From Brian Ginsler, Ginsler Wealth CEO:

"While I am still not sure how I got into Harvard Business School back in 2001, once on campus I was constantly amazed by the caliber of speakers the school could attract. But at HBS, no visiting speaker generated more excitement than the Greatest Investor in the World – Warren Buffett.

I have been following Buffett’s musings since leaving HBS. Each year, Buffett pens his annual letter to Berkshire Hathaway shareholders. And for the past many years, I have written a standalone Ginsler Wealth commentary on each of Warren’s letters.

Buffett’s latest letter was released on February 22, amid one of the most volatile and uncertain calendar quarters, perhaps in history; and I wrote this letter after the first week of April with Trump's Tariffs roiling global markets. As usual, Buffett’s letter contains some very important themes and lessons. As such, I thought I’d connect The Oracle of Omaha’s latest insights to today’s investing environment—and how we’re applying them in managing client portfolios at Ginsler Wealth."

For the original transcript of this letter and to see weblinks and other media, please visit https://ginslerwealth.com/ginsler-wealth-first-quarter-2025-client-letter-warren-buffett-edition/

In this episode of The Unlimited Podcast, our Lessons with Legends series continues as we welcome Brian's former boss, Gerald Sheff, Co-Founder of Gluskin Sheff + Associates Inc., once one of Canada's pre-eminent wealth management firms. This is a special episode highlighting Gerry's "straight-talking" ways as he recounts:

• His path to becoming an architect: "I didn't know anything about architecture. I thought, well, it's something I don't know anything about. So I didn't know, I didn't want to be one. So I thought, well, maybe I'll become one."

• His early working years: "...they thought I knew something. And I didn't tell them I didn't."
• His first thoughts on hearing about his eventual employer Cadillac Fairview: "I thought anybody who would call themselves 'Cadillac' is probably a Chevrolet."
• The story of meeting Ira Gluksin and the formative idea of Gluskin Sheff: "We decided to be a very boutique firm and to differentiate ourselves from all the vanilla money management operations that existed at the time.", and
• What he's learned to do in uncertain times: "Doing nothing is often the best thing to do". (A familiar message to those who follow Ginsler Wealth's thinking as well).

...And many other insights and words of wisdom. You don't want to miss this one!

Gerry Sheff graduated from the School of Architecture at McGill University in 1964, and received his MBA from Harvard Business School in 1971. Following this, he joined Cadillac Developments in Toronto, which later become Cadillac Fairview, playing a number of key roles with that firm. In 1984, he left and with his partner Ira Gluskin, founded Gluskin Sheff, which went on to become one of the most successful investment firms in Canada.

Timestamps

0:00: Disclaimer & Intro

4:20: Gerry's Architecture Degree

15:17: Beginnings of Gerry & Ira

24:16: Why take a different approach with Gluskin Sheff?

32:52 Gerry & Ira's changing investment philosophy

40:18 The Award Winning Treehouse

46:52 Gerry's Philanthropic Philosophy

48:53 Upgrading Your Thinking

52:05 Gerry's advice on investing in troubling times

55:04 If Gerry could do anything, what would it be?

56:39 Outro

In this episode in our Lessons with Legends series, on The Unlimited Podcast, we welcome David Kassie, Chairman of Outcome Asset Management and Chairman Emeritus of Canaccord Genuity. Brian and David discuss David's journey to becoming Chairman and CEO of CIBC World Markets, the founding of Genuity, some of his most significant deals, and more.

David Kassie has held key leadership roles in the financial industry for decades. He served as Chairman or Executive Chairman of Canaccord Genuity Group Inc. since May 2010 and was Chairman and CEO from April to October 2015. Previously, he was Principal, Chairman, and CEO of Genuity Capital Markets from November 2004 to May 2010, leading the firm until its acquisition by Canaccord Financial. Before that, he served as Chairman and CEO of CIBC World Markets and Vice Chairman of CIBC from 1979 to 2004.

With extensive experience as an advisor, underwriter, and principal, David has played a crucial role in major financial transactions and serves on multiple corporate boards. Beyond finance, he is deeply committed to community and charitable initiatives. He is a Director and former Chairman of Baycrest Health Sciences, where he also led its commercialization efforts. He has previously served on the boards of the Toronto International Film Festival Group, the Hospital for Sick Children, and Ivey Business School.

David holds a B.Comm. (Honours) in Economics from McGill University (1977) and an MBA from the University of Western Ontario (1979).

