Chit Chat Stocks Podcast Summary

Episode: Stocks With 100 Bagger Potential; $1.5 Trillion SpaceX IPO; Warner Bros Merger Mania
Date: December 12, 2025
Hosts: Ryan Henderson & Brett Schafer

Episode Overview

This week’s episode of “Chit Chat Stocks” dives deep into the fireworks around Netflix's surprising bid for Warner Bros., a heated bidding war with Paramount, and speculation on the true value of media IP. The hosts then transition into a spirited discussion on stocks with “100 bagger” potential—names that could multiply in value many times over for the bold and patient investor. Other topics include Berkshire’s shifting leadership, market thoughts on Nintendo’s big drop, and a quick take on the rumored $1.5 trillion SpaceX IPO.

Key Discussion Points

1. Netflix's Bid for Warner Bros.: Merger Mania

[02:33 – 20:44]

The Story

• Netflix (NFLX) shocked the market by offering to acquire Warner Bros. Discovery (WBD) for $27.75/share in cash and stock (EV: ~$82B including debt).
• Paramount, led by David Ellison (son of Oracle founder Larry Ellison), swooped in with a hostile $30/share all-cash bid, aiming to buy the entire company, not just the studios and streaming.
• The battle centers on the value of Warner’s “linear business” (traditional TV), IP libraries (HBO, Batman, Harry Potter, etc.), and who best fits as the next owner.

Key Insights & Quotes

• On mega-mergers:
  • Brett: “I feel like there’s no winner here except existing Warner Bros. Discovery shareholders ... if you bought under $10 in 2024, you’re making out great here, but I think that’s the only winner.” (06:38)
• Deal Value for Shareholders:
  • Paramount’s offer “just means it’s going directly to shareholders offering an all cash deal, $30/share. The deal is backed by Ellison money, Redbird Capital, and debt commitments.” (03:51)
• On Netflix’s motivations:
  • Brett: “My conspiracy/galaxy-brain take is that Netflix is not in it to acquire Warner Bros. ... all they're doing is like you might in a fantasy football auction draft; try to bid up the price to a higher one.” (12:27)
• Antitrust chatter:
  • Ryan: “You have so many people making that case that this is terrible ... And I told my girlfriend about this deal and she's like, 'Oh, that's great! I won't have to pay for two services now.'” (10:47)
• YouTube’s role in the streaming wars:
  • “YouTube doesn’t count? How does YouTube not count? It’s number one. ... Are we really considering blocking deals for that?” (11:13)
• Warner’s IP value—a lesson for Nintendo holders:
  • “IP is worth something. IP has value. And it’s a good lesson for Nintendo shareholders ... if it is a potential acquisition candidate, all of a sudden those things have a ton of value.” (20:23)

Timestamps

• [02:33] Netflix & Paramount Bidding War Details
• [06:38] Who are the winners?
• [09:06] Valuations and Synergies
• [12:27] Netflix’s Gamesmanship?
• [15:24] Business models: YouTube vs. Netflix
• [19:03] Shareholder preferences
• [20:23] IP: Value Beyond Current Markets

2. 100-Bagger Portfolio Picks: Stocks with Explosive Asymmetrical Upside

[21:47 – 41:51]

The Listener’s Challenge

A listener asks for each host’s top three “moonshot” stocks—smaller, riskier companies with the potential for 25x, 50x, even 100x returns.

Stock Picks & Rationale

Brett’s Picks

• Kraken Robotics: “I believe they can 10x revenue ... pretty much a monopoly. Huge opportunity.” (25:03)
• The Real Brokerage: “Growing a ton, taking market share. If it dominates the industry ... could easily be in the thirty billion dollars market cap range.” (27:07)
• Raspberry Pi (Honorable Mention): “DIY computers ... revenues up from 12M GBP to 250M, 23% CAGR, below $1B market cap. Fascinating, maybe at the right price.” (33:12)
• Rocket Lab (Former pick): “Hit $65 a share now, vastly overvalued today, but back then it was a good example of a 10-bagger candidate.” (35:34)

Ryan’s Picks

• Remitly: “I think it could be a really big remittance provider—and it’s kind of priced like a really struggling company ... doesn’t seem to be the case.” (26:30)
• Grab: “Uber of Southeast Asia. If they continue to win in financial services, grocery, etc., hard to see them not being a much, much bigger business.” (28:55)
• Latin America fintechs (Nubank): “Pretty big, but still has a lot of hypergrowth potential.” (32:02)
• Miscellaneous (“100-bagger” lessons): “A lot of 100-baggers were not just hypergrowth ... it’s capital returns, buybacks, good capital allocation.” (31:04)

