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