TSOH Weekly Roundup (06/12/26)
Welcome to another edition of TSOH Weekly Roundup.
Each update features a Chart of the Week, along with a brief discussion on three news items relevant to companies in the TSOH investable universe.
Chart Of The Week (from “Dollar General: Miles and Margins”)
Three Notable Items
“2026 Reunion - Group Panel: Leadership at Markel Group”
As discussed in yesterday’s Markel update, the company posted a few event videos from the 2026 annual meeting, including this panel discussion with Simon Wilson (CEO of Markel Insurance), Ross DeBolt (CEO of Parkland Ventures), and Kyle Norton (President of Cottrell). I enjoy these annual panel discussions because they offer a glimpse into Markel’s various businesses.
Simon Wilson (30th minute): “We’re in a ~$750 billion global specialty insurance marketplace. Of that, we write ~$9 billion, so less than 2% market share... How do we get profitable growth? Well, there’s 98%+ of the market we’re not in at the moment; there’s plenty of profitable business there, and we need to go find it. The way you do that is you ask the 100 leaders within this decentralized structure at Markel Insurance, ‘How would you grow your business?’ If you have 100 people thinking about how to do that on the ground, you will get many more good ideas than if you just asked me.”
“Peloton Invests in the Future of Pilates”
On June 4th, Peloton announced the acquisition of Skōp, with co-founder Kim Clayton joining to lead Pilates Experience at Peloton. Platform Pilates usage increased 48% YoY in Q3 FY26, helped by the addition of three new Peloton instructors at the end of 2025 who are focused on yoga sculpt and Pilates. Expanding the range of fitness modalities is a fundamental piece of Peloton’s strategic evolution, supported by the launch of the Cross Training series.
Peloton CEO Peter Stern: “Pilates is a category which is ripe for the same kind of experiential reinvention that we brought to cardio… Skōp adds differentiated technology and specialized knowledge to our R&D team.”
“Nike can’t just do it any more”
This Economist article examines the interplay between Nike’s advertising, athlete endorsements, and social commentary, focusing on its connection to the sneaker giant’s recent business challenges. I’m not fully convinced by some of the arguments made, but I still think the article is a worthwhile read.
“The art of celebrity-wrangling has changed since Nike wrote the modern playbook in the 1980s. In our increasingly fractured culture, every superstar will alienate some consumers, and attempts to create a vibe that plays equally well across different echo-chambers can come across as inauthentic. This is particularly tricky territory for Nike. In Donald Trump’s first term the company came to be seen as excessively woke, particularly after a campaign celebrating Colin Kaepernick… Hill’s goal is to stay apolitical, insiders say.”
TSOH Updates
Here’s the updated TSOH research list for the past six months:
Monday’s research will be an initiation report on Duolingo (DUOL).
As always, it will include prior disclosure of any portfolio changes.
Have a great weekend!
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.