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 live sports strategy can reignite investor enthusiasm. They also discuss Meta's ambitious AI investments, the rapid growth of its new Muse platform, and Mark Zuckerberg's plans to maintain control of the company.

Plus, why are some of the market's most reliable businesses being overlooked? Barry and Ernest discuss Waste Connections (WCN) and FirstService (FSV), two long-term holdings that have faced investor skepticism despite resilient fundamentals. From pricing power and acquisitions to share buybacks and disciplined capital allocation, they explain why patience can be one of the most valuable tools in an investor's portfolio.

The bottom line: Stock prices are opinions. Fundamentals are facts. And for long-term investors, knowing the

difference is everything.

Timestamps

0:00 Trailer & Intro: Meta, Netflix, Waste Connections and First Service

1:42 Kawhi Leonard and the Raptors

3:47 Are publicly traded sports teams good investments?

4:27 Netflix: stock under pressure and the YouTube narrative

5:37 Is Netflix engagement really declining?

7:04 Netflix's leadership shake-up

7:40 The Warner Bros. bid and the stock drop

9:43 Putting Netflix's U.S. engagement issue in perspective

11:19 Is Netflix a utility? Why engagement still matters

12:38 Netflix's international content strategy

15:32 Why the US engagement problem is fixable

16:57 Disney licensing deals and channel services

20:19 Live sports and the platform pivot

21:29 Netflix valuation vs. the S&P 500

22:31 Meta: why the stock fell after earnings

25:09 Meta's Muse AI agent and how it makes money

28:33 Meta's new non-voting share class

32:03 What Netflix and Meta have in common

32:55 Waste Connections: the exclusive-market model

38:18 First Service: property management, roofing and brands

42:56 First Service buybacks and capital allocation

45:57 Why boring compounders lagged this year

46:53 Legal disclaimer

Links

www.baskinwealth.com

[email protected]

DISCLAIMERS

This podcast is for informational purposes only and

any forecast on the economy, markets or individual securities should not be

viewed as investment advice, a recommendation or an offer or solicitation to

buy or sell any securities. Clients of Baskin Wealth Management and the

speakers on this podcast may own shares of the companies discussed. Information

on this podcast is current as of the time of production and is subject to

change. If you have any questions or would like to subscribe to these podcasts,

visit our website at baskinwealth.com.

👉 Click Here to Subscribe: https://www.youtube.com/@LongTermInvestingPodcast

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 ever and why they're sticking with their strategy of owning high-quality, profitable businesses rather than chasing the hottest stocks. They explain the risks of an increasingly AI-concentrated S&P 500, why rising borrowing costs could spell trouble for companies like

CoreWeave (CRWV), and what separates speculative AI investments from companies that

can fund their own growth.

They also take a closer look at Taiwan Semiconductor (TSM), which is benefiting from explosive demand for AI chips, and explain why its disciplined approach to spending makes it an attractive long-term investment. Plus, with fast-food stocks struggling under the weight of inflation and a stretched consumer, Barry and Ernest discuss the challenges facing McDonald's (MCD) and why they continue to see opportunity in Domino's

Pizza (DPZ), despite its recent struggles.

With markets shifting and investors questioning what's next for AI, Barry and Ernest explain why fundamentals, cash flow and patience—not short-term performance—remain the keys to building long-term wealth.

Learn more about Baskin Wealth Management at baskinwealth.com.

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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-jerk decision. They discuss how to determine whether a falling stock represents a broken investment thesis—or simply a new challenge for a strong business. They also look back at lessons from Netflix (NFLX), TFI International (TFII.TO) and Moody’s (MCO), where sharp selloffs didn’t necessarily tell investors what would happen to the businesses over the long term.

Barry and Ernest also tackle rising interest rates in Canada and the U.S., why chasing higher yields in U.S. fixed income can introduce unexpected currency risk for Canadian investors, and why they prefer keeping bond maturities relatively short.

Finally, they make the case for Costco (COST). From cheaper gas and growing membership benefits to e-commerce, delivery and new stores, Barry and Ernest explain why they believe Costco’s flywheel continues to strengthen—and why they think the company deserves its premium valuation.



Plus, why sometimes the hardest—and smartest—thing a long-term investor can do is nothing.

Timestamps

00:00 Intro

00:54 The three topics: FICO, interest rates, and Costco

02:48 FICO’s 26% drop: what happened?

03:41 Why investors shouldn’t react too quickly

04:34 Netflix and TFI: lessons from sharp selloffs

06:33 How US agency mortgages work

07:33 Credit scores and mortgage pricing

08:27 FICO vs. VantageScore: what’s changing?

