The stock price of BellRing Brands has collapsed since it was previously pitched on the podcast.

Booking Holdings operates a capital-light business model by not purchasing hotel rooms upfront.

AI chips are aging faster than traditional infrastructure assets like railways or fiber optic cables.

The primary risk for Booking Holdings is disintermediation by AI systems that could book travel directly, cutting out aggregators.

BellRing Brands' revenue growth has slowed materially, though it still grew approximately 6% year-over-year.

Tobias Carlisle's valuation model for BellRing Brands suggests a value between $20 and $70 per share.

Tobias Carlisle believes the primary risk for Meta is a multi-year period of under-earning on its heavy AI capital expenditures, which could lead to multiple compression.

Booking Holdings' management believes it will not be disintermediated by AI because LLMs will need to access its database and relationships to book travel.

BellRing Brands' products have been criticized for containing seed oils and soy.

BellRing Brands, a protein-focused company, was spun out of Post Holdings.

BellRing Brands outsources all of its manufacturing, contributing to a high return on invested capital of approximately 80% using the Greenblatt measure.

Tobias Carlisle believes BellRing Brands is currently undervalued by about half, trading at an 11% free cash flow yield.

Tobias Carlisle predicts that Berkshire Hathaway will likely have to introduce a dividend within the next five years.

The stock price of BellRing Brands has fallen from over $80 to approximately $17.

Tobias Carlisle observes that Moody's business is cyclical, with revenues and margins peaking during strong markets with high debt issuance and contracting during downturns.