Timestamps

0:00 Disclaimer and Intro

3:43 Investment Banking & Merchant Banks

10:28 Outcome's history & performance

15:55 Banking in the 80s and 90s

20:14 Leading bankers

26:46 Building the team at Genuity

34:13 Markers of success in interviews

37:33 David's transformative deals

41:01 David's angel investing

44:04 Thoughts on Canadian leadership & trade

49:11 David's best career advice

51:36 If David could do anything, what would it be?

53:48 Outro

For the 50th episode of The Unlimited Podcast, we welcome back David Rosenberg, Founder and President of Rosenberg Research. David founded Rosenberg Research in January 2020 after an illustrious, three-decade career on Wall Street and Bay Street as an economist and market strategist.

With the start of 2025 and Trump's recent inauguration, Brian seeks to uncover David's best views and thoughts on the markets, the economy, Trump's proposed tariffs and the like. In other words, what should investors be thinking and doing in 2025? This is a "must-listen" episode for anyone seeking opportunity amid uncertainty!

A video of the entire interview is accessible below.

https://youtu.be/tTgpC_rq27s

Timestamps

0:00 Disclaimer & Intro

03:16 Uncertainty for 2025

11:22 David's thoughts on U.S. valuations

24:55 Expectations for U.S. equities

34:02 Why is Canada a good place to be?

47:43 Should investors focus on convert CAD to USD?

53:40 Rosie's best advice for 2025

57:11 Outro

From Brian Ginsler, Ginsler Wealth CEO:

In my last quarterly letter I discussed the benefits of “doing nothing” (sometimes) as it relates to investing, but suggested that in my next quarterly letter I would discuss the benefits of “doing something”. So here we go...

I returned to Algonquin Park in the Fall—my regular annual trip with my buddies.

At 2am on our last night, I woke up in the tent and nature was calling. When this happens, the goal is typically to jump out of the tent, do what has to be done, and jump right back in quickly. But while I was outside the tent, I noticed that the pitch darkness of bedtime had turned into a bright moonlit night; the temperature was mild; and I did not hear any bears rustling in the woods (phew). Instead of jumping back into the tent quickly…nature actually was calling…so I decided to do something.

Listen to this episode to find out what Brian did...

For the original transcript of this letter, and to see weblinks and other media, please visit https://ginslerwealth.com/ginsler-wealth-fourth-quarter-2024-client-letter/

As 2024 comes to a close, we invite you to reflect on the year with us through some of the most memorable quotes and highlights from The Unlimited Podcast. In this brief, 7-minute recap, you'll hear standout moments from each of our guests, Brian's insightful reflections, and a few laughs along the way. Relive the best of 2024 with us!

Let's Go!

Stay tuned for another great year of The Unlimited Podcast in 2025, kicking off in January with the economic outlook from David Rosenberg, Founder & President of Rosenberg Research.

See you on the flipside.

On this episode of The Unlimited Podcast, Brian welcomes Som Seif, a trailblazer in the Canadian wealth management space and the founder of Purpose Unlimited. Som's career is marked by a series of innovative milestones, from launching one of Canada's first ETF companies, to co-founding Wealthsimple, to creating the world's first Bitcoin and Ethereum ETFs. Som shares his insights into the evolving wealth and investment management landscape, highlighting the importance of aligning investment strategies with personal values and financial goals (sounds familiar to us here at Ginsler Wealth!). In addition, Som reveals the lessons learned from his business and entrepreneurial experiences, his vision for the future of financial services, and his best advice for success.

Som Seif is the Founder and Chief Executive Officer of Purpose Unlimited, which he formed following the sale of Claymore Investments to BlackRock Inc. in March 2012 and the Co-Founder of WealthSimple Technologies Inc. Prior to Claymore Investments, Som was an investment banker with RBC Capital Markets. He has a strong commitment to community and is currently Co-Chair of the UofT Defy Gravity Campaign, a member of the AGO Foundation Board, and Next Canada Board.

Timestamps

0:00 Disclaimer and Intro

4:56 Som's "Superhero Origin Story"

9:52 Som's Investment Banking experience

16:47 Launching Claymore Investments

24:42 Building Purpose

30:47 Founding Wealthsimple

33:24 Cryptocurrency & digital assets

39:40 Where does cryptocurrency fit in a portfolio?

46:14 Longevity Pension Fund

49:10 If Som would start a new company, what would it be?

51:12 Som's key advice for success

52:27 Outro

Most Canadian investors focus on developed markets, mainly in the U.S., Canada, and parts of Europe. However, there's a world of untapped potential in select emerging markets—regions that drive a substantial portion of global GDP. While these markets carry a unique blend of risks, they also offer powerful growth opportunities that investors shouldn’t overlook.

