We Study Billionaires Notify me• Mar 1, 2026• 1:25:06Interview

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

From The Investor's Podcast

Stig Brodersen(Investor, podcast host, and co-founder of The…, The Investor's Podcast)•Tobias Carlisle(Guest)•Hari Ramachandra(Financial and technology analyst featured on…)

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Executive Summary

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Leadership Succession and Corporate Culture Deep Value vs. Quality Investing

8 quotes

Concerns Raised

The high valuation of quality companies like Moody's makes them vulnerable to market sentiment shifts and valuation compression.
BellRing Brands' heavy reliance on three major customers (74% of sales) creates significant concentration risk.
Maintaining Berkshire Hathaway's unique corporate culture and capital allocation discipline after Warren Buffett's departure remains a key uncertainty.
The cyclical nature of Moody's business, which peaks during strong markets, could lead to revenue and margin pressure in a downturn.

Opportunities Identified

BellRing Brands offers a compelling deep value opportunity with a potential 100% upside if the market re-rates the stock, given its 11% free cash flow yield.
Berkshire Hathaway provides a potentially stable and predictable normalized annual return of approximately 10% from a diversified portfolio of high-quality assets.
Moody's represents a chance to own a dominant, wide-moat business with projected double-digit EPS growth and a 25-year track record of dividend increases.
A potential market rotation from growth to value could benefit undervalued stocks like BellRing Brands.

Key Themes

Research Findings12

Berkshire Hathaway's incoming CEO, Greg Abel, will receive a $25 million base salary with no bonus or stock options.

After Warren Buffett is no longer with Berkshire Hathaway, his son Howard Buffett will become the non-executive chairman to ensure the company's culture remains intact.

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

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

Three customers, Walmart/Sam's Club, Costco, and Amazon, account for 74% of BellRing Brands' sales.

Moody's and S&P Global collectively control 80% of the global credit rating market.

Moody's commands an overall operating margin of 51%.

Moody's management is projecting compounded EPS growth of 11% to 14% over the next 3 to 5 years.

Berkshire Hathaway's market capitalization is more than one trillion dollars.

Stig Brodersen believes Berkshire Hathaway's primary competitive advantage is its strong culture of prudent capital allocation and its ethical, decentralized approach to management.

Greg Abel's personal holdings in Berkshire Hathaway stock are valued between $170 million and $175 million.

Greg Abel received $870 million when Berkshire Hathaway acquired Berkshire Hathaway Energy.

Topics

Berkshire Hathaway Warren Buffett Greg Abel CEO Compensation Capital Allocation Corporate Culture Value Investing Deep Value BellRing Brands (BRBR)Consumer Packaged Goods (CPG)Protein Supplements Moody's (MCO)Credit Rating Agencies Economic Moats Valuation Free Cash Flow Yield Stock Buybacks Customer Concentration

Processed Jun 17, 2026Daily intelligence brief → yt-dlp + mlx-whisper + Gemini

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

Continue your research

Concerns Raised

Opportunities Identified

Key Themes

Leadership Succession and Corporate Culture

Deep Value vs. Quality Investing

Assessing Competitive Moats

Capital Allocation and Shareholder Returns

Research Findings12

Topics