In this week’s podcast, Barry and Ernest react to Alimentation Couche-Tard announcing it will drop their bid for Seven and i, before discussing TSMC’s quarterly earnings.

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

This week, Barry and Ernest discuss ConstellationSoftware's annual meeting and the strategic changes being made to continuecompounding into the future, before ending with Brookfield's earnings.

0:00- Introduction

0:58 – Constellation Software Annual Meeting

9:20 – Constellation's compounding runway

20:22 – AI impacts to CSU's model

25:24 – CSU's new compensation structure

27:33 – The potential threat of CSU imitators

33:47 – Brookfield earnings

This week, Barry and Ernest discuss their preference forcompounders over dividend-paying stocks before providing an update on Alimentation Couche-Tard, Canadian Natural Resources, and Tourmaline Oil.

0:00 – Introduction

3:43 – Our view on a potential recession

14:43 – Why we prefer capital allocators over dividend payers

33:10 – Update on Alimentation Couche-Tard

40:51 – Update on CNQ, Tourmaline, and M&A in the O&Gspace