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