TIP767: Mastermind Discussion Q4 2025: Sanofi, Remitly & Crocs w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra
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How to Think About Remitly’s Valuation and SBC
Stig assesses Remitly’s revenue multiple, normalized margins, and concerns about persistent stock-based compensation dilution.
Stig Brodersen is joined by Tobias Carlisle & Hari Ramachandra for another round of stock pitches. They discuss Sanofi, Remitly, and Crocs.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:54 - Why Hari is bullish on Sanofi’s strong vaccine and immunology pipeline (Ticker: NYSE: SNY)
00:05:30 - The bear case for Sanofi, including patent cliffs
00:19:26 - Why Stig is bullish on Remitly, highlighting operational leverage and a secular shift in digital payments and remittances (Ticker: NASDAQ: RELY)
00:43:10 - The bear case for Remitly, including pursuing the wrong strategy and excessive stock-based compensation
00:50:50 - Why Toby is bullish on Crocs, focusing on valuation and global growth (Ticker: NASDAQ: CROX)
01:02:36 - The bear case for Crocs, including tariffs and changing fashion trends
01:18:08 - Which live events we have planned for our Mastermind Community in 2026 — and how you can join
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members
- Check out our event in Montana
- Join us in Omaha for Berkshire Hathaway’s annual shareholders’ meeting
- Tobias Carlisle's book, Soldier of Fortune
- Stig Brodersen’s Portfolio and Track record
- Listen to Mastermind Discussion Q3 2025 | YouTube video
- Listen to Mastermind Discussion Q2 2025 | YouTube video
- Listen to Mastermind Discussion Q1 2025 | YouTube video
- Listen to Mastermind Discussion Q4 2024 | YouTube video
- Listen to Mastermind Discussion Q3 2024 | YouTube video
- Listen to Mastermind Discussion Q2 2024 | YouTube video
- Listen to Mastermind Discussion Q1 2024 | YouTube video
- Tobias Carlisle's podcast, The Acquirers Podcast
- Tobias Carlisle's ETF, ZIG
- Tobias Carlisle's ETF, Deep
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