Pershing Square Challenge 2026 third place: Celsius $CELH

YAVP #395

Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next "protein" fad waiting to be disrupted.

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I already know you’re going to like trata. Why? Because you’re reading this blog post, meaning you’re interested in this podcast. And trata is just like this podcast (though without the handsome host!). Trata is anonymized transcripts of buysiders discussing stocks they are following and what they really think will drive the stock. I’ve been mentioning it on the podcast for months, and the most frequent complaint I hear from people who check it out is they wish trata had more content on more of their stocks. Plus, if you’re interested in CELH, you can see the transcript I used to prepare for this podcast here.

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Transcript for paid subs begins below (The initial transcript is AI-generated and is replaced with a professionally edited version when available)

Disclaimer: Nothing on this podcast or on this blog is investing or financial advice; please see our full disclaimer here. The transcript below is from a third party transcription service; it’s entirely possible there are some errors in the transcript.