TIP751: Mastermind Q3, 2025: Uber, Merck, and Bath & Body Works
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You're listening to TIP. I always look forward to recording our mastermind episodes with my good friends Tobias Carlyle and Hari Ramatandra. These are some of my favorite conversations because once a quarter we each bring a stock to the group and together we explore both the bull and the bear cases. It's never about just chilling and company we like. It's really about testing our ideas, asking the hard questions, and seeing where we might be wrong.
Over the years I found this format not only makes me a better investor, but also keeps me grounded and curious, and I really hope it'll do the same for you. In today's episode, I'll be pitching Uber, the world's largest retailing company. It's a business that many of us use frequently, but when you dig into the numbers you see there is a fascinating story about scale, networking effects, and how the company is building an expanding ecosystem well beyond just rights. Tobias is sharing his thoughts on Bath and Body Works, which is a category leader in home and personal fragrance. It's one of those companies that might fly under the radar for many investors, yet it has an incredibly strong brand recognition, customer loyalty, and generates a ton of free cash flow.
And finally, Harrispeg is Merck, one of the biggest names in pharmaceuticals. Merck is best known today for its blockbuster on ecology drug. which has changed the landscape of cancer treatment. But like many other pharma companies, there is a challenge ahead with aluminum patent cliff. And we'll be digging into what that means for long term investors.
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