IN THIS EPISODE, YOU’LL LEARN:

• What to make of Berkshire’s $300B+ cash pile
• Stig’s bull case is for Evolution (Ticker on the Swedish Stock Exchange: EVO)
• The bear case for Evolution, including why their margins will likely decline
• Why Hari is bullish on Occidental Petroleum (Ticker on NYSE: OXY)
• The bear case of Occidental Petroleum, including macro headwinds
• Why Toby has invested in Alpha Metallurgical Resources (Ticker on NYSE: AMR)
• The bear case for Alpha Metallurgical Resources, including the role of China

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:01] Stig Brodersen: Welcome to the Q4 2024 Mastermind discussion with my friends, Tobias Carlisle and Hari Ramachandra. I only have five stocks in my portfolio. And in this episode, I’ll outline why Evolution is one of them. Hari’s pick is Occidental Petroleum, an oil and gas stock that Buffett has been buying since 2022 and it’s porous to get various tailwinds. And speaking of tailwinds, you might be surprised to learn that in a world where renewables is on the rise, the Toby’s pick Alpha Metallurgical Resources is riding the renewables wave because to go green, you need met coal and you need a lot of met coal. Now, before we start talking about individual stock picks, we open our discussion with Buffett’s $300 billion plus massive cash pile. Let’s go.

[00:00:48] Intro: Celebrating 10 years and more than 150 million downloads. You are listening to The Investor’s Podcast Network. Since 2014, we studied the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. Now, for your host, Stig Brodersen.

[00:01:21] Stig Brodersen: Welcome to the masters podcast. I’m your host, Stig Brodersen. And today, as always, I’m here with Tobias Carlisle and Hari Ramachandra. How are you today, gents?

[00:01:30] Tobias Carlisle: Hey Stig, good to see you, good to see you Hari.

[00:01:32] Hari Ramachandra: Hey, Good to see you both.

[00:01:34] Stig Brodersen: That’s wonderful. Hari. And I want to throw it over to you because I asked you before we kick this off, should we talk about something else or should we go just go straight into the picks?

[00:01:43] Stig Brodersen: And then you said, let’s talk about something. And if we throw it to you, what do you want to chat about first, before we talk about our picks?

[00:01:50] Hari Ramachandra: Thank you, Stig, and this is something that I was waiting to hear from Toby and you. One thing I have been lately observing is that market is on a tear.

[00:02:01] Hari Ramachandra: Nobody’s talking about any imminent recession. Everybody’s saying economy is good. Inflation is on the higher side, but not too concerning. Fed is starting to cut interest rates. Now in all this is happening, I see Buffett building his cash position with Berkshire and it’s at historical highs right now, even in terms of percentage wise, not just in terms of absolute number, because that’s very hard to compare as Buffett’s and Berkshire’s assets are growing.

[00:02:32] Hari Ramachandra: So I’m very curious to know Toby, maybe you can start off and Stig, I would love to know your thoughts as well. What’s behind the reason for building up of so much of cash in this current market condition?

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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.
• Listen to Mastermind Discussion Q3 2024 or watch the video.
• Listen to Mastermind Discussion Q2 2024 or watch the video.
• Tune in to the Mastermind Discussion Q1 2024 or watch the video.
• Listen to Mastermind Discussion Q4 2023 or watch the video.
• Tune in to the Mastermind Discussion Q3 2023 or watch the video.
• Listen to Mastermind Discussion Q2 2023 or watch the video.
• Tune in to Mastermind Discussion Q1 2023 or watch the video.
• Stig Brodersen’s Portfolio and Track record.
• Occidental Petroleum’s 2023 annual report.
• Tobias Carlisle’s podcast, The Acquirers Podcast
• Tobias Carlisle’s ETF, ZIG.
• Tobias Carlisle’s ETF, Deep.
• Tobias Carlisle’s book, The Acquirer’s Multiple – read reviews of this book.
• Tobias Carlisle’s Acquirer’s Multiple stock screener: AcquirersMultiple.com.
• Hari’s Blog: BitsBusiness.com.
• Check out all the books mentioned and discussed in our podcast episodes here.
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