0:00 – Introduction

4:09 – Why invest in Canadian compounders?

9:55 – How we define a compounder

15:45 – Why Compounders deserve to trade at high prices

24:50 – How we are reacting to Trudeau's resignation

29:00 – Update on Constellation Software going into 2025

38:13 – Does AI impact Constellation?

42:28 – Books we read during the holiday

After taking a much-needed holiday, Barry and Ernest are back this week with a jam-packed episode. The discussion starts with a definition of a “compounder” with them breaking down the characteristics they look for when buying an investment that will compound. Next, they talk about the resignation of Prime Minister Justin Trudeau and what that means for Canadian investors. Then, the featured conversation about Constellation Software where they talk about Constellation’s plans to increase growth, its capital allocation policy, and the pros and cons of AI on its business model. A great episode ... as usual!