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.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:24) 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.
(00:15:24) 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.
(00:28:19) 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.
(00:46:35) 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.
(00:58:41) 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.
(01:19:51) 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.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: <a href="https://www.theinvestorspodcast.com/mastermind/">Apply for The Intrinsic Value Mastermind</a>.</li>
 <li>If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: <a href="https://www.theinvestorspodcast.com/innercircle/">Apply for The Mastermind: Inner Circle</a>.</li>
 <li>Stig Brodersen’s <a href="https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/">⁠Portfolio and Track Record⁠</a>.&nbsp;</li>
 <li>Check out the <a href="https://open.spotify.com/episode/5haDHu73KVeIml3bkVJnJS?si=oXj9n2LnTtumIVftPCkWYQ">⁠Mastermind Discussion Q3, 2026⁠</a> | <a href="https://www.theinvestorspodcast.com/episodes/inner-circle-q3-2026-catl/">⁠Video⁠</a>.</li>
 <li>Check out the <a href="https://open.spotify.com/episode/3yQkjMrM8O1ZizHCjhAn46?si=mhoTAc0STLy5JFemywTUvQ">⁠Mastermind Discussion Q2, 2026⁠</a> | <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q2-2026-adobe-meta-booking-holdings/">⁠Video⁠</a>.</li>
 <li>Check out the <a href="https://open.spotify.com/episode/4YuSrM03AnSKlXPhxFHnnq?si=a83e36b6a76e42af">⁠Mastermind Discussion Q1, 2026⁠</a> | <a href="https://www.theinvestorspodcast.com/episodes/mastermind-q1-2026-berkshire-moodys-bellring-brands/">⁠Video⁠</a>.</li>
 <li>Check out the <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 the <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 the <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>Tobias Carlisle’s podcast,&nbsp;<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>Hari’s <a href="https://bitsbusiness.com/">⁠⁠Blog⁠⁠</a>.</li>
 <li>Tweet to&nbsp;<a href="https://twitter.com/harirama">⁠⁠Hari⁠⁠</a>.</li>
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 <li>Ad-free episodes on our&nbsp;⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠<a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.</li>
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TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra

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