Stig Brodersen is joined by Tobias Carlisle & Hari Ramachandra for another round of stock pitches. They discuss Sanofi, Remitly, and Crocs. 

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:54 - Why Hari is bullish on Sanofi’s strong vaccine and immunology pipeline (Ticker: NYSE: SNY)
00:05:30 - The bear case for Sanofi, including patent cliffs
00:19:26 - Why Stig is bullish on Remitly, highlighting operational leverage and a secular shift in digital payments and remittances (Ticker: NASDAQ: RELY)
00:43:10 - The bear case for Remitly, including pursuing the wrong strategy and excessive stock-based compensation
00:50:50 - Why Toby is bullish on Crocs, focusing on valuation and global growth (Ticker: NASDAQ: CROX)
01:02:36 - The bear case for Crocs, including tariffs and changing fashion trends
01:18:08 - Which live events we have planned for our Mastermind Community in 2026 — and how you can join

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>Check out our <a href="https://www.youtube.com/shorts/_bwDn3hc3-M">event in Montana</a>
</li>
 <li>Join us in Omaha for <a href="https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/">Berkshire Hathaway’s annual shareholders’ meeting</a>
</li>
 <li>Tobias Carlisle's book, <a href="https://www.amazon.com/Soldier-Fortune-Buffett-Ancient-Risk-Taking/dp/B0FTFBQTGR?&linkCode=ll1&tag=tipnetwork-20&linkId=84ff728f3bb9456df19c3e196d453a50&language=en_US&ref_=as_li_ss_tl">Soldier of Fortune</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>Listen to <a href="https://open.spotify.com/episode/0G9aVbQ87IFx8OKVJCd3vo?si=ae5b5876b9c748ed">Mastermind Discussion Q3 2025</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q3-2025-uber-bath-body-works-merck/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/4B8NRDNshQRmwOb2jEyuB3?si=61ef923978de4628">Mastermind Discussion Q2 2025 </a>| YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q2-2025-microsoft-block-devon-energy-adyen/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/2XY2Bz0Wn6tsKe6s57EnB5?si=ba5b56b8c52d4a0b">Mastermind Discussion Q1 2025</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/1m5v3uPHm5WPjWV6ebEzqn?si=b18b41bcba9f44d4">Mastermind Discussion Q4 2024</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q4-2024-evolution-occidental-petroleum-alpha-metallurgical-resources/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/395egxfwnuv0tRwGWCHn0u?si=5757245e4d5b49be">Mastermind Discussion Q3 2024</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q3-2024-w-stig-brodersen-tobias-carlisle-and-hari-ramachandra/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/3eL0tgrvybVDe4qbgH9yL7?si=08688f13447e4611">Mastermind Discussion Q2 2024</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q2-2024-w-tobias-carlisle-and-hari-ramachandra/">video</a>
</li>
 <li>Listen to <a href="https://open.spotify.com/episode/0o4niPd4bcg0vb6T8Bn8Dm?si=24958f99980b48bb">Mastermind Discussion Q1 2024</a> | YouTube <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q1-2024-w-tobias-carlisle-and-hari-ramachandra/">video</a>
</li>
 <li>Tobias Carlisle's podcast, <a href="https://acquirersmultiple.com/podcast/">The Acquirers Podcast</a>
</li>
 <li>Tobias Carlisle's ETF, <a href="https://www.acquirersfund.com/">ZIG</a>
</li>
 <li>Tobias Carlisle's ETF, <a href="https://www.etf.com/DEEP">Deep</a>
</li>
 <li>Tweet directly to <a href="https://x.com/Greenbackd">Tobias Carlisle</a>
</li>
 <li>Hari's Blog: <a href="http://bitsbusiness.com/">BitsBusiness.com</a>
</li>
 <li>Tweet directly 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>
</ul>

NEW TO THE SHOW?
<ul>
 <li>Get smarter about valuing businesses in just a few minutes each week through our newsletter, <a href="https://www.theinvestorspodcast.com/newsletters/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Check out our <a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Follow our official social media accounts: <a href="https://twitter.com/TIP_Network">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.linkedin.com/company/the-investor's-podcast/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.instagram.com/theinvestorspodcastnetwork/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.facebook.com/TheInvestorsPodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> | <a href="https://www.tiktok.com/@theinvestorspodcast">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/we-study-billionaires/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Enjoy exclusive perks from our <a href="https://www.theinvestorspodcast.com/affiliates/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
 <li>Learn how to better start, manage, and grow your business with the <a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>
</li>
</ul>
SPONSORS
Support our free podcast by supporting our <a href="https://theinvestorspodcast.com/sponsors">sponsors</a>:
<ul>
 <li><a href="https://simplemining.io/preston">Simple Mining</a></li>
 <li><a href="https://financialfreedomreport.org/">Human Rights Foundation</a></li>
 <li><a href="https://unchained.com/fundamentals">Unchained</a></li>
 <li><a href="https://www.hardblock.com.au/join/fundamentals">HardBlock</a></li>
 <li><a href="https://linkedin.com/studybill">Linkedin Talent Solutions</a></li>
 <li><a href="https://kubera.com/wsb">Kubera</a></li>
 <li><a href="https://www.vanta.com/billionaires">Vanta</a></li>
 <li><a href="https://remarkable.com/">reMarkable</a></li>
 <li><a href="https://onrampbitcoin.com/">Onramp</a></li>
 <li><a href="http://public.com/">Public.com</a></li>
 <li><a href="https://netsuite.com/study">Netsuite</a></li>
 <li><a href="https://shopify.com/wsb">Shopify</a></li>
 <li><a href="https://abundantmines.com/Preston">Abundant Mines</a></li>
 <li><a href="https://joinhorizon.com/">Horizon</a></li>
</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>Support our show by becoming a premium member! <a href="https://theinvestorspodcastnetwork.supportingcast.fm">https://theinvestorspodcastnetwork.supportingcast.fm</a>

Podurama

Home

Trending

Personal

Your Podcasts

New Episodes

My Files

Favourite Episodes

Tags (Folders)

Recently Played

Bookmarks

Followed Playlists

TIP767: Mastermind Discussion Q4 2025: Sanofi, Remitly & Crocs w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra

We Study Billionaires - The Investor’s Podcast Network

AI Chapters

AI Insights

Reviews