Stig is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. They discuss Berkshire, Moody's and BellRing Brands.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:35 - Stig’s bull case for Berkshire: balance sheet, culture, and Greg Abel (NYSE: BRK.B)
00:27:09 - Berkshire bear case: slowing growth and capital allocation risks
00:30:47 - Tobias’ bull case for BellRing: FCF, protein brand strength, PE appeal (NYSE: BRBR)
00:38:30 - BellRing bear case: concentration, leverage, consumer shifts
00:47:02 - Hari’s bull case for Moody’s: moat, duopoly, recurring analytics (NYSE: MCO)
00:50:20 - Moody’s bear case: valuation, cyclicality, regulation, AI risk

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Learn how to join us in Omaha for the<a href="https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/"> Berkshire meeting</a><a href="https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Stig Brodersen’s <a href="https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/">Portfolio and Track record</a>. </li>
 <li>Check out <a href="https://open.spotify.com/episode/6GqwXIiUvbByySiABKzcyP?si=243a4a70649043c9">Mastermind Discussion Q4, 2025</a> | <a href="https://www.theinvestorspodcast.com/episodes/mastermind-discussion-q4-2025-sanofi-remitly-crocs/">Video</a>.</li>
 <li>Check out <a href="https://open.spotify.com/episode/0G9aVbQ87IFx8OKVJCd3vo?si=ae5b5876b9c748ed">Mastermind Discussion Q3 2025⁠</a> | <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q3-2025-uber-bath-body-works-merck/">Video⁠</a>.</li>
 <li>Check out <a href="https://open.spotify.com/episode/4B8NRDNshQRmwOb2jEyuB3?si=61ef923978de4628">Mastermind Discussion Q2 2025 ⁠</a>| <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q2-2025-microsoft-block-devon-energy-adyen/">Video⁠</a>.</li>
 <li>Check out <a href="https://open.spotify.com/episode/2XY2Bz0Wn6tsKe6s57EnB5?si=ba5b56b8c52d4a0b">Mastermind Discussion Q1 2025⁠</a> | <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/">Video.</a>
</li>
 <li>Tobias' podcast, <a href="https://acquirersmultiple.com/podcast/">The Acquirers Podcast</a>.</li>
 <li>Tobias ' ETF, <a href="https://www.acquirersfund.com/">ZIG</a>.
</li>
 <li>Tobias' ETF, <a href="https://www.etf.com/DEEP">Deep</a>.
</li>
 <li>Tweet to <a href="https://x.com/Greenbackd">Tobias Carlisle</a>.</li>
 <li>Hari's <a href="bitsbusiness.com">Blog</a>.</li>
 <li>Tweet to <a href="https://twitter.com/harirama">Hari</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> mentioned in the podcast.</li>
 <li>Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠<a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.</li>
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