Long Term Investing - With Baskin Wealth Management

In this week's episode, Barry and Ernest review the first six months of 2025 deep dive into National Bank. 0:00 – Introduction 2:10 – A review of the first six months of 2025 8:22 – Good businesses outperform in volatility 13:00 – Notable performers in the first half 27:50 – Breaking down National Bank 49:03 – Disruptors for Canadian banks?

Barry and Ernest break down their views on investing in gold and “alternatives” and then discuss Alimentation Couche-Tard’s earnings. 0:00 – Introduction 1:40 – The Outsiders + capital allocation 5:33 – Why we don’t own gold 15:47 – The issue with “alternatives” 23:49 – Evaluating AI within non-tech businesses 31:13 – Alimentation Couche-Tard earnings

In this episode, Barry and Ernest discuss their framework for evaluating disruption before discussing a new addition to the portfolio. 0:00 – Introduction 1:29 – Our thoughts on disruption risk 3:35 – The Innovator’s Dilemma 12:43 – Venture capital investing vs public market investing 15:49 – Our new investment in TSMC 29:51 – Valuation, risks, and looking forward for TSMC

This week, Barry and Ernest discuss why people aredrinking less alcohol, talk about the importance of culture & incentives, and provide an update on Costco. 0:00 – Introduction 2:51 – The “Big Beautiful Bill” 7:51 – Shifts in consumer consumption behavior 14:38 – Importance of company culture andincentives 27:11 – Update on Costco 29:05 – Thoughts on Costco’s valuation 42:05 – Costco’s unique culture 43:08 – Next steps for Costco

In this episode, Barry & Ernest dive into key lessons from the past five years of investing and share our latest thoughts on the market. We challenge the idea that complexity leads to better results, and explore why “buy and hold” is oftenharder than it sounds. We also discuss how strong management teams pivot effectively and what that means for long-term success. Plus, we open the mailbag to answer your questions! 0:00 – Introduction 3:58 – Complexity does not lead to better results 10:23 – Our current thoughts on the market 13:18 – Lessons learned over the last five years 19:54 – “Buy and Hold” as a strategy is easier said thandone 28:05 – Management ability to pivot 30:10 – Mailbag 1: Portfolio construction 36:56 – Mailbag 2: Why Waste Connections over other wastemanagement companies? 41:42 – Mailbag 3: Would Couche-Tard have been punished the same way if it were listed on the NYSE? 44:40 – Mailbag 4: Review of your biggest mistakes