Barry Schwartz, president &amp; CIO at Baskin Wealth Management, shares his outlook on North American Large Cap Stocks.

Barry Schwartz's Market Outlook: North American Large Cap Stocks (June 9, 2026)

Market Call

# Full Transcript

**Podcast:** Market Call

## Participants

- **Lindsay Biscaya** (None)
- **Barry Schwartz** (Baskin Wealth Management)

## Transcript

Hi there, I'm Lindsay Biscaya. Welcome to Market Call. Barry Schwartz is on the show today. He's President and CIO of Baskin Wealth Management and he'll be taking your questions on North American Large Cap. Here's how you can reach us. You can call us toll free 1-855-326-6266 or you can send us an email to marketcall at bnmbloomberg.ca. And Barry joins us now. Okay, so great to have you once again. Thanks for having me.

Interesting day. We're seeing a bit of a crash in the markets. Let's say a rotation out of the chipmaker stocks. What do you make of what we're seeing? The Nasdaq down by 2%? Well, it was news to me because I was driving on the 401. Yeah, it happened quickly. Yeah, so it happened quickly and I'm not surprised what's going on. I guess it's a carryover from what happened on Friday. There's a lot of hype. There's a lot of craziness in some of these chip stocks.

You know, you're hearing stories about Korean, South Korean housewives borrowing money against their houses to buy memory stocks in Korea. I haven't heard that. You haven't heard that? Well, and you saw like the Korean market was down like 8% follow through from Friday. So, you know, people are getting ahead of themselves with some of these chip names.

I know the numbers are staggering, right? We're looking at maybe a trillion dollars spent on potential AI infrastructure in 2027. And so naturally, people are going to, you know, want to participate in that. But at some point, you're overpaying for the future and all the good news is priced in. And, you know, with all these IPOs coming to the market, lots of, you know, we saw a confidential filing yesterday from what's called OpenAI, right?

So you got OpenAI, you got Anthropic, you got SpaceX. None of these are profitable. All these are going to be priced as if, you know, perfection has to happen. And in the meantime, of course, high quality, profitable names making tons of money today are being ignored, right?

Whether it's names like a Visa or a Microsoft, you know, those those type of great quality businesses where we're still using all their products have just been ignored because it's not AI, you know, AI hype. Is that where you think it's safer for investors to look right now, especially when, like, as you say, like we saw the chip sell off last week. We're seeing it again today after a rebound. Like, where do you go to avoid this?

If you want to. Yeah, great. I mean, if you want to participate in this FOMO, you have to obviously accept that it's going to be volatile when people start saying, yeah, I bought Micron yesterday and I'm up 15 percent in one day. What have Barry, what have you done for me lately? That's not investing. That's gambling. And I don't participate in that. That's just silliness. Maybe it will work out. Not all the not all these AI companies are...

Barry Schwartz's Market Outlook: North American Large Cap Stocks (June 9, 2026)

Transcript

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Barry Schwartz's Market Outlook: North American Large Cap Stocks (June 9, 2026)

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.