TSOH Weekly Roundup (07/17/26)

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 “Comcast: A Long-Awaited Pivot”)

Three Notable Items

“Brown-Forman Announces President & CEO Lawson Whiting to Retire”

Another interesting development at Brown-Forman, particularly given the M&A discussions earlier this year. As I noted in the January 2025 initiation, this comment from Whiting’s first shareholder letter has stuck with me: “We are committed to the long‑term independence of Brown‑Forman as a leader in the spirits industry.” I’m curious if industry developments over the past 5+ years have changed how the Brown family, and by extension the incoming CEO, weigh the importance of Brown-Forman’s continued independence.

“Whiting informed the board earlier Monday of his intention to retire, according to board chairman Marshall Farrer, who said the move was entirely Whiting’s decision. There is no set timeline for replacing Whiting. Whiting was Brown-Forman’s second consecutive leader who didn’t come from the Brown family, Farrer said… The Brown family holds a majority of its voting rights.”

“At 17, She Sued Meta and Google, and Won. She’s Ready to Tell Her Story”

This Bloomberg article focuses on the growing legal challenges Alