We Study Billionaires - The Investor’s Podcast Network

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 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.

Stig Brodersen’s Portfolio and Track record. 

Check out Mastermind Discussion Q4, 2025 | Video.

Check out Mastermind Discussion Q3 2025⁠ | Video⁠.

Check out Mastermind Discussion Q2 2025 ⁠| Video⁠.

Check out Mastermind Discussion Q1 2025⁠ | Video.

Tobias' podcast, The Acquirers Podcast.

Tobias ' ETF, ZIG.

Tobias' ETF, Deep.

Tweet to Tobias Carlisle.

Hari's Blog.

Tweet to Hari.

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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

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Read ⁠Keynes and the Market⁠.

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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.

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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

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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.

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