On this episode of The Unlimited Podcast, Brian explores the world of emerging markets investing with Rohit Khuller, Partner and VP of Investment Management at Letko Brosseau & Associates Inc. As the Lead Portfolio Manager of the firm’s Emerging Markets Equity portfolio, Rohit breaks down what defines emerging markets, highlights the investment opportunities they offer, and shares examples of some of the fund’s top holdings.

Rohit Khuller is Vice President & Partner at Letko Brosseau & Associates, an independent investment manager, managing approx. $18 billion in assets, with offices in Montreal, Toronto and Calgary. In addition to his role as Portfolio Manager, he is a member of the firm’s Investment Council, overseeing portfolio strategy and risk management for all of the company’s assets, and he is the lead portfolio manager responsible for the firm’s emerging markets equity investments. Prior to joining Letko Brosseau, Mr. Khuller’s career in various industries such as automotive, aerospace and banking in several countries enabled him to deepen his knowledge in different fields. Rohit has successfully completed the General Management Program (GMP) from Harvard Business School, has an MBA from McGill, a bachelor’s in engineering from Delhi College (B. Eng), and is a CFA charterholder.

Timestamps

0:00 Disclaimer and Intro

7:19 Letko Brosseau's Approach to Investing

10:21 What is Emerging Markets Investing?

12:46 Risk in Emerging Markets

14:52 Opportunity in Emerging Markets

22:25 Valuation of Emerging Markets

25:04 Letko Brosseau's Research Process

29:43 What's Happening in Major Emerging Markets?

35:37 Managing Currency Risk

37:49 Letko Brosseau's EM fund's largest holdings

42:24 If Rohit could do anything, what would it be?

44:54 Outro

From Brian Ginsler, Ginsler Wealth CEO:

"This past August, equity markets around the world experienced significant declines. Coincidentally, I chose the August long weekend to visit my favourite place on earth, Algonquin Park, where there is no cell reception. Or so I thought.

In the very early hours of Monday (August 4) morning, a faint, single bar of service must have magically appeared, and a single Wall Street Journal news alert notification slipped through...

"Japan's Nikkei Stock Average closed down 12.4%, it's biggest single-day percentage fall since 1987"

"Oh shoot," I said to my wife, and decided that we better drive out of the resort to get stronger cellular reception to see what was going on. It wasn't pretty."

Listen to this episode to find out what Brian did next...

For the original transcript of this letter and to see weblinks and other media, please visit https://ginslerwealth.com/ginsler-wealth-third-quarter-2024-client-letter-do-nothing-edition/

During his first year at Ivey Business School, Brian's career plan changed significantly after taking an Introduction to Finance & Investing course. The insights gained from that class inspired him to pivot from a career in accounting to a focus on finance and investing.

Twenty-five years later, Brian reconnects with Stephen Foerster, the professor who sparked his interest in finance, to discuss Foerster's latest book: "Trailblazers, Heroes, & Crooks: Stories to Make You a Smarter Investor".

Brian and Steve discuss trailblazers Quintus Fabius and Muhammad Ali; heroes Warren Buffett and Harry Markopolos; and crooks Bernie Madoff, Sam Bankman-Fried and Tino DeAngelis; among others. You don't want to miss these stories, which could make you a smarter investor.

Stephen Foerster is an award-winning author and Professor of Finance at Ivey Business School, where he has taught since 1987. He received a BA (Honors Business Administration) from Western University, and an MA and PhD from the Wharton School, University of Pennsylvania. He obtained the Chartered Financial Analyst (CFA) designation in 1997 and has taught Financial Management, Investments, and Portfolio Management courses in the HBA, MBA, and Executive MBA Programs. He has won numerous teaching and research awards.

Foerster has also written two textbooks and over 100 case studies and technical notes in the areas of investments and financial management. He has published over 50 articles including in the Journal of Financial Economics, the Journal of Finance and Financial Analysts Journal. Foerster has served on pension and endowment fund boards as well as not-for-profit investment committees.

Timestamps

0:00 Disclaimer and Intro

7:10 Trailblazers & Masterly Inactivity

17:17 Warren Buffet, American Express, & Salad Oil

25:12 The Unsung Hero of the Bernie Madoff Story

35:20 Stephen's Thoughts on Cryptocurrency

37:31 Investing & Tennis Strategy

43:52 Historical Lessons from Market Crashes

47:14 How Might Investing Change?

48:43 Stephen's Critical Advice for Investors

49:53 If Stephen Could Do Anything, What Would It Be?