We Study Billionaires - The Investor’s Podcast Network TIP776: Stig Brodersen’s Mental Models & Portfolio Update
36 snips
Dec 12, 2025 
Stig Brodersen, co-founder of The Investor's Podcast Network and a seasoned value investor, shares his latest portfolio insights, including why he exited Evolution AB at a loss and his bullish outlook on Uber. He delves into the mental models he's adopted, emphasizing operational leverage and the potential of platforms like Uber. Stig also discusses the challenges and opportunities in the AI space, Alphabet's role, and highlights the importance of understanding your investment 'pond.' Don't miss his tips on joining live events!
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Operational Leverage Changes Valuation
- Stig emphasizes operational leverage as a key lens for valuing modern digital platforms like Uber and Alphabet.
- Incremental revenue in platform businesses often flows to the bottom line because marginal costs are low once infrastructure is built.
Evolution Loss And Why He Sold
- Stig bought Evolution AB at 865 SEK and sold at 676 SEK, realizing a 21.8% loss after sentiment and thesis changes.
- He sold because he found a better opportunity (Uber) and because his conviction in Evolution's thesis weakened.
Scale Positions With Conviction
- Start with a small starter position (~1%) and increase size as conviction grows through ongoing research and ownership experience.
- Size positions by conviction and use dollar-weighted thinking: bigger bets should reflect higher conviction.
