TIP795: BERKSHIRE, MOODY’S, & BELLRING BRANDS

W/ STIG BRODERSEN, TOBIAS CARLISLE, AND HARI RAMACHANDRA

TIP795: BERKSHIRE, MOODY’S, & BELLRING BRANDS W/ STIG BRODERSEN, TOBIAS CARLISLE, AND HARI RAMACHANDRA

28 February 2026

In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Stig breaks down the investment case for Berkshire Hathaway and its leadership transition. Hari examines Moody’s, emphasizing its regulatory moat and long-term durability. Tobias highlights BellRing Brands, focusing on valuation and cash flow potential. The discussion also explores valuation risk and shifting market dynamics.

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IN THIS EPISODE, YOU’LL LEARN:

  • Why Stig is bullish on Berkshire Hathaway, highlighting its fortress balance sheet, decentralized culture, and Greg Abel’s leadership transition (Ticker: NYSE: BRK.B)
  • The bear case for Berkshire, including slowing growth and capital allocation challenges
  • Why Hari is bullish on Moody’s, emphasizing its regulatory moat, duopoly market structure, and high-margin recurring analytics business (Ticker: NYSE: MCO)
  • The bear case for Moody’s, including valuation risk, debt issuance cyclicality, regulatory pressures, and AI-driven disruption in analytics
  • Why Tobias is bullish on BellRing Brands, focusing on strong free cash flow, brand positioning in protein nutrition, and potential private equity appeal (Ticker: NYSE: BRBR)
  • The bear case for BellRing Brands, including customer concentration, leverage, and shifting consumer trends

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.

[00:00:03] Stig Brodersen: In today’s episode. I’m as usual joined by my friends and fellow value investors, Tobias Carlisle and Hari Ramachandra. We kick things off with my pitch on Berkshire Hathaway. We break down the investment case as the company transitions leadership to Greg Abel. We discuss what kind of returns investors can reasonably expect from here, and whether Abel’s new $25 million compensation package is reasonable and aligned with shareholders. It’s certainly a lot more than a hundred thousand dollars. Buffett’s own annual pay is low, but not so much compared to the $19 million average pay packages for an S&P 500 CEO whenever you consider the size of Berkshire Hathaway.

[00:00:36] Stig Brodersen: Then Hari walks us through Moody’s, one of the highest quality businesses in finance with its regulatory moat, and dominant position in credit ratings. We debate valuation and long-term risks. Then finally, Tobias pitches BellRing Brands, a protein focused consumer company that the market is selling off heavily and currently seems to be offering an appealing valuation.

[00:00:58] Stig Brodersen: Now one more quick note before we get into the episode. As we near the Berkshire Meeting in May, we’ll be hosting a few dinners and socials in Omaha for our TIP Mastermind community. Our events will be a great opportunity to meet kindred spirits in the value investing space, build meaningful relationships, and discuss stock ideas and investing strategies. We’ll be closing the group to new applicants at the end of March.

[00:01:19] Stig Brodersen: So if you would like to join us in Omaha, you can apply to join the community by visiting theinvestorspodcast.com/mastermind or sending my co-host Clay a note at clay@theinvestorspodcast.com.

[00:01:36] Intro: Since 2014 and through more than 190 million downloads, we break down the principles of value investing and sit down with some of the world’s best asset managers. We uncover potential opportunities in the market and explore the intersection between money, happiness, and the art of living a good life.

[00:01:54] Intro: 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 investments in the securities discussed. Now for your host, Stig Brodersen.

[00:02:19] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen, and today I’m here with my friends and fellow investors, Tobias and Hari. How are you today gents?

[00:02:28] Tobias Carlisle: Hey, Stig. Hey, Hari. Good to see you. Good to see both of you guys.

[00:02:32] Hari Ramachandra: Yeah, good to see you both. Thank you for having us, Stig.

[00:02:35] Stig Brodersen: It’s always great and with Berkshire coming up, you know, I can’t help but pitch it. I know that’s not an unknown gem. I know it’s sort of like a bit of, I feel like it’s a cliche. I mean, we’re talking about a company that’s more than a trillion dollars in market cap and I guess everyone knows it, especially followers of this podcast would know it. So why am I talking about Berkshire Hathaway?

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