Notable Quotes

• Brett: “You hit a couple home runs and a lot of losers ... the home runs would account for more than offset your losses.” (35:53)
• Ryan: “Great management teams always find a way to expand their TAM.” (29:22)
• Brett: “Hims ... gigantic addressable market, great growth, great gross margins, but a lot of uncertainty.” (27:06)
• Brett: “Portillos maybe? ... 1000 locations ... high risk, high reward.” (40:23)

Timestamps

• [23:51] Listener’s Question & Framing
• [25:03] Brett: Kraken Robotics
• [26:30] Ryan: Remitly
• [27:07] Brett: Real Brokerage
• [28:55] Ryan: Grab
• [33:12] Raspberry Pi and Small Cap Reflections
• [35:34] Honorable Mentions, Lessons from Small Caps

3. Berkshire Shakeups: Todd Combs’ Exit

[42:53 – 50:12]

• Todd Combs (Berkshire investment manager) leaves for JPMorgan to head up a new investment unit.
• Both hosts speculate on performance and impact.
• Brett: “I'd be more bullish [on Berkshire]. Using the sports headline: Todd Combs overrated ... You look at his returns—weren’t that great.” (45:25)
• Ryan: “They have more cash than ever ... 31% of total assets, which is the highest in 20 years.” (48:16)
• Debate on Berkshire’s “problem” of too much cash and if a special dividend makes sense.

4. Rapid-Fire Earnings and Market Updates

Remitly Investor Day

• [51:37 – 55:27]
  • Oppenheimer, founder, “kind of eccentric ... but I thought he had a pretty clear vision.” (53:37)
  • 2028 Outlook: $2.6–3.0B revenue, $575–600M adj. EBITDA, 22–20% margins. “If they get to $600M in adjusted EBITDA ... $2B EV makes no sense.” (54:05)

Adobe Earnings

• [55:27 – 58:48]
  • Strong quarter, digital media ARR up $610M (best in 2 years). “Almost added an entire Figma in ARR growth this quarter.” (55:46)
  • Freemium business (“growing over 35% YoY”), major buybacks.
  • “If they continue to grow 10% … eventually skeptics will subside.” (58:07)

Nintendo’s Decline

• [58:48 – 61:36]
  • Big drop blamed on Switch 2 chip costs, weak yen.
  • “Enterprise value today is down to $70B ... business can reach 10% earnings yield.”
  • Brett: “I probably will buy some more.” (60:30)
  • Ryan: “Nintendo’s cheap. That’s all I gotta say.” (61:26)

5. Bubble Watch: $1.5 Trillion SpaceX IPO Rumors

[62:19 – 65:16]

• SpaceX rumored to seek $30B raise at $1.5T valuation (Bloomberg).
• Brett: “This would be quite the expensive sales multiple for a capital intensive business ... Elon Musk is very, very good at timing the capital markets.” (63:38)
• Hosts highly skeptical of the valuation and prospects, joke about “literal moonshots.”
• Ryan: “[Alphabet] going to end up with a $100 billion unrealized capital gain on their SpaceX investment.” (64:19)

Memorable Quotes & Moments

• On Streaming Wars:
  • Brett: “Feels like a fun story. It’s Succession in real life. But are these good stocks to buy at this moment? No, I don’t think so.” (16:00)
• On finding 100-bagger stocks:
  • Ryan: “What I end up focusing on ... if the market is big enough, that's kind of what I end up focusing on.” (24:21)
• On Berkshire’s cash hoard:
  • Brett: “They have the most assets in the world.” (48:25)
• On Space IPO Bubbles:
  • Brett: “It could spark ... the space and satellite and literal moonshot bubble.” (62:22)

Additional Quick Hits

• Lots of listener engagement and Q&A, including live chat insights on Remitly and the Netflix/Warner deal.
• Reflections on the dynamics of “capital returns” and how 100-baggers are sometimes found in mature, boring businesses not hypergrowth stories.
• Several asides about the power of IP—especially as it relates to Warner, Nintendo, and media assets.

Useful Timestamps for Key Segments

• [02:33] Netflix/Paramount/Warner Bros. bidding war breakdown
• [21:47] Introduction to 100-bagger stock debate
• [42:53] Berkshire Hathaway’s major personnel shift
• [51:37] Remitly Investor Day recap
• [55:27] Adobe earnings take
• [58:48] Nintendo’s market drop discussion
• [62:19] SpaceX IPO hype and skepticism

Tone & Style

As always, Ryan and Brett keep the tone conversational, skeptical, and analytical—with a blend of sharp wit and grounded market wisdom. They pull in outside research, share candid portfolio strategies, and deliver plenty of actionable perspective for long-term-minded investors.

This summary captures all major topics and quotes highly relevant to investors, omitting non-content advertising and banter. Listen for the original energy and investment insight!