In this interview, we talked with Barry Schwartz and Ernest Wong from Baskin Wealth Management on their investing philosophy and we cover a great variety of businesses. We discuss if you can quality invest in the energy sector, high multiple stock valuations, Costco vs Transdigm, how to rebase expectations, and differences in management of a fund versus seperately managed accounts, as well as much more! We hope you enjoy!

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Show Notes

(0:00) — Intro

(0:51) — Baskin Wealth Management and Investing in Great Companies

(4:38) — Fund Structure versus Separately Managed Accounts (SMAs)

(12:12) — Where to Base Expecations?

(21:57) — Can you Quality Invest in Energy?

(32:31) — How to Deal with Terminal Value, High Multiple Stocks

(39:08) — High ROIC companies with limited reinvestment runway

(42:58) — Can you Overextract Consumer Surplus? Transdigm vs Costco

(52:02) — Portfolio Allocation

(55:17) — Mistakes and When Quality isn’t Quality, Paypal circa 2021

(1:06:19) — What Makes a Terrible Investor?

(1:11:49) — Conclusion

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

Skipping Around - ESW #258