0:00: Introduction

1:17: Barry talks about his trip to Calgary to visit clients.

3:25: A quick review of the markets in May and a preview of upcoming rate cuts in Canada

5:55: An update on our Costco thesis

8:40: reasons for strong e-commerce sales at Costco

10:33: Ernest’s experience buying a washing machine at Costco.

12:01: The trust that people have in Costco.

14:21: Costco adding value to its membership offering.

16:40: Is Costco’s valuation really that expensive?

18:15: Costco’s beautiful balance sheet

20:40: Costco treats its employees well which leads to happy customers.

21:22: Costco’s untapped pricing and potential store runway

24:07: Feature discussion on MSCI Inc.

25:35: Why we finally bought MSCI after watching it for over 5 years

27:55: quick primer of MSCI’s Index business.

29:00: Why MSCI is a great business.

31:42: MSCI benefits from the launch of new investment products

34:05: Why it is near impossible to switch your benchmark

35:00: Reason for the recent pullback

36:00: MSCI’s ESG business

39:40: MSCI’s capital allocation

MSCI is a provider of indexes and data for asset managers and, in our opinion, a high-quality business. Barry and Ernest provide the reasons for the purchase and their outlook for the company going forward. Plus, Barry and Ernest, have an update on our thesis of everyone’s favourite retailer, Costco.