The market is changing. The AI trade is losing momentum, money is rotating into other parts

of the market, and some of the stocks investors left behind are making a

comeback. Is your portfolio positioned for what's next?

On this episode of the Long Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer of Baskin Wealth Management, and Ernest Wong, Head of Research and Portfolio Manager, explain why strong businesses can be great investments even when the market has given up on them. Coca-Cola (KO) is proving that consumers haven't abandoned soft drinks, with Coke Zero helping drive growth. Domino's Pizza (DPZ) continues to gain market share despite pressure on consumers, while Garmin (GRMN) delivered strong earnings only to see its stock initially sell off. They also revisit Constellation Software (CSU), where fears of AI disruption sent shares plunging despite continued growth in the underlying business.

But the bigger shift is happening in AI. Following the U.S. midterm elections, growing political opposition to data centre construction is raising questions about the next phase of the AI boom. Could a slowdown in infrastructure spending hurt chipmakers and equipment suppliers while benefiting the hyperscalers that

already own massive data centre networks? Barry and Ernest explain why they're wary of sky-high valuations in parts of the AI trade but remain confident in Taiwan Semiconductor (TSM).

Plus, three stocks making headlines for very different reasons. Ferrari (RACE) is bouncing back as its controversial electric vehicle strategy attracts a new generation of wealthy buyers. FICO (FICO) has been battered by regulatory pressure despite reporting record results, and management is making a significant change to its pricing strategy. Meanwhile, Fairfax Financial (FFH) is defying concerns about a weakening insurance market, reporting strong results and pursuing major new investments in India and the UK.

The lesson? Stock prices can change dramatically even when the businesses behind them haven't. Barry and Ernest explain why tuning out market noise, focusing on fundamentals and resisting the temptation to chase momentum can make all the difference for long-term investors.

To learn more about Baskin Wealth Management or discuss your investment portfolio, visit https://baskinwealth.com.

Timestamps

0:00 Cold open: quality stocks and the AI outlook

0:56 Welcome to the Long Term Investing Podcast

1:45 Halloween talk: costumes, candy and shrinkflation

3:10 Coca-Cola’s pivot to Coke Zero

5:32 AI stocks pull back: why diversification matters

6:42 Midterm results and the market narrative

8:56 Don’t overthink elections and macro events

9:37 Strong fundamentals beneath market volatility

11:59 “The market is here to serve you, not instruct you”

13:46 Example: Garmin’s earnings and stock movement

14:51 Constellation Software and AI fears

16:12 AI hype, data centers and the chip sell-off

18:12 Why the hyperscalers may benefit

20:08 Risks across the data-center supply chain

21:57 Why they still own Taiwan Semiconductor

24:03 Ferrari: earnings, the Luce and brand strategy

33:00 FICO: pricing changes and regulatory pressure

38:57 Fairfax: insurance results and new investments

45:51 Wrap-up

46:09 Legal disclaimer

Links

www.baskinwealth.com

info@baskinwealth.com

DISCLAIMER

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.

👉 Click Here to Subscribe: https://www.youtube.com/@LongTermInvestingPodcast

A $2 trillion AI IPO, a sharp selloff in Google, and three companies that put shareholders first. Is Wall Street losing

sight of what really matters?

On this episode of the Long-Term Investing Podcast, Barry Schwartz, President and Chief Investment Officer at Baskin

Wealth Management, and Ernest Wong, Head of Research and Portfolio Manager, break down the anticipated Anthropic IPO and explain why, despite the explosive growth of its Claude AI models, they're unlikely to invest. With enormous data centre commitments, fierce competition and a potentially staggering valuation, is the AI opportunity worth the risk?

They also examine Google's (GOOGL) latest earnings and the market's negative reaction despite strong revenue growth. As Google and Meta (META) pour billions into AI infrastructure, investors are increasingly questioning whether that spending will generate adequate returns. Could the market be overlooking the long-term opportunity?

