We Study Billionaires - The Investor’s Podcast Network TIP751: Mastermind Q3, 2025: Uber, Merck, and Bath & Body Works
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Sep 7, 2025 
Join stock analyst Hari Ramachandra, who brings insights from the pharma industry, and value investor Tobias Carlisle, an expert on deep value investing. They dive into the bull and bear cases for Uber, examining its market potential and regulatory risks. Hari shares why he’s optimistic about Merck, spotlighting its oncology blockbuster and upcoming challenges. Meanwhile, Toby discusses Bath & Body Works, emphasizing its strong brand loyalty amid financial pressures and competitive threats. It’s a treasure trove of investment strategies and market dynamics!
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Firsthand Spark From A 2014 Uber Demo
- Stig first experienced Uber in 2014 and was impressed by the app and real-time tracking.
- That early user moment shaped his conviction about platform potential.
AVs: Tailwind Or Existential Threat
- Autonomous vehicles are both a tailwind and existential threat to Uber depending on economics and regulation.
- The winner likely couples AV tech with distribution and low cost of capital.
Tech Versus Distribution In AV Race
- Big AV players (Waymo, Tesla) have tech but lack Uber's flexible human supply and matching know-how.
- The market outcome depends on who pairs AV tech with scalable distribution first.
