We Study Billionaires - The Investor’s Podcast Network TIP751: Mastermind Q3, 2025: Uber, Merck, and Bath & Body Works
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Sep 7, 2025 
Join stock analyst Hari Ramachandra, who brings insights from the pharma industry, and value investor Tobias Carlisle, an expert on deep value investing. They dive into the bull and bear cases for Uber, examining its market potential and regulatory risks. Hari shares why he’s optimistic about Merck, spotlighting its oncology blockbuster and upcoming challenges. Meanwhile, Toby discusses Bath & Body Works, emphasizing its strong brand loyalty amid financial pressures and competitive threats. It’s a treasure trove of investment strategies and market dynamics!
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Scale Creates A Supply-Driven Moat
- Uber's scale creates supply-driven network effects that are hard to replicate once achieved.
- The platform's matching technology and global footprint amplify operational leverage as it grows.
Firsthand Spark From A 2014 Uber Demo
- Stig first experienced Uber in 2014 and was impressed by the app and real-time tracking.
- That early user moment shaped his conviction about platform potential.
Uber's Data Unlocks High-Margin Ads
- Uber's ride and delivery data create an underappreciated advertising opportunity.
- That first-party data can become a high-margin business as targeting improves.
