Stig Brodersen discusses his shift from aggressive growth to capital preservation, now checking his portfolio just once a year and anchoring it with Berkshire Hathaway. He explains his decision to exit Evolution AB despite its strong fundamentals, citing opportunity cost and the emergence of more compelling investments like Uber. His conviction in Uber has grown significantly, scaling his position to 7% of his portfolio due to its operating leverage, expanding Uber One subscription base, and rising advertising revenue. He remains confident despite risks like Tesla’s robo-taxis, emphasizing Uber’s two-sided marketplace strength and ecosystem monetization. On AI, Stig sees Alphabet as a key infrastructure player, absorbing higher costs while maintaining profitability. The conversation also touches on mental models, the value of operational leverage, and the importance of probabilistic thinking in investing. Finally, listeners are invited to join live events during Berkshire Hathaway’s shareholder weekend in Omaha, fostering community and deeper learning opportunities.