We Study Billionaires - The Investor’s Podcast Network TIP795: Berkshire, Moody's, & BellRing Brands w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra
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Mar 1, 2026 
Stig Brodersen welcomes Tobias Carlisle, value investor and author, and Hari Ramachandra, fundamental equity analyst. They debate Berkshire’s capital strength and succession, BellRing’s Premier Protein brand, margins and concentration risks, and Moody’s duopoly, recurring analytics and regulation concerns. Short, punchy stock pitches and heated tradeoffs.
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Use Berkshire As A Capital Parking Spot
- Use Berkshire as a defensive, parking-place equity when you don't see attractive alternatives.
- Stig says it can serve as a low-volatility placeholder to redeploy into bargains when they appear.
BellRing Is A Pure Play Protein Brand
- BellRing Brands is a pure-play protein CPG built around Premier Protein with strong retail presence.
- Tobias notes the brand's convenience-store and supermarket distribution and its appeal to protein-focused consumers.
Asset Light Manufacturing Boosts BellRing Returns
- BellRing shows very high returns on invested capital because it outsources manufacturing and therefore has asset-light economics.
- Tobias cites ~80% ROIC via the Greenblatt measure and FCF yields near 11% at current prices.