TSOH Investment Research Service
“Ted Williams wrote a book called ‘The Science of Hitting’.
In the book, he shows a diagram of him at the plate, with the strike zone divided into 77 baseballs. He said, ‘If I only swing at pitches in my sweet spot, I can bat .400 - but if I have to swing at low outside pitches in the strike zone, I’ll bat .230’.
He said the most important thing in hitting is waiting for the right pitch. Now, he was a disadvantage because if the count was 0-2 or 1-2, even if the ball was where he’d bat .230, he had to swing. In investing, there are no called strikes.”
My name is Alex Morris (on Twitter, I’m “The Science of Hitting” or TSOH); I am a long-term investor, a former buyside equities analyst, and a CFA Charterholder.
I spent 10 years in the finance industry, most recently as part of a four person team responsible for allocating ~$1.2 billion in client assets. In April 2021, I launched the TSOH Investment Research service, with the goal of providing complete transparency around my investment philosophy, equity research process, portfolio decision-making, and outcomes (returns disclosed quarterly).
What Is TSOH Investment Research?
Through the TSOH Investment Research service, I provide complete access to my investment research process and all portfolio decision-making. The portfolio disclosed to subscribers includes all of my investable assets (everything outside of a small checking account). My promise to subscribers is 100% transparency.
Research reports on new ideas (deep dives), including my investment decision (buy / watch / pass) and my financial model / valuation.
Periodic updates on current holdings / watch list (typically quarterly).
Prior disclosure of all portfolio changes, with a clear explanation for both sides of the transaction (what I’m buying, what I’m selling, and why).
Quarterly portfolio updates (each position, its weighting, and returns).
In a nutshell, I share all research and portfolio activity with subscribers.
What To Expect (Paid Subscribers):
Premium subscribers receive:
Six investment write-ups per month (every Monday at 6:30am ET and every other Thursday at 6:30am ET), including deep dives on new companies, portfolio updates on current holdings, and investment philosophy discussions (asset allocation, holding cash, growth vs value, etc.)
The disclosure of all portfolio changes before they're executed with detailed commentary explaining my rationale for both sides of the transaction
To receive weekly investment research from an equities analyst and CFA Charterholder with a decade of buyside experience, in addition to the disclosure of all portfolio changes before they’re implemented, sign-up below.
CFA Charterholder with an MBA and undergraduate Finance degree
10 years as a buyside analyst (2011 - 2021), most recently as part of a four person investment team responsible for allocating ~$1.2 billion in client assets (this has been my sole professional endeavor since April 2021)
12,000+ Substack readers and 500+ paid subscribers
Start Here (Paywall Removed):
This is an overview of who I am, or at least who I’m trying to be, as an investor.
Part one of the portfolio review provides commentary on my largest holdings as of the launch of the TSOH Investment Research Service (April 2021). It will give you a clear indication of my investment philosophy (and how it compares to your own approach to security analysis and portfolio management), which should help with deciding whether its worthwhile to become a subscriber.
This write-up outlines some of my prior investment mistakes, which have been formative experiences in terms of the investment approach that I employ today.
I also discuss my historic investment returns as of the post date (April 5th, 2021), which speaks to complete transparency around all research, portfolio decisions, and returns (this information is updated quarterly for TSOH paid subscribers).
Airbnb revolutionized the travel industry. After a near-death experience in 2020, the company emerged from the pandemic with a renewed appreciation for the importance of focus and operational excellence (“it was a crucible moment for the company”). They’ve also benefited from structural changes in travel, most notably the rise of long-term stays. In this deep dive, I discussed the company’s history, its current economics, and my views on its valuation. As a subscriber, this is the quality of work that you should expect on new company research.
This investment write-up looks at the history of Amazon Web Services (AWS), which I believe is one of the most fascinating stories of innovation and business success in recent decades. It is a perfect example of what I’m hoping to uncover as part of my research process: businesses that can be expected to generate significant shareholder value over the course of the next decade (and beyond).
To give you a sense for the companies and industries that I focus on, here’s a list of the research that was sent to TSOH paid subscribers in the past six months.
Feedback From TSOH Subscribers:
Thanks again for considering the TSOH Investment Research Service. If you have any questions, please let me know (firstname.lastname@example.org).
- Alex Morris (@TSOH_Investing)