TSOH Weekly Roundup (06/19/26)
Welcome to another edition of TSOH Weekly Roundup, which is sent on Friday at 11am ET. Each update features a Chart of the Week and a brief discussion on three news items relevant to the TSOH investable universe.
Chart Of The Week (from “A Tutor In Your Pocket”)
Three Notable Items
“Amex to Acquire European Reservation Platform for $700 Million”
While Starboard argued for a price tag on TheFork of ~$1 billion, I discussed in the February 2026 Tripadvisor (TRIP) update why I believed management would be willing to accept an offer “meaningfully” below that level. We now have our answer, with American Express agreeing to acquire TheFork for $700 million. This is a significant development for TRIP, particularly given that the company has a market cap of roughly $1.5 billion (at ~$13 per share).
Tripadvisor CEO Matt Goldberg: “This agreement reflects two things we believe deeply: the tangible value across Tripadvisor’s portfolio and our ongoing focus on the opportunity we see ahead in Experiences.”
“Fox to Buy Roku Streaming Service in $25 Billion Deal”
An interesting deal in the media industry, particularly given that Fox previously owned ~5% of Roku, a stake they liquidated in March 2020 at an average price of ~$57 per share to help fund the Tubi deal. Six years later, they are now acquiring 100% of Roku at a valuation of ~$160 per share.
“Roku had been working with investment bankers to explore a potential sale over the past few months. It had approached a number of companies including Comcast, according to people familiar with the situation.”
“Conversations With the Dean - Jim Wright, CEO of Tractor Supply Co.”
I enjoyed this 2011 interview with former Tractor Supply CEO Jim Wright, particularly his perspective on why Kmart ceded a massive lead to Walmart throughout the 1980’s and 1990’s (Wright was a Kmart exec in the 1980’s).
“The fundamental difference between Kmart and Walmart was that Sam Walton valued the team member and he valued the customer. He felt that if he gave the customer an ever increasingly good deal, they would come back and his business would grow. Sam Walton was looking at the next decade, he was looking at the long-term. Kmart always looked at the quarter, and they changed strategy quarter by quarter, sometimes mid-quarter… As a result, from the store management up, they never knew the playbook, because it was constantly changing in response to trying to make the next quarter.”
TSOH Updates
Here’s the updated TSOH research list for the past six months:
Monday’s research report will be an update on Tractor Supply (TSCO).
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.