TIP767: Mastermind Discussion Q4 2025: Sanofi, Remitly & Crocs w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra
The episode is a quarterly mastermind discussion where Stig Brodersen, Tobias Carlisle, and Hari Ramachandra each pitch an investment idea and stress-test each other's theses. Hari presents Sanofi as a relatively cheap, dividend-paying global biopharma with durable vaccine and immunology franchises that he views as a "T-bill with growth" type holding. Stig analyzes Remitly, a fast-growing digital remittance platform, weighing its strong unit economics and underbanked niche against strategic drift, intense competition, and heavy stock-based compensation, while Toby pitches Crocs as a deeply undervalued, cash-generative footwear brand facing fashion, tariff, and acquisition risks but offering significant upside if issues are managed.