The Investor's Podcast · Nov 1, 2026 · 1h 28m · 79m saved
With Tobias Carlisle, Founder of The Acquirer's Fund, who pitched Deckers Brands · Hari Ramachandra, of The Investor's Podcast Network, who pitched Novo Nordisk · Stig Brodersen, who hosts The Investor's Podcast and pitched S&P Global
Photo via businessinsider.com
Tobias Carlisle, founder of The Acquirer's Fund, told The Investor's Podcast that Deckers Brands, the owner of Hoka and UGG, has $1.6 billion in net cash, no debt and a price of 11 times earnings. The stock traded above $200 before April's tariffs and sits near $77, even though revenue grew 10% to $5.5 billion in the year through March 2026.
"At $77, this is being priced as if it has no growth." — Tobias Carlisle
Tobias runs the ZIG and DEEP ETFs and calls Deckers a "classic Toby pick": a cheap, asset-light business that hands most of its cash back to shareholders. He pitched it alongside Hari Ramachandra, who made the case for Novo Nordisk, and Stig Brodersen, who bought S&P Global on the morning of the recording.
The full episode is covered here so you can skip it. 88 minutes of audio, 9 minutes of reading.
Here are the 8 calls that matter.
Key Takeaways
Novo Nordisk is priced on the assumption that it will not innovate again
Down 40% from its high and near 12 times forward earnings
Novo's oral pill and amycretin are upside the price leaves out, with returns "in the upwards of 18 to 22%" if they work
Hari expects a duopoly with Eli Lilly, not a knockout
S&P Global's ratings and indices franchises have not weakened; the stock's multiple has
Stig sees "a double over the next five years, which would give you 15%"
Strip out most of Market Intelligence and S&P Global trades near 39 times earnings, by Hari's math
Deckers returns 80% of free cash flow through buybacks and cut its share count 7% in a year
Tobias puts Deckers between $72 and $160 a share, against a price of $77
1. Novo Is Priced for No Growth
Hari Ramachandra, of The Investor's Podcast Network, opened the round with Novo Nordisk, the Danish maker of Ozempic and Wegovy. Two years ago it was the most valuable company in Europe.
Novo Nordisk has fallen 40% and trades near 12 times forward earnings
"The company I'm talking about is Novo Nordisk... today that stock is down 40%... and it's trading roughly around 12 times forward earnings." — Hari Ramachandra
Hari listed the reasons. Eli Lilly's tirzepatide, sold as Zepbound, has overtaken Novo on efficacy and holds roughly 60% of the GLP-1 market. Medicare-negotiated prices begin next year. Key semaglutide patents have already expired in India, China, Canada and Brazil, which opens those markets to generics. Novo's own guidance implies flat to falling sales through 2030 unless new drugs arrive.
Hari says the price assumes Novo has nothing new coming
"What we are paying for is... an assumption that they'll not be able to innovate and come up with something new." — Hari Ramachandra
