0:00: Intro

2:09: What to do in a bull market:

5:12: Berkshire Annual Letter

9:22: Reviewing Berkshire's under-performing assets

16:29: Letting your winners compound:

18:29: Why National Bank is outperforming:

21:44: The big picture for Canadian banks:

23:33: CNQ has reached its debt target - now what?

25:49: The math for CNQ

This week's podcast touches a number of topics including a review of Berkshire Hathaway's recent shareholder letter. Barry and Ernest discuss Buffet's dissatisfaction with Berkshire's railroad and utility asset. Next, they have a conversation about the Canadian Bank results and what Bank CEO's are saying about the Canadian economy. And the feature discussion is about Canadian Natural Resources (CNQ). Barry and Ernest give investors food for thought on how to value CNQ differently.

0:00: Intro

0:50: Introducing Benjamin Klein

3:49: What is Financial Planning?

5:08: Should one get a CFA or CFP?

7:37: Does everyone need to do a financial plan?

13:12: The value of knowing your clients

15:22: Mistakes people make as they prepare for retirement

25:00: Building in a margin of safety into your financial plan

27:50: Not getting too conservative too soon

30:20: All about the First Home Savings Account

36:30: If I can do only one contribution - RSP/TFSA/FHSA - which one should I do?

We are introducing a new regular feature to the podcast, the Financial Planning edition with, Benjamin Klein, CFA, CFP and Senior Portfolio Manager at Baskin Wealth Management.

Benjamin joins Barry to discuss topics like, What is Financial Planning, Does everyone need a Financial Plan? Mistakes people make as the prepare for retirement. Then the feature discussion is about the First Home Savings Account. We plan on dropping a financial planning podcast once a month so please let us know your feedback and questions!

0:00: Intro

2:22: Our take (or lack of it) on Nvidia's earnings

4:32: Having patience for long-term investments as a long-term investor

7:29: Case study on Costar Group's investment in Homes.com

12:27: Case study on CCL Industries's flat stock price

15:45: Deep dive on Topicus.com 

With Barry back from vacation, Barry and Ernest get right back into discussing stocks and the markets. First, the guys discuss Nvidia and AI and sticking to you what you know as an investor. Next, they talk about three companies that are getting the long-term shareholders they deserve, CoStar Group, CCL Industries and Restaurant Brands. Finally, the feature discussion is on Topicus. Spun out from Constellation Software in 2021, Topicus is a serial acquirer of software companies based in Europe. The guys discuss the reason for the spin-out, Topicus' strategy, why it is listed on the TSX Venture exchange and why it trades at a higher valuation that Constellation Software.

With Barry away this week, Ernest talks with Baskin Wealth Management’s founder and Chairman, David Baskin about the story of Baskin and how wealth management has evolved. This episode is full of stories and wisdom from David’s extensive experience in the industry.

Jam packed episode this week! First, Ernest discusses what he does during earnings season. Next, Barry and Ernest discuss why stocks react the way they do after reporting quarterly earnings. Then, Barry and Ernest breakdown some recent quarterly earnings reports from Alphabet, Ferrari and Microsoft Finally, they have a feature discussion about the medical device giant, Stryker. Barry and Ernest discuss its moat and the outlook for its business going forward.

In this week's podcast, Barry and Ernest, talk streaming and the Canadian Railroads. But first they discuss how one should behave in a bull market and talk about the valuations of stocks as we start 2024. Then it is the feature discussion on Netflix. They discuss the latest earnings report and the game-changing deal with World Wrestling Entertainment (WWE). In the final segment, the guys talk about a business that has a lot less drama; CN Rail. They also review CN's latest earnings results and the outlook for the company going forward.

Our feature discussion today is about Blackrock, the $10T asset manager juggernaut. We discuss our reasons for owning Blackrock as well as a deep dive into its recent acquisition in the private equity space. We also discuss why this acquisition validates Brookfield's strategy. But before we get to that, we answer some of our viewer's questions about portfolio construction and when and how we decide to buy a stock. And we also talk Apple.

Happy New Year! We are back with our first episode of 2024. It is a packed show. First, Barry and Ernest, rant a little bit about short-term thinking and narratives that drive the market. Then, they discuss what Charlie Munger would have owned if he was a Canadian investor. Lastly, the guys discuss the big deals made by our portfolio companies, TFI International, TMX Group and Waste Connections.