mega IPO of SpaceX before discussing the strong performance of the Canadian banks. 

0:00- Introduction 

6:01- SpaceX's IPO

14:20- Elevated return expectations 

22:21- Diversified Canadian banks

28:03- Prime lending focus

33:00- Canadian bank valuations

38:54- Regulatory landscape 

This week, Ernest and Baskin Wealth’s Head of Financial Planning Benjamin Klein discuss the importance of financial planning and asset allocation from a wealth management perspective.

2:14- What isfinancial planning?

8:13- Assetallocation

15:50- Planning fordifferent generations

18:24: Taxconsiderations

21:12- Hierarchy ofinvestment accounts

25:53- Can AIreplace financial planning?

This week, Barry and Ernest discuss key learnings from the Constellation Software's annual general meeting. 

0:00- Introduction

3:52- Constellation Software backdrop 

12:08- CSU's response to AI 

25:50- CSU's acquisition pipeline

34:15- Incentives at Constellation Software

39:17- What would make us sell CSU?

Recorded on: May 6, 2026



This week, Barry and Ernest discuss the strong outperformance of AI-adjacent companies before discussing Berkshire Hathaway’s first AGM without Warren Buffett.

0:00- Introduction

2:14- High valuations for AI-adjacent names

11:48- 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 board

14:11- Smart share repurchases

21:46- TFI International's rebound 

Recorded on: April 22, 2026

This week, Barry and Ernest break down their new

investment in Fairfax Financial including the business model, similarities and

differences to Berkshire Hathaway, and their strong track record in

underwriting insurance and growing shareholder value. 

0:00- Introduction

6:44- Fairfax's business model

12:10- Disciplined insurance underwriting

21:00- Fairfax's investment strategy

28:58- Return expectations

34:44- Key man risk for Fairfax

36:30- 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- Introduction

5:51- Upcoming CUSMA renegotiation

7:48- Business quality trumps macro 

16:41- Outperformance of Domino's and Stryker

21:05- FICO update

28:06- 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- Introduction

2:12- Long-term implications of Iran 

7:43- Low multiples for AI stocks 

11:50- New addition to the portfolio

14:54- Why FICO is a great business

18:15- FICO's pricing power + industry incentives

23:19- The housing cycle

25:40- 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- Introduction

2:20- Live Nation settlement correction

4:52- Iran and market volatility

15:00- Portfolio management in volatility

19:20- 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- Introduction

1:25- Oil prices and Iran risks

6:36- Constellation Software's earnings

13:23- 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- Intro

5:32- Netflix drops out of Warner bid

12:26- Netflix benefits from PSKY/WBD 

18:15- How AI benefits Netflix

20:47- CCL Industries update

27:20- 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- Introduction

1:49- Canadian oil stocks performance

9:03- Tourmaline Oil's buildout

12:40- TFI International's outlook 

19:30- Portfolio management in a sell-off

23:15- Moody's vs S&P Global

31:25- 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- Intro

2:41 - How we are reacting to the sell-off

10:34 - Incentives with AI 

14:30 - Alimentation Couche-Tard's IR Day 

23:50 - EV experience in Norway

26:08 - 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- Intro

7:20- Apple's record iPhone sales

11:48- Apple's memory and chip constraints

16:35- Microsoft's Azure miss

20:10- Big tech returns on AI capex

22:01- Meta's motivations for AI

25:48- 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- Intro

1:31- Stock price narratives

5:27- Constellation Software disruptive threats

14:15- 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- Introduction

1:53- Narratives driving stock prices

5:36- 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- Introduction

2:16- How Venezuela impacts Canada

12:06- Why we own CNQ

14:39- Strong performance for financials

19:59- TMX Group update

21:24- Moody's update

27:40- MSCI update

30:40- Visa update 

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...

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...

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