Alimentation Couche-Tard (ATD) is one of the best performing Canadian equities for over 30 years. Ernest and Barry discuss the pros, cons and the reasons why we finally purchased this investment for clients. We also talk about Apple’s recent woes and reasons to stay optimistic.

0:00: Introduction

1:48: Golf and Cialdini

2:42: Our take on the the DOJ suit against Apple

11:42: The Apple Bull and Bear thesis 17:50: Feature discussion on Alimentation Couche-Tard (ATD)

19:40: The beauty of convenience stores

22:22: ATD’s Consolidation story

23:57: ATD’s secret sauce to improving sales per square foot

27:22: The power of ATD’s compounding

28:43: lack of volatility in gasoline pricing hurting recent results

30:50: why fuel margins could stay higher for longer

34:15: Electric vehicles are risks and rewards

41:22: Potential risks to the ATD story

42:50: Insider alignment, valuation and potential U.S. listing?

Long Term Investing Podcast can also be found on Spotify & Apple.

This week’s episode has Barry and Ernest discussing interest rates, why Baskin Wealth favours U.S. equities, why Alimentation Couche-Tard and Constellation Software are only listed on the Canadian exchange and then our feature discussion on Tourmaline Oil. Mike Rose, founder of Tourmaline, is one of Canada’s greatest capital allocators. We learn all about his strategy and reasons to be bullish on Natural Gas.

0:56: Charlie and Warren rubber duckies backstory

2:36: Bank of Canada interest rate announcement and why it is reluctant to lower interest rates.

7:47: why does this matter for long term investing? 10:08: why Baskin has as much as 70% of its clients equity exposure to the U.S. 15:50: rethinking dividend payers in a more normalized rate environment.

18:18: why Constellation Software and Couche-Tard aren’t listed on the US stock exchange

21:15: All about Mike Rose and Tourmaline Oil 27:20: Tourmaline sticks to its circle of competence 28:36: Tourmaline’s natural gas strategy

32:20: reasons to be bullish on Canadian Nat gas 36:18: What is Mike Rose doing with his own money?

36:51: Tourmaline’s capital allocation strategy

40:15: keep an open mind to own a commodity business

41:30: comparing Tourmaline to the Magnificent 7.

Long Term Investing Podcast can also be found on Spotify & Apple.

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

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

Long Term Investing Podcast can also be found on Spotify & Apple.

We are introducing a new regular feature to the podcast, the Financial Planning edition with Senior Portfolio Manager, Benjamin Klein, CFA, CFP. Benjamin joins Barry to discuss topics like – what is financial planning; does everyone need a financial plan; and, mistakes people make as they prepare for retirement. The feature discussion in our inaugural Financial Planning podcast is about the recently introduced First Home Savings Account.

We plan on dropping a Financial Planning podcast once a month so please send us your feedback and questions!

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?

Long Term Investing Podcast can also be found on Spotify & Apple.

With Barry back from vacation, he 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. They 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 than Constellation Software.

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

Long Term Investing Podcast can also be found on Spotify & Apple.

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.

Long Term Investing Podcast can also be found on Spotify & Apple.

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

Long Term Investing Podcast can also be found on Spotify & Apple.

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

Long Term Investing Podcast can also be found on Spotify & Apple.

The feature discussion today is about Blackrock, the $10T asset manager juggernaut. Barry and Ernest discuss their reasons for owning Blackrock, take a deep dive into its recent acquisition in the private equity space and explain why this acquisition validates Brookfield’s strategy. They also talk briefly about Apple but, before that, they answer some viewer’s questions about portfolio construction and when and how decisions are made to buy a stock.

Long Term Investing Podcast can also be found on Spotify & Apple.

Barry and Ernest deep dive into their research process and what they look for in buying a new company for their client’s portfolio. If you love discussions about management, culture, capital allocation, valuation and quality factors then this is the episode for you.

Long Term Investing Podcast can also be found on Spotify & Apple.