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

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 Meeting

9:20 – Constellation's compounding runway

20:22 – AI impacts to CSU's model

25:24 – CSU's new compensation structure

27:33 – The potential threat of CSU imitators

33:47 – 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 – Introduction

3:43 – Our view on a potential recession

14:43 – Why we prefer capital allocators over dividend payers

33:10 – Update on Alimentation Couche-Tard

40:51 – Update on CNQ, Tourmaline, and M&A in the O&Gspace

0:00– Introduction

2:43– How Buffett has influenced our investing journey

14:34– Our favorite Buffett investments

27:35– Berkshire under Greg Abel 

40:58– Berkshire highlights and mistakes over the years

44:42– 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 – Introduction

2:05 – Impact on tariffs on markets

5:20 – How companies respond to tariffs

11:58 – Service companies tend to be more protected from macroevents

14:05 – Uncertainty of investing in equities

16:45 – Importance of balance sheet health

21:25 – The risks of using margin

25:27 – How we define portfolio diversification 

33:50 – Why we don't predict macro

35:53 – Finding high quality businesses during the market pullback