The Market Has Changed. Our Investing Principles Haven’t.

The Long Term Investing Podcast is back with a brand-new season and a brand-new look. Barry Schwartz, President and Chief Investment Officer, and Ernest Wong, Head of Research and Portfolio Manager at Baskin Wealth Management, return to break down why short-term volatility hasn’t shaken their conviction in owning high-quality compounders—businesses that can grow earnings and free cash flow per share, reinvest at attractive rates and create value over the long term.

With interest rates moving higher, inflation concerns resurfacing and AI investment continuing to reshape the economy, Barry and Ernest explain why they aren’t making major changes to their portfolio. They discuss why higher rates can create challenges for dividend-paying stocks and why constantly chasing the market’s latest winners can come at a cost.

They also look at the push to get major infrastructure projects built in Canada and what it could mean for Canadian Natural Resources (CNQ.TO) and Tourmaline Oil (TOU.TO), two companies they believe could benefit from greater market access for Canadian energy. Plus, they discuss how Brookfield Corporation (BN.TO) and Brookfield Asset Management (BAM.TO) are positioning themselves to capitalize on the infrastructure investment boom.

Finally, Barry and Ernest examine just how exposed the S&P 500 has become to the AI and data-centre boom, with discussion of Nvidia (NVDA), Micron Technology (MU) and Amphenol (APH). Ernest argues that with roughly 40% of the index now directly tied to AI and data-centre spending, investing passively in the S&P 500 increasingly means making a significant bet on a single theme. For active investors, that raises an important question: how much AI exposure are you actually comfortable having in your portfolio? They also turn to Apple (AAPL) and whether its new foldable iPhone could become another meaningful growth driver.

Markets may be shifting, but does that mean your investment strategy should shift with them?

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00:00 Introduction 01:07 Welcome to the Long Term Investing Podcast 02:05 Ernest’s Summer in Asia and a Global Investment Perspective 03:00 Rising Interest Rates, Inflation, and Market Uncertainty 04:37 Are Today’s Rate Hikes Similar to 2022? 07:17 How Interest Rates Could Affect AI and Data Centre Growth 08:53 What Higher Rates Mean for Stocks, Bonds, and Dividend Investments 12:23 How Baskin Is Positioning Its Portfolios 14:09 Mark Carney’s Investor Summit and Canada’s Economic Strategy 16:09 Can Canada Actually Deliver on Its Mega-Projects? 19:31 Canadian Natural Resources and Tourmaline: Potential Beneficiaries (CNQ, TOU) 23:41 Is Compounding Still the Best Long-Term Investing Strategy? 26:33 Why Investors Should Focus on Fundamentals, Not Stock Prices 28:25 Brookfield, the Maple Fund, and Investing in Canadian Infrastructure

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DISCLAIMERS This podcast is for informational purposes only and any forecast on the economy, markets or individual securities should not be viewed as investment advice, a recommendation or an offer or solicitation to buy or sell any securities. Clients of Baskin Wealth Management and the speakers on this podcast may own shares of the companies discussed. Information on this podcast is current as of the time of production and is subject to change. If you have any questions or would like to subscribe to these podcasts, visit our website at baskinwealth.com.