TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra

You're listening to TIP. In today's episode, I'm joined by my friends and fellow value investors Tobias Carlyle and Hari Ramatandra for another round of, dare I say, unloved stock pitches. We kick things off with Hari's pitch of Meta. The business is firing on own cylinders, yet the market has been selling off the stock. And we discuss whether investors should be worried about rising capital expenditures and whether Meta's competitive advances lies in its AI models or in its unmatched distribution and data.

Now, Tobias walks us through Booking Holdings, one of the world's leading travel platforms. We debate whether AI systems could eventually replace travel aggregators altogether or if booking's relationships, networking effects and position in the travel ecosystem makes it mode more durable than investors currently believe. And finally, iPits the most unloved stock of them all, Adobe. The stock is trading near multi-year lows as the mark worries about, yes you guessed it, the threat of AI.

And the recent departure of the CEO and CFO has not made the narrative more compelling. So we discussed switching costs and whether Adobe's biggest challenge is technological disruption or something completely different in a rapid changing environment. As always, there's plenty to disagree with, plenty to think about, And a few investing lessons along the way. So without further ado, let's jump right in.

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