Netflix: "Content, Variety, Quality"

In advance of tomorrow’s Netflix update, I’ve removed the paywall on the July 2025 research report, “Content, Variety, Quality“. My goal is to provide a concrete example of the research I share throughout the life of an investment.

For proper context, I’d also recommend “This Is When It All Matters“, from April 2022; at that time, I was buying more NFLX, a position that had first entered the TSOH portfolio three months earlier. Taken together, the Netflix updates published during this tumultuous period are a case study of my process in action, as well as the value delivered to TSOH subscribers - including 100% transparency and prior disclosure of all portfolio changes.

This investment is also instructive because it shows, in real time, how I balance a desire to think and act like a long-term owner while recognizing the long-term opportunities (and risks) that are present with meaningful volatility.

As I wrote in the Q4 2024 Portfolio Update, “While staying true to my investment philosophy, I must also remember that the primary long-term objective is simple: to make money. Those ideas are not inconsistent with one another, but the desire for the former cannot outweigh the need for the latter.”

Netflix is a timely example of that philosophy in practice.

As always, any individual example should be considered in the broader context of the portfolio. For a complete picture of the TSOH portfolio, including all current holdings, their position sizes, and long-term historical returns, see the Q4 2025 Portfolio Update. (This isn’t a side account or an equity sleeve; the portfolio covers 100% of my family’s investable assets.)

Naturally, I can’t make any guarantees about future returns. What I can promise is a complete commitment of my time and effort, in-depth equity research, disciplined decision-making in alignment with my investment philosophy, and 100% transparency on portfolio activity and the outcomes.

If you want actionable, high-quality equity research, subscribe today.

Thank you for your time.

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.