Finally, Barry and Ernest reveal three companies they believe stand apart when it comes to respecting shareholders: Berkshire Hathaway (BRK.B), Constellation Software (CSU) and Fairfax Financial (FFH). They discuss what makes these businesses exceptional capital allocators, why management incentives matter, and how aligning executives with shareholders can create lasting wealth.

0:00 Cold Open

0:54 Welcome to the Long Term Investing Podcast

1:40 Halloween costumes and the economics of Halloween

2:50 The Anthropic IPO: what Anthropic and Claude are

5:45 Anthropic's prospectus: valuation and revenue

7:09 Why Anthropic going public matters for AI

8:21 Would we buy the Anthropic IPO?

9:29 Is Anthropic actually profitable?

11:01 The $500B data center commitments

12:25 Meta and Google Q3 earnings

13:25 Why Google fell despite 20%+ growth

15:09 Google and Meta's history with new ad formats

16:44 AI capex and what the market wants to see

18:03 Companies that respect shareholders

19:27 What shareholder alignment really means

24:44 The only three truly shareholder-focused companies

26:41 How Fairfax pays its CEO

29:12 Buffett's legacy and incentive design

29:58 Is Anthropic's Dario Amodei aligned with shareholders?

31:44 Alignment doesn't guarantee a good business

32:24 Capital allocation and decentralized operations

33:37 Wrap-up

34:12 Legal disclaimer

Links

www.baskinwealth.com

info@baskinwealth.com

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.

👉 Click Here to Subscribe: https://www.youtube.com/@LongTermInvestingPodcast

Great companies don't always make great stocks—at least in the short term. Netflix (NFLX) and Meta (META) are delivering impressive growth, yet their share prices are under pressure. Is Wall Street missing the bigger picture?

On this episode of the Long Term Investing Podcast, Barry Schwartz and Ernest Wong of Baskin Wealth Management break down what's driving the selloffs in Netflix and Meta. They examine Netflix's declining U.S. engagement, growing competition from YouTube, and whether its international expansion and live sports strategy can reignite investor enthusiasm. They also discuss Meta's ambitious AI investments, the rapid growth of its new Muse platform, and Mark Zuckerberg's plans to maintain control of the company.

Plus, why are some of the market's most reliable businesses being overlooked? Barry and Ernest discuss Waste Connections (WCN) and FirstService (FSV), two long-term holdings that have faced investor skepticism despite resilient fundamentals. From pricing power and acquisitions to share buybacks and disciplined capital allocation, they explain why patience can be one of the most valuable tools in an investor's portfolio.

The bottom line: Stock prices are opinions. Fundamentals are facts. And for long-term investors, knowing the

difference is everything.

Timestamps

0:00 Trailer & Intro: Meta, Netflix, Waste Connections and First Service

1:42 Kawhi Leonard and the Raptors

3:47 Are publicly traded sports teams good investments?

4:27 Netflix: stock under pressure and the YouTube narrative

5:37 Is Netflix engagement really declining?

7:04 Netflix's leadership shake-up

7:40 The Warner Bros. bid and the stock drop

9:43 Putting Netflix's U.S. engagement issue in perspective

11:19 Is Netflix a utility? Why engagement still matters

12:38 Netflix's international content strategy

15:32 Why the US engagement problem is fixable

16:57 Disney licensing deals and channel services

20:19 Live sports and the platform pivot

21:29 Netflix valuation vs. the S&P 500

22:31 Meta: why the stock fell after earnings

25:09 Meta's Muse AI agent and how it makes money

28:33 Meta's new non-voting share class

32:03 What Netflix and Meta have in common

32:55 Waste Connections: the exclusive-market model

38:18 First Service: property management, roofing and brands

42:56 First Service buybacks and capital allocation

45:57 Why boring compounders lagged this year

46:53 Legal disclaimer

Links

www.baskinwealth.com

info@baskinwealth.com

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.