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 

42:35- 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