We Study Billionaires - The Investor’s Podcast Network

TIP795: Mastermind Q1, 2026: Berkshire, Moody's, & BellRing Brands w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra

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 * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Learn how to join us in Omaha for the Berkshire meeting [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Stig Brodersen’s Portfolio and Track record [https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/].  * Check out Mastermind Discussion Q4, 2025 [https://open.spotify.com/episode/6GqwXIiUvbByySiABKzcyP?si=243a4a70649043c9] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-discussion-q4-2025-sanofi-remitly-crocs/]. * Check out Mastermind Discussion Q3 2025⁠ [https://open.spotify.com/episode/0G9aVbQ87IFx8OKVJCd3vo?si=ae5b5876b9c748ed] | Video⁠ [https://www.theinvestorspodcast.com/episodes/mastermind-q3-2025-uber-bath-body-works-merck/]. * Check out Mastermind Discussion Q2 2025 ⁠ [https://open.spotify.com/episode/4B8NRDNshQRmwOb2jEyuB3?si=61ef923978de4628]| Video⁠ [https://www.theinvestorspodcast.com/episodes/mastermind-q2-2025-microsoft-block-devon-energy-adyen/]. * Check out Mastermind Discussion Q1 2025⁠ [https://open.spotify.com/episode/2XY2Bz0Wn6tsKe6s57EnB5?si=ba5b56b8c52d4a0b] | Video. [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/] * Tobias' podcast, The Acquirers Podcast [https://acquirersmultiple.com/podcast/]. * Tobias ' ETF, ZIG [https://www.acquirersfund.com/]. * Tobias' ETF, Deep [https://www.etf.com/DEEP]. * Tweet to Tobias Carlisle [https://x.com/Greenbackd]. * Hari's Blog [bitsbusiness.com]. * Tweet to Hari [https://twitter.com/harirama]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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TIP794: Keynes And The Markets w/ Kyle Grieve

Kyle discusses the investing evolution of John Maynard Keynes and the timeless lessons modern investors can draw from his successes and failures. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:50 - Why John Maynard Keynes is such a fascinating case study in evolving as an investor 00:08:28 - A key resource that helped him think of assets from a bottom-up approach 00:10:59 - Why Keynes's experiences of going broke multiple times helped shape him into a long-term thinker 00:17:13 - How he thought about speculation and investing, and used that to beat the market 00:28:16 - How he improved his temperament, overcame overconfidence, and adopted a long-term mindset 00:36:21 - His thoughts on diversification and reducing risk 00:41:30 - Why he believed that markets were social systems, and the errors that exposed investors to 00:50:25 - What he thought about short-term volatility 01:01:16 - Why Keynes used adaptability as such a powerful tool 01:03:50 - Six impactful takeaways Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Read ⁠Keynes and the Market⁠ [https://www.amazon.com/Keynes-Market-Economist-Overturned-Conventional/dp/047028496X?crid=1H7M0H6G1W70Q&dib=eyJ2IjoiMSJ9.XRGcOlswqsTVjSVanfPLq2Cchg9id5qSh1zSVM6j8DIomK4Ft-mZ_0BiocRpyYusJgZFgns6jWeqn54X9X7vDiVgxxRHgsTx15GnSl_6L0Z2VvhELbFrNfyG40kW6NiRlmsAllDRbgBHx6TRrZ-SF81Fe0ZyJvxYoy0OUDlfeFNBMAAcMWyVEFKfFhrWtENbM39dj1VT9J6RL8DfG0U2FFPYWqEjOgv9jxes4f26JNg.ydyhnVROBjjef3YxR_SMiShJTcgT8AYwho0k-IhaKME&dib_tag=se&keywords=keynes+and+the+markets&qid=1771259678&sprefix=keynes+and+the+marke%2Caps%2C288&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=fff96710f7fe21df6f17127ff11fda1d&language=en_US&ref_=as_li_ss_tl]. * Read ⁠Concentrated Investing⁠ [https://www.amazon.com/Concentrated-Investing-Strategies-Greatest-Investors/dp/1119012023?crid=1IPZREZ9M92JH&dib=eyJ2IjoiMSJ9.mSIRP9Xy2RB-gEWr0JjXVqVDu5lCCUWW0JvCWBcJFPzLUjpicU_4F_MNsU92udAC_QebXzMTMeM29WjdlN8IlqfsKETRHqjXs0lWfvSfOHdT9jEBxVzAHI9IDqQ1viUDiNhkGREYDMnOpZDDnrwbUuVrkMf9E-kYUUWfWKDlWp4dU3ZQfxc0jQ2bezO4DtV3ro-frlSXVWuN5Fp61AW6wKB4WmMh_kLItANe0ovEa8U.41XoeqbYjRCoy_BYrphJRzbzk-z5nskqTcJzsfumzis&dib_tag=se&keywords=concentrated+investor&qid=1771259737&sprefix=concentrated+investo%2Caps%2C232&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=36c712470258a657cb6f5ed0504d558c&language=en_US&ref_=as_li_ss_tl]. * Follow Kyle on ⁠X⁠ [https://twitter.com/IrrationalMrkts] and ⁠LinkedIn⁠ [https://www.linkedin.com/in/kylegrievetip/]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://theinvestorspodcast.com/sponsors]: * ⁠HardBlock⁠ [https://www.hardblock.com.au/join/fundamentals] * ⁠Human Rights Foundation⁠ [https://financialfreedomreport.org] * ⁠Simple Mining⁠ [https://simplemining.io/preston] * ⁠Unchained⁠ [https://unchained.com/preston] * ⁠Masterworks⁠ [https://www.masterworks.com/billionaires] * ⁠Netsuite⁠ [https://netsuite.com/study] * ⁠Vanta⁠ [https://www.vanta.com/BILLIONAIRES] * ⁠Shopify⁠ [https://www.shopify.com/wsb] * ⁠Fundrise⁠ [https://fundrise.com/WSB] References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. 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Programming Update Regarding Bitcoin Fundamentals and Infinite Tech

