Long Term Investing - With Baskin Wealth Management Barry Schwartz

0:00: Introduction
3:25: Benjamin walks us through the new budget in Canada with respect to the upcoming capital gains changes.
5:43: Taking $250,000 of capital gains in one year is rare.
7:21: What to know about the new tax changes for death, selling an investment property or liquidity needs.
8:34: Capital gains taxation upon death and what actions one can take to limit the taxation impact.
12:04: For most of us, the best advice is to do nothing.
14:38: What can you do about cottages and investment properties?
16:30: Should you take capital gains if you have meaningful short-term liquidity requirements?
18:34: Trusts and Corporation discussion.
22:40: Summary of the actions you can take.
24:00: changes to the lifetime capital gains exemption for owners of small businesses.
26:12: Listening to Warren Buffett on capital gains.

A big show this week. Benjamin Klein, CFP, joins Barry to discuss the new budget in Canada. Barry and Benjamin explain the relevant capital gains taxation changes, what it means for your portfolio and your estate and what actions (if any) one should take before the June 25th deadline.

https://baskinwealth.com/blog/fun-with-numbers-should-you-realize-capital-gains-and-pay-taxes-early-2/

0:00: Introduction
1:37: discussion about capital gains changes in Canada and how it could affect your portfolio.
3:52: should you own a dividend payer stock vs. a growth stock given changes in capital gains rates in Canada
7:10: do these tax changes make Canada less competitive?
10:22: Feature discussion on Waste Connections
10:46: A quick discussion about the Halloween Surprise taxation of income trusts in Canada
14:00: a history of Baskin’s purchase of BFI Garbage Trust which eventually became Waste Connections
14:35: Waste Connections and waste business overview
21:50: Waste Connections’ secret sauce
23:23: Servant Leadership Culture at Waste Connections
29:55: Future catalysts for the stock
31:25: RNG potential upside for Waste Connections
33:52: Robotics and AI use in the Waste industry
35:40: Risks to consider when investing in Waste Connections

In our opinion, successful long-term investments are found in companies that focus exclusively on culture. Waste Connections fits this bill. Under the tutelage of its founder, Ronald Mittelstaedt, Waste Connections has collected a compounder status by turning trash into cash with its unique Servant Leadership model. Barry and Ernest discuss Baskin's history of owning Waste Connections as well potential rewards and risks they see going forward. If you love compouders, you will love this episode!

0:00: Introduction
0:56: Ernest’s discusses his debut on BNN Bloomberg
4:15: Why are there so few “super-investors”?
6:23: Canadian compounders trading at a discount to their U.S. peers and examples.
8:43: Why Canadian stocks are out of favour right now.
10:02: Example #1 - Couche-Tard
11:36: What do Hot Dogs and Compounders have in common?
12:40: Couche-Tard’s valuation discount
15:05: Example #2 – CCL Industries
16:40: Example of a Canadian Compounder trading at premium.
18:56: Example #3 – Canadian Natural Resources
21:43: Example #4- TFI Industries
23:16: Still prefer U.S. business and a discussion on Costco.
26:50: Amazon’s years of investments finally paying off.

Great discussion this week about Canadian Compounders that trade at a discount to their U.S. peers. Barry and Ernest give four examples of companies owned by Baskin Wealth Management clients that are valued at a discount and the reasons why. Barry and Ernest discuss why Canadian stocks are currently out of favour and then finish off the episode with comments on Costco and Amazon.

check out Ernest's debut on BNN Bloomberg: https://baskinwealth.com/media-appearances/ernest-wong-on-bnn-we-remain-underweight-on-canadian-stocks/

0:00: Introduction
1:27: Bare Trust Debacle
3:08: Why people set up joint accounts with family members
4:17: Explaining probate on non-registered accounts held jointly with family members
10:28: The pros and Cons of Formal and Informal Trusts and joint accounts with family members
13:53: Explaining formal trusts
15:48: Explaining Informal Trusts
19:10: Explaining “For” accounts
20:25: Which trust makes sense for you?
21:30: Real example of an informal trust account becoming a joint account with parents
22:22: What happens to the informal trust account when your child turns 18
24:32: What Grandparents/Aunt’s/Uncle’s should know when gifting money to minor family members.

Benjamin Klein, Senior Portfolio Manager and CFP, joins Barry for our monthly financial planning podcast. Benjamin and Barry have a fascinating discussion all about trusts and joint accounts with family members. If you are curious about how they work, the pros and cons of each, and the differences between a formal and informal trust, then this episode will be enlightening.

0:00: Introduction
1:48: Golf and Cialdini
2:42: Our take on the the DOJ suit against Apple
11:42: The Apple Bull and Bear thesis
17:50: Feature discussion on Alimentation Couche-Tard (ATD)
19:40: The beauty of convenience stores
22:22: ATD's Consolidation story
23:57: ATD's secret sauce to improving sales per square foot
27:22: The power of ATD's compounding
28:43: lack of volatility in gasoline pricing hurting recent results
30:50: why fuel margins could stay higher for longer
34:15: Electric vehicles are risks and rewards
41:22: Potential risks to the ATD story
42:50: Insider alignment, valuation and potential U.S. listing?

Alimentation Couche-Tard (ATD) is one of the best performing Canadian equities for over 30 years. Ernest and Barry discuss the pros, cons and the reasons why we finally purchased this investment for clients. We also talk about Apple's recent woes and reasons to stay optimistic.

0:00: Introduction

0:56: Charlie and Warren rubber duckies backstory
2:36: Bank of Canada interest rate announcement and why it is reluctant to lower interest rates.
7:47: why does this matter for long term investing?
10:08: why Baskin has as much as 70% of its clients equity exposure to the U.S.
15:50: rethinking dividend payers in a more normalized rate environment.
18:18: why Constellation Software and Couche-Tard aren’t listed on the US stock exchange
21:15: All about Mike Rose and Tourmaline Oil
27:20: Tourmaline sticks to its circle of competence
28:36: Tourmaline’s natural gas strategy

32:20: reasons to be bullish on Canadian Nat gas
36:18: What is Mike Rose doing with his own money?
36:51: Tourmaline’s capital allocation strategy
40:15: keep an open mind to own a commodity business
41:30: comparing Tourmaline to the Magnificent 7.

This week's episode has Barry and Ernest discussing interest rates, why Baskin Wealth favours U.S. equities, why Alimentation Couche-Tard and Constellation Software are only listed on the Canadian exchange and then our feature discussion on Tourmaline Oil. Mike Rose, founder of Tourmaline, is one of Canada's greatest capital allocators. We learn all about his strategy and reasons to be bullish on Natural Gas.