Inside a Permabull’s Playbook: Barry Schwartz on What Really Drives Markets

Video Description

👉 Click Here to Subscribe: https://www.youtube.com/@inthemoneypod?sub_confirmation=1 Inside a Permabull’s Playbook: Barry Schwartz on What Really Drives Markets | In the Money with Amber Kanwar Long-term investing, Barry Schwartz reminds us, is a simple math problem that most investors overcomplicate — and as a self-described permabull, he’s here to explain why staying constructive matters even in the years that test you. Amber and the President & CIO of Baskin Wealth Management dig into the final trading month of the year as Barry breaks down why earnings growth powered the 2025 rally, why double-digit profit growth is still ahead, and why one off-trend year never justifies abandoning a sound philosophy. He also opens up about Baskin’s performance, the pressure of chasing the index, and why he still won’t touch gold miners despite their monster gains. Barry tackles viewer questions head-on, starting with Canadian banks at record highs, explaining why National Bank (NA.TO) and Royal Bank (RY.TO) have earned their premium and why he’s not rushing back into TD Bank (TD.TO). He then digs into Telus (T.TO) and the broader telco group, calling out how attractive dividends can mask weak cash flow and rising leverage. On CN Rail (CNR.TO), he respects the long-term durability but sees better growth elsewhere. He weighs in on Constellation Software’s (CSU.TO) rare pullback, why slower growth doesn’t mean the compounding story is over, and why this may be a chance to add, not bail. On Berkshire Hathaway (BRK.B), he pushes back on worries about Buffett’s growing cash pile and argues the long-term thesis remains intact. He also revisits his long-term energy favourites Tourmaline (TOU.TO) and Canadian Natural Resources (CNQ.TO), explaining why he still prefers these disciplined, founder-influenced compounders over the “sexier” high-beta names that have led the recent energy trade. In Pro Picks, Barry revisits his February recommendations — Apple (AAPL), Microsoft (MSFT), and Meta (META) — and explains why he stayed steady even when Meta sold off, pointing to its 26 percent revenue growth as evidence that AI is already paying off inside the business. Then he turns to what he’s buying now: TFI International (TFII.TO), where he sees powerful upside once one of the worst freight recessions in years finally bottoms; Alimentation Couche-Tard (ATD.TO), which he believes is regaining momentum as U.S. stores improve and fresh food lifts margins; and Restaurant Brands International (QSR.TO), where Burger King’s turnaround and international expansion could finally unlock a stock that has traded in a range for too long. Each idea reflects the same discipline behind his past winners: buying great businesses when the market temporarily misprices them and letting time and compounding do the heavy lifting. Timestamps 00:00 Questrade’s new tools for investors 01:30 Show intro 04:00 Barry Schwartz on the importance of long-term investing 06:00 Barry’s macro view, corporate earnings and why Baskin is underperforming this year 09:20 Why Barry doesn’t like the gold sector 11:00 What really mattered this year? 13:00 AI & All roads lead to OpenAI 17:00 ITM Mailbag: The Canadian banks 23:30 Why Barry is a perma-bull 25:30 Telus stock (T) 30:00 CN Rail stock (CNR) 35:00 Berkshire Hathaway stock (BRB.B) 40:40 Constellation Software stock (CSU) 42:40 Tourmaline stock & Canadian Natural Resources stock (TOU, CNQ) 46:15 Barry’s Past & Pro Picks (AAPL, MSFT, META, TFI, QSR, ATD) Sponsors For more information on Questrade's new tools for investors visit https://questrade.com For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned. To explore BMO's ETF Tools head to www.bmoetfs.com and check out the Tools section. Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information Links https://inthemoneypod.com/ https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypod [email protected] DISCLAIMERS The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns.