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.
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