We will temporarily pause new episodes of both shows. In the meantime, we encourage you to check out our other shows in this feed, including The Investor's Podcast and Richer, Wiser, Happier. Thank you for your continued support. We will provide updates as appropriate. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]

RWH066: Essential Truths w/ Howard Marks, Nima Shayegh & William Green

William Green highlights essential truths about investing, business & life that emerged from two of his favorite interviews with Howard Marks and Nima Shayegh. This episode also explores powerful lessons on resilience from Bill Miller & Epictetus. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:04:31 - How investing legend Howard Marks views the euphoria over AI 00:11:10 - What potential mistakes he warns against in this environment 00:13:23 - What essential lessons William Green has learned from Howard 00:23:00 - How Howard keeps an even keel amid extreme uncertainty 00:26:09 - Why Howard, like Einstein, doesn’t think much about the future 00:34:19 - Why investing early & not “tampering” is the key to success 00:38:39 - How Nima Shayegh looks beyond numbers to find great stocks 00:44:19 - How to harness intuition & emotion in the investment process 00:49:13 - How products from Tesla & Amazon inspire “blown-awayness” 00:57:10 - What Nima learned from his famed mentor, Lou Simpson 01:04:38 - How Lou’s success was built on humility 01:19:55 - How Lou & Nima inspire William’s yearning for a spacious life 01:23:56 - How to handle suffering with help from Bill Miller & Epictetus Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Inquire about William Green’s ⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠ [https://williamgreenwrites.com/masterclass/]. * Howard Marks’ Memos: The Complete Collection [https://www.oaktreecapital.com/docs/default-source/memos/the-complete-collection.pdf?sfvrsn=58102966_3]. * Edward Chancellor's Devil Take the Hindmost [https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806]. * Allen Benello, Michael van Biema, Tobias Carlisle's ⁠Concentrated Investing.⁠ [https://www.amazon.com/Concentrated-Investing-Strategies-Greatest-Investors/dp/1119012023] * William Green’s podcast interview [https://www.theinvestorspodcast.com/richer-wiser-happier/avoid-disaster-w-howard-marks/] with Howard Marks. * William Green’s podcast interview [https://www.theinvestorspodcast.com/richer-wiser-happier/a-soulful-path-to-stellar-returns-w-nima-shayegh/] with Nima Shayegh. * William Green’s book, ⁠⁠Richer, Wiser, Happier⁠⁠ [https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=b4491ba3e18f0d3f393769adc77f1d7f&language=en_US&ref_=as_li_ss_tl]. * Follow William Green on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/williamgreen72]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. 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TIP793: Thinking Fast & Slow by Daniel Kahneman w/ Clay Finck

Clay explores Daniel Kahneman’s book Thinking, Fast and Slow, unpacking the cognitive biases that quietly shape our investment decisions. While markets often appear to be driven by data and logic, our decisions are frequently influenced by intuition, emotions, and mental shortcuts we don’t even realize we’re using.  IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:04:15 - Why temperament matters more than IQ in investing 00:11:10 - The difference between System 1 and System 2 thinking 00:16:01 - How cognitive substitution leads investors to answer the wrong questions and unknowingly ignore the more important questions 00:38:08 - How loss aversion shapes investor behavior during drawdowns and market volatility 00:54:01 - Clay’s updated views on Constellation Software Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Daniel Kahneman’s book: Thinking Fast & Slow [https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman-ebook/dp/B00555X8OA?crid=17RZIEIYPG3TS&dib=eyJ2IjoiMSJ9.ceqZU8DyU2py75144OBkf1RrH_WOX8kdwR8_4rvNVGgNlFKTG_ETv3VJHa0Auc_6JJub54fGxU086UI2MqwhdKXx4UmLgqGqraL_bIfOHSmoSCg7KN-01SKneW7m6fnd9rHYikSNZM8QjYJrjJihY30DXKdQasEbS_v_76AEMaEA5NXeA-THgg_WmqmIXPCuonreTk2L7gmPIcQmiqeTeQnLJk6YXbbwvIB289e7dXQ.TPR-k71vL_8FdmWM-R1DfwtPOPbThm4gpSU_xoOmnmA&dib_tag=se&keywords=thinking+fast+and+slow&qid=1771091546&sprefix=thinking+fast%2Caps%2C158&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=3182be3f5c438b8d6cb137cc8607d636&language=en_US&ref_=as_li_ss_tl]. * Sequoia Fund’s 2025 year-end letter [https://www.sequoiafund.com/wp-content/uploads/2026/01/Sequoia-Fund-Year-End-2025-Letter.pdf]. * Follow Clay on ⁠⁠X⁠⁠ [https://twitter.com/Clay_Finck] and ⁠⁠LinkedIn⁠⁠ [https://www.linkedin.com/in/clay-finck-8073a8a7/].  * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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