Convergence Calamity, Revisited

My objective at TSOH Investment Research is simple: to be a value-add for subscribers by providing research they can leverage to make thoughtful and effective investment decisions. One way is through initiation reports on new companies and updates on companies currently in the TSOH portfolio or on the watchlist; I provide detailed, long-term focused research on a growing list of public companies (published every Monday and every other Thursday).

But where the rubber meets the road is portfolio decision-making. To pick a recent example, it’s one thing for me to tell you I think Peloton is an attractive investment opportunity at ~$3.7 per share; it’s another to detail the exact portfolio changes that I am making to express that view, with those changes disclosed to paid subscribers before they are implemented in my portfolio. As a reminder, the portfolio disclosed to TSOH subscribers accounts for 100% of my family’s investable assets. With every buy and sell decision disclosed to TSOH subscribers, you know that I’m eating my own cooking.

Complete transparency, including quarterly updates that detail historic portfolio returns, provides subscribers with the necessary information to decide whether they think I’m a thoughtful and effective analyst / investor. If you’re a professional or serious DIY individual investor who values that level of rigor and transparency, a TSOH Investment Research subscription is an investment that will likely pay for itself many times over in the years ahead.

Given that you’re on the free email list, I’d like to provide a look into a prior TSOH investment decision that sheds some light on how I think and act.

This morning, I removed the paywall on “Convergence Calamity, Revisited”. In the update, which was published on November 6th, 2023, I detailed my decision to sell my entire stake in Comcast (CMCSA) and Liberty Broadband (LBRDA); at the time, they accounted for ~11% of my portfolio.

I think this example is noteworthy, and not because CMCSA or LBRDA were great investments (collectively, they lagged the market by a wide margin over the course of my investment). Instead, it highlights my willingness to remain receptive to new information, and to take decisive action on large positions when the evidence suggests my thesis is no longer valid. My hope is it not only gives you confidence in my analytical abilities, but to provide insight into the transparency and forthrightness you will receive as a TSOH subscriber.

Finally, note that subscribers are grandfathered in at their current subscription rate in perpetuity. Given the level of transparency that I share, I want to keep a tight-knit group of the “right” TSOH subscribers. One lever I’ve used to help achieve that outcome, and will likely lean on again in the years ahead, is pricing. Long-term subscribers are rewarded for their commitment to TSOH.

As always, please reach out if you have any questions.

NOTE - This is not investment advice. Do your own due diligence.

I make no representation, warranty, or undertaking, express or implied, as to the accuracy, reliability, completeness, or reasonableness of the information presented in this report. Assumptions, opinions, and estimates expressed in this report constitute my judgment as of the date thereof and are subject to change without notice. Projections are based on a number of assumptions, and there is no guarantee that they will be achieved. TSOH Investment Research is not acting as your advisor or in any fiduciary capacity.