TSOH Note
A foundational component of TSOH Investment Research is complete portfolio transparency, most notably through the prior disclosure of all portfolio changes. (As a reminder, the TSOH portfolio isn’t a side account or an equity sleeve; it accounts for 100% of my family’s investable assets.)
Historically, here’s how that worked: research is emailed to subscribers at 6:30 am ET, where any proposed changes are first disclosed (“I have decided to initiate a position in XYZ”). Then, on that same day at 5:00 pm ET, I would send a Portfolio Change email detailing the specific changes to be made (“XYZ will be a ~7% weighting, and I’ll trim ABC to a ~5% weighting to fund the purchase”). Finally, those trades were executed the following morning.
This resulted in a >24 hour delay between the disclosure of a portfolio change and the trades. While it hasn’t been an issue thus far, you can imagine a scenario where this delay proves problematic. As such, I’ve decided to tighten this window: going forward, Portfolio Change posts will be sent at 9:00 am ET on the publication date (i.e. two and a half hours after the research report is emailed), with the trades executed later that day.
One final note: the TSOH publication schedule is every Monday and every other Thursday at 6:30 am ET, regardless of holidays / market closures (for example, Presidents’ Day is coming up on Monday, February 16th). In that scenario, all of the deliverables and the timing outlined above would stay the same, but the trade execution would be delayed until Tuesday morning.
As always, please let me know if you have any questions.
I’ll be back tomorrow morning with an update on Peloton.
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.