IN THIS EPISODE, YOU’LL LEARN:

• Stig’s bull case for Uber (Ticker on NYSE: UBER).
• The bear case for Uber, including the regulatory risk.
• Why Toby is bullish on Bath & Body Works (Ticker on NYSE: BBWI).
• The bear case of Bath & Body Works, including the debt level.
• Why Hari is bullish on Merck (Ticker on NYSE: MRK).
• The bear case for Merck, including the “Keytruda patent cliff.”
• And so much more!

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.

[00:00:00] Stig Brodersen: I always look forward to recording our mastermind episodes with my good friends, Tobias Carlisle and Hari Ramachandra. These are some of my favorite conversations because once a quarter we each bring a stock to the group, and together we explore both the bull and the bear cases. It’s never about just chilling, cheerleading, a company we like.

[00:00:17] Stig Brodersen: It’s really about testing our ideas, asking the hard questions, and seeing whether we might be wrong. Over the years, I found this format not only makes me a better investor, but also keeps me grounded and curious, and I really hope it’ll do the same for you. In today’s episode, I’ll be pitching Uber the world’s largest ride hailing company.

[00:00:37] Stig Brodersen: It’s a business that many of us use frequently, but when you dig into the numbers, you see there’s a fascinating story about scale networking effects and how the company is building an expanding ecosystem well beyond just rides. Tobias is sharing his thoughts on Bath & Body Works, which is a category leader in home and personal fragrance.

[00:00:56] Stig Brodersen: It is one of those companies that might fly under the radar for many investors, yet it has an incredible, strong brand recognition, customer loyalty, and generates a ton of free cash flow. And finally, Hari’s pick is Merck one of the biggest names in pharmaceuticals. Merck is best known today for Blockbuster Oncology drug, which has changed the landscape of cancer treatment.

[00:01:18] Stig Brodersen: But like many other pharma companies, there is a challenge ahead with a lumen patent cliff, and we’ll be digging into what that means for long-term investors. So grab a cup of coffee, get comfortable and join us as we dive into three very different businesses. We’ll cover what makes them compelling risks to look out for, and hopefully leave you with a few new ideas for your own investing journey.

[00:01:45] Intro: Since 2014, and through more than 180 million downloads, we’ve studied the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Stig Brodersen.

[00:02:09] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Broderson today. As always, I’m here with Toby and Hari. How are you today, gents?

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BOOKS AND RESOURCES

• Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠here⁠⁠⁠.
• Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
• Stig Brodersen’s Portfolio and Track record. 
• Listen to Shawn and Daniel’s episode about Uber.
• Listen to Mastermind Discussion Q2, 2025 or watch the video.  
• Listen to Mastermind Discussion Q1, 2025 or watch the video.  
• Listen to Mastermind Discussion Q4, 2024 or watch the video.  
• Listen to Mastermind Discussion Q3, 2024 or watch the video.
• Listen to Mastermind Discussion Q2, 2024 or watch the video.
• Listen to Mastermind Discussion Q1, 2024 or watch the video.
• Listen to Mastermind Discussion Q4, 2023 or watch the video.
• Listen to Mastermind Discussion Q3, 2023 or watch the video.
• Tobias’ podcast, ⁠⁠⁠⁠⁠⁠⁠⁠The Acquirers Podcast⁠⁠⁠⁠⁠⁠⁠⁠.
• Tobias’ ETFs, ⁠⁠⁠⁠⁠⁠⁠⁠ZIG⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Deep⁠⁠⁠⁠⁠⁠⁠⁠.
• Tobias’ Acquirer’s Multiple stock screener: ⁠⁠⁠⁠⁠⁠⁠⁠AcquirersMultiple.com⁠⁠⁠⁠⁠⁠⁠⁠.
• Tobias Carlisle’s book, The Acquirer’s Multiple.
• Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠here⁠⁠⁠.
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• Browse through all our episodes (complete with transcripts) ⁠⁠⁠here⁠⁠⁠.
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