TIP857: S&P GLOBAL, NOVO, DECKERS BRANDS

W/ STIG BRODERSEN, TOBIAS CARLISLE, & HARI RAMACHANDRA

TIP857: S&P GLOBAL, NOVO, DECKERS BRANDS W/ STIG BRODERSEN, TOBIAS CARLISLE, & HARI RAMACHANDRA

31 October 2026

In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Novo, until recently the most valuable company in Europe, now priced as if its obesity franchise is a melting ice cube. Stig pitches S&P Global, the company behind the S&P 500 and one of the world’s great ratings businesses, and explains why it became his first new position in more than a year. Tobias breaks down Deckers Brands, the owner of HOKA and UGG, trading at 11 times earnings and buying back stock aggressively.

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IN THIS EPISODE, YOU’LL LEARN:

  • Why Hari is bullish on Novo Nordisk (Ticker: NVO), trading at 12 times forward earnings with a 4.5% dividend and an oral obesity pill gaining traction.
  • The bear case for Novo Nordisk, including Eli Lilly’s lead in efficacy and market share, Medicare price negotiations, and patent expiries in key markets.
  • Why Stig is bullish on S&P Global (Ticker: SPGI), highlighting the ratings oligopoly, the economics of the S&P 500 index, and why he bought a starter position below $400.
  • The bear case for S&P Global, including AI disruption of Market Intelligence, competition from startups like AlphaSense and Rogo, and whether 23 times earnings is cheap enough.
  • Why Tobias is bullish on Deckers (Ticker: DECK), emphasizing $1.6 billion in net cash, buybacks of 80% of free cash flow, and thoughtful capital allocation.
  • The bear case for Deckers Brands, including slowing HOKA growth, the fashion risk in UGG, a squeezed consumer, and the low base rate for brands re-accelerating growth.

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:02] Stig Brodersen: Welcome back to The Investor’s Podcast episode 857. In today’s episode, we are joined by my friends and fellow value investors, Tobias Carlisle and Hy Ramachandra. We’re doing another round of stock pitches, and this time all three are stocks. The market is falling out of love with.

[00:00:18] Stig Brodersen: We kick things off with Hari’s pitch of Novo, and two years ago it was the most valuable company in Europe. Today it most certainly is not. And it trades to twelve times forward earnings. And Hari explains why he thinks the bad news is already more than reflected in the price, and where he sees hidden value that the market does not appreciate.

[00:00:38] Stig Brodersen: And I pitch S&P Global. It’s a wide moat business with a long runway to grow. And I took a one percent position just two hours before we recorded at 399 dollars a share. And this is my first new position in more than a year.

[00:00:52] Stig Brodersen: And during my pitch, I hope you’ll find out why there is more than meets the eye and why the risk of AI disruption is overblown. And finally, Toby walks us through Decker’s the owner of Hogan, Ark. At eleven times earnings with plenty of net cash on the balance sheet. This is a classic Toby pick. And I mean that as a compliment. I almost want to say that it can’t go wrong. But as we all know, those would be famous last words. All right, let’s jump to it.

[00:01:22] Intro: Since 2014, with more than 200 million downloads, we have interviewed the world’s best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly, and sharing everything we learn with you. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investment in the securities discussed. Now, for your host, Stig Brodersen.

[00:02:06] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen. And today for our mastermind discussion, as always, I’m here with my friends, Hari and Toby. Gents, what’s going on?

[00:02:17] Tobias Carlisle: Hey, Stig. Hey, Hari. How are you?

[00:02:19] Hari Ramachandra: Hey, Toby. It’s good to see you both. And hello to everyone. Happy to be back.

[00:02:24] Stig Brodersen: Fantastic. Yeah. It’s so good seeing you. And let’s just jump right into it. Hari, let’s hear your pick first.

[00:02:31] Hari Ramachandra: Yeah, sure. I think we were just discussing before we started recording. It’s been a brutal market and a confusing one, too. There are few winners, few maybe winners who are not public. But then there are a lot of losers in the game. So I was looking at some of the ones that has lost its shine, or the love was much loved before, but not anymore kind of opportunities. So my pick today is one of those companies which two years ago was the most valuable company in Europe. Stig, no points for you for guessing.

[00:03:09] Hari Ramachandra: I’m pretty sure you will know. And pretty much everybody owned it. I don’t know whether you owned it, Stig, but pretty much a lot of people, a lot of ETFs, a lot of funds own this company. The analysts really loved it. But today that stock is down 40 percent. And from its 52 week high, and it’s trading roughly around 12 times forward earnings. And basically everybody’s saying party is over here. The company I’m talking about is Novo Nordisk.

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