11:10 Why mortgage lenders may favor VantageScore

11:56 The risk of weaker underwriting

13:22 How much FICO market share is priced in?

14:22 FICO’s other revenue streams and FICO 10T

15:28 FICO’s profitability and cash flow

16:25 Moody’s: a regulatory-fear comparison

17:54 Diversification and managing stock risk

18:34 FICO’s growth outlook over the next 3–5 years

20:25 Interest rates, inflation, and fixed income

22:29 The currency risk of chasing US bond yields

24:30 Why short-duration bonds can help in rising-rate markets

25:57 Costco’s earnings and business strength

27:07 Costco gas and membership value

28:42 Costco’s membership flywheel

29:02 Store growth and expansion potential

30:06 Why Costco can gain share in volatile times

31:05 Costco same-day delivery

32:31 Is delivery incremental or cannibalistic?

33:44 Why Costco commands a premium valuation

35:53 Closing thoughts

Links

www.baskinwealth.com 

[email protected] 

DISCLAIMERS

This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.

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 question is whether AI agents could eventually change how we shop, search and interact with the internet.

That could have major implications beyond Meta. Barry and Ernest discuss why Amazon is pushing back against Muse, the value of controlling customer purchasing data, and how Google and Apple could respond as Big Tech competes to become the AI agent consumers rely on. Could AI agents become a new gateway to online commerce—and what would that mean for some of the biggest companies in the market?

They also look at what Muse could mean for the investment case for Meta. After spending heavily on both the metaverse and AI infrastructure, Meta now has a product generating excitement among users. Barry

explains why he remains optimistic about the company’s long-term opportunity and why Meta continues to be a holding in the portfolio.

Plus, what can investors learn from baseball? Barry and Ernest use Vladimir Guerrero Jr.’s massive long-term contract and Moneyball to explore an important investing lesson: past success matters, but ultimately

investors are paying for the returns a company can generate in the future. They explain why they look for strong businesses where management is properly incentivized, capital is allocated intelligently and the market may be distracted by the wrong narrative.

Is agentic AI the beginning of a new internet—or another technology investors are getting too excited about too soon?

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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 aren’t making major changes to their portfolio. They discuss why higher rates can create challenges for dividend-paying stocks and why constantly chasing the market’s latest winners can come at a cost.

They also look at the push to get major infrastructure projects built in Canada and what it could mean for Canadian Natural Resources (CNQ.TO) and Tourmaline Oil (TOU.TO), two companies they believe could benefit from greater market access for Canadian energy. Plus, they discuss how Brookfield Corporation (BN.TO) and Brookfield Asset Management (BAM.TO) are positioning themselves to capitalize on the infrastructure investment boom.

Finally, Barry and Ernest examine just how exposed the S&P 500 has become to the AI and data-centre boom, with discussion of Nvidia (NVDA), Micron Technology (MU) and Amphenol (APH). Ernest argues that with roughly 40% of the index now directly tied to AI and data-centre spending, investing passively in the S&P 500 increasingly means making a significant bet on a single theme. For active investors, that raises an important question: how much AI exposure are you actually comfortable having in your portfolio? They also turn to Apple (AAPL) and whether its new foldable iPhone could become another meaningful growth driver.

Markets may be shifting, but does that mean your investment strategy should shift with them?

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00:00 Introduction

01:07 Welcome to the Long Term Investing Podcast

02:05 Ernest’s Summer in Asia and a Global Investment Perspective

03:00 Rising Interest Rates, Inflation, and Market Uncertainty

04:37 Are Today’s Rate Hikes Similar to 2022?

07:17 How Interest Rates Could Affect AI and Data Centre Growth

08:53 What Higher Rates Mean for Stocks, Bonds, and Dividend Investments

12:23 How Baskin Is Positioning Its Portfolios

14:09 Mark Carney’s Investor Summit and Canada’s Economic Strategy

16:09 Can Canada Actually Deliver on Its Mega-Projects?

19:31 Canadian Natural Resources and Tourmaline: Potential Beneficiaries (CNQ, TOU)

23:41 Is Compounding Still the Best Long-Term Investing Strategy?

26:33 Why Investors Should Focus on Fundamentals, Not Stock Prices

28:25 Brookfield, the Maple Fund, and Investing in Canadian Infrastructure

Links

www.baskinwealth.com

[email protected]

DISCLAIMERS

This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.

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 

Recorded on: 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