This episode was recorded before the sad news that Mark Leonard had to step down as CEO of Constellation Software for health reasons. We wish him a full and speedy recovery.

This week, Barry and Ernest react to Constellation Software's conference call about the risks and opportunities of AI to their business. 0:00- Intro

4:34- Constellation's AI conference call

13:53- Geoffrey Hinton's radiologist prediction

14:58- AI concerns for Constellation

24:48- AI opportunities for Constellation

27:02- Constellation's decentralization

32:00- High hurdle rates for M&A

This week, Barry and Ernest provide an update onBrookfield after its annual investor day, before breaking down Adobe's earnings and business updates.

0:00- Intro

6:40- Brookfield annual investor days

9:38- BAM's AI strategy

17:27- BAM's retail opportunity

18:51- BAM carried interest

20:41- BN's insurance business

31:48- BN's real estate update

35:19- How BN's insurance growth benefits BAM

39:39- Adobe update

This week, Barry and Ernest break down Google's favorable antitrust remedies ruling and how it impacts Google, Apple, and perhaps surprisingly, Live Nation.

0:00- Intro

2:04- Google's antitrust risk

8:34- Favorable remedies ruling for Google

13:18- AI competition for Google Search

18:12- Apple benefitting from the ruling

25:00- Live Nation's antitrust issues

30:00- Live Nation's international growth

This week, Barry and Ernest discuss the risks of alternativeinvestments and explain why long-term investing makes sense, before reviewing the current state of Canadian banks.

0:00- Intro

2:20- Are alternatives suitable for investors?

13:25- Cracks in the housing market impacting banks

15:55- What does long-term investing mean?

19:30- What a long-term investor should look for?

22:30- How incentives lead to short-term performance

26:35- Building conviction through research for the long-term

29:52- Incentives to sell "losers"

36:00- Update on Canadian banks

Barry and Ernest are back from summer vacation and discuss why companies need to think locally in international markets, before breaking down how Big Techs can earn healthy returns on their massive capital spending on AI.

1:41- Ernest getting stuck in Europe

5:37- Importance of local operators

9:04- Couche-Tard’s failed Carrefour deal

14:50- Market update

21:24- Google’s strong performance

26:24- What’s the return for big tech capex?

33:20- Will AI displace traditional software?

36:25- How AI impacts Constellation Software

0:00 – Introduction

5:06 – Tariffs removing regulatory scrutiny on Americantech

9:03 – Importance of culture for long-term performance

15:28 – Update on Adobe

27:58 – Netflix’s earnings

34:26 – Domino’s earnings

39:06 – MSCI’s earnings

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?