Stig, Tobias, and Hari pitch Adobe, Meta, and Booking Holdings, exploring how AI could reshape their moats, risks, and upside. What you'll learn here: 00:00:00 - Intro 00:00:55 - Why Hari is bullish on Meta (Ticker: META), highlighting its advertising dominance, network effects, and long-term monetization potential. 00:05:59 - The bear case for Meta, including massive AI infrastructure spending, uncertain returns on capital, and execution risk around AI monetization. 00:13:52 - Why Tobias is bullish on Booking Holdings (Ticker: BKNG), emphasizing its capital-light business model and robust travel ecosystem. 00:19:40 - The bear case for Booking Holdings, including AI-driven loss of customer mindshare, and potential pressure on its role in the travel booking value chain. 00:30:53 - Why Stig is bullish on Adobe, focusing on its switching costs and subscription-based revenue model (Ticker: NASDAQ: ADBE). 00:40:56 - The bear case for Adobe, including AI-generated content and the increasing competition from tools like Canva and LLMs. Transcript & Guest Info: https://www.theinvestorspodcast.com/episodes/meta-adobe-booking-holding-w-stig-brodersen-tobias-carlisle-hari-ramachandra/ 🤝 Join a curated group of passionate investors focused on intrinsic value, disciplined analysis, and uncovering high-quality stock ideas. https://theinvestorspodcast.com/mastermind ▶️ Related Episodes: - Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run: https://youtu.be/IBzSnyJ9z9M - Lyn Alden on How Fiscal Dominance Reshapes Markets: https://youtu.be/nCnqhr_USew - Why Simple Investing Beats Complexity w/ David Fagan: https://youtu.be/ltFQo7Wak_U Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #MetaStock #BookingHoldings #AdobeStock #StockAnalysis #ValueInvesting