S&P Global (SPGI), Novo Nordisk (NVO), Deckers (DECK) | Stock Analysis & Valuation (TIP857)

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 Novo, until recently the most valuable company in Europe, now priced as if its obesity franchise is a melting ice cube. Stig pitches S&P Global, the company behind the S&P 500 and one of the world’s great ratings businesses, and explains why it became his first new position in more than a year. Tobias breaks down Deckers Brands, the owner of HOKA and UGG, trading at 11 times earnings and buying back stock aggressively. What you'll learn here: 00:00:00 - Intro 00:00:45 - Why Hari is bullish on Novo Nordisk (Ticker: NVO), trading at 12 times forward earnings with a 4.5% dividend and an oral obesity pill gaining traction. 00:14:37 - The bear case for Novo Nordisk, including Eli Lilly’s lead in efficacy and market share, Medicare price negotiations, and patent expiries in key markets. 00:23:56 - Why Stig is bullish on S&P Global (Ticker: SPGI), highlighting the ratings oligopoly, the economics of the S&P 500 index, and why he bought a starter position below $400. 00:43:05 - The bear case for S&P Global, including AI disruption of Market Intelligence, competition from startups like AlphaSense and Rogo, and whether 23 times earnings is cheap enough. 00:55:50 - Why Tobias is bullish on Deckers (Ticker: DECK), emphasizing $1.6 billion in net cash, buybacks of 80% of free cash flow, and thoughtful capital allocation. 01:14:00 - The bear case for Deckers Brands, including slowing HOKA growth, the fashion risk in UGG, a squeezed consumer, and the low base rate for brands re-accelerating growth. Transcript & Guest Info: https://www.theinvestorspodcast.com/episodes/mastermind-q4-2026-sp-global-novo-deckers-brands/ 🤝 Join a curated group of serious investors focused on intrinsic value, disciplined analysis, and uncovering high-quality stock ideas. https://theinvestorspodcast.com/mastermind ▶️ Related Episodes: - CATL: The $280 Billion Company You've Never Heard Of | Bull vs. Bear w/Stig, Manish, & Ralph: https://youtu.be/FWCV_fi5uhc - Meta, Adobe, & Booking Holdings | Stock Analysis & Valuation: https://youtu.be/x68315RkKYk - Berkshire Hathaway, Moody's, & BellRing Brands | Stock Analysis & Valuation: https://youtu.be/aSD_spMNpQs Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #StockPicks #NovoNordisk #SPGlobal #DeckersBrands #ValueInvesting

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