Barry Schwartz

He just bought a lot more yesterday. Extremely reasonable valuation around 16-17x PE. Revenues growing an incredible 30%, which is hard to find in such a big company. 

The street will eventually reward it. Problem is that its vision isn't properly articulated. Behind on learning-language models.

Popped so much on earnings because it's the clear winner on AI. Eclipsed ChatGPT in the ability to advertise on AI and to integrate everything.

Restarted share buybacks. Lots of M&A to be had. Growth of 3-5% a year, with a nice tailwind to double-digit earnings growth for a long time. Results starting to improve. Food offerings aren't as good as some US competitors, and it's fixing that. Not exceptionally cheap, but a great long-term investment.

Price has run up. You'd have thought that with the start of a war it would go up more, but it hasn't. He doesn't know what the bull or bear case is going forward. He owns no gold companies.

The only reason to buy is if you have a firm belief that gold prices are going higher, and it's impossible to know.

Doesn't like miners as an investment -- not a good enough business that delivers high enough ROIC.

ABX and AEM are the top 2 gold companies in Canada. He'd lean more toward AEM.

Doesn't like miners as an investment -- not a good enough business that delivers high enough ROIC. ABX and AEM are the top 2 gold companies in Canada. He'd lean more toward AEM.

Only reason to buy is if you have a firm belief that gold prices are going a lot higher, but it's impossible to know.

CEO turned around Domino's Pizza, and that's why he owns the stock. Nothing to fix at Tim's, still working on Burger King. Tim's is undervalued. Headwinds:  beef prices are higher, food prices have gone up, delivery costs have increased. Multiple's not high, very well run. 

Royalty business, all free cashflow. Spending to spruce up BK should end this year, and cashflow should gush. Yield is ~3%.

The reason he sold is weather. Clear that something has changed, 3 years in a row of it not snowing. Balance sheet not good, but raised dividend. Stock's been crushed. Expects it to be taken out by private equity. Great assets.

If he can't see double-digit, predictable earnings growth of 10% or more, he's not interested.

Compared to UBER, like no-name brand of Kleenex. Once you use a service, it's very hard to switch off; that's the network effect. 

Needs scale by spending $$ to capture market share. Thinks it's too late. Purely speculative. Stay away.

AI has had no impact on software demand. As a business owner who uses software, there's no way he switching to AI.

Fantastic business. HR and payment systems for small businesses, mainly in Europe. Growing way faster than CSU. Now half the price it was last year. These companies will pivot quickly to integrating AI.

Recent weakness could be explained by excitement of owning momentum stocks, which ripped in April. As well, NA consumer is wrestling with higher prices.

Very consistent company, terrific brand. He prefers QSR at its cheaper multiple and faster growth, or DPZ.

He owned it as of yesterday, and today he doesn't. 

Sold, not because it's a bad business or there won't be growth, but it's facing a lot of challenges. Not exposed to fastest-growing US insurer. Lots of people in US are driving without insurance, a real headwind. Long-term, concern is autonomous vehicles and getting into fewer accidents.

Valuation's lowest it's been in a long time. Beautiful balance sheet. Founder still has significant stake in the business.

See his Top Picks to see where he put some of the proceeds.

Capex for the quarter was nothing compared to the other guys. The GOAT of companies. Demand for products continues strong. Stock's up today on guidance of double-digit topline growth.

Results haven't been as stellar as some were expecting, insurance business and other parts haven't been tremendous. 

He's excited to see how it does under Greg Abel, who seems to be a terrific operator and is promising to use his salary to buy shares. Share buybacks restarted. Valuation quite attractive here. Betting on growth of the US, and that's a pretty safe bet.

By the way, Buffett's still coming to work every day.