Episode notes
In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Meta as a leading AI-powered advertising platform. Tobias breaks down Booking Holdings and whether its travel moat can withstand the rise of AI assistants. Stig analyzes Adobe, exploring the durability of its creative software ecosystem amid rapid technological change.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:31) Why Hari is bullish on Meta (Ticker: META), highlighting its advertising dominance, network effects, and long-term monetization potential.
(00:03:38) The bear case for Meta, including massive AI infrastructure spending, uncertain returns on capital, and execution risk around AI monetization.
(00:14:27) Why Tobias is bullish on Booking Holdings (Ticker: BKNG), emphasizing its capital-light business model and robust travel ecosystem.
(00:18:46) The bear case for Booking Holdings, including AI-driven loss of customer mindshare, and potential pressure on its role in the travel booking value chain.
(00:27:43) Why Stig is bullish on Adobe, focusing on its switching costs and subscription-based revenue model (Ticker: NASDAQ: ADBE).
(00:37:21) The bear case for Adobe, including AI-generated content and the increasing competition from tools like Canva and LLMs.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community.
- Stig Brodersen’s Portfolio and Track Record.
- Our valuation model of Adobe.
- Our valuation model of Meta.
- Our valuation model of Booking Holding.com.
- Check out the Mastermind Discussion Q1, 2026 | Video.
- Check out the Mastermind Discussion Q4, 2025 | Video.
- Check out the Mastermind Discussion Q3, 2025 | Video.
- Check out the Mastermind Discussion Q2, 2025 | Video.
- Check out the Mastermind Discussion Q1, 2025 | Video.
- Tobias Carlisle's podcast, The Acquirers Podcast.
- Tobias' ETF, ZIG.
- Tobias' ETF, Deep.
- Tweet to Tobias Carlisle.
- Hari's Blog.
- Tweet to Hari.
- Related books mentioned in the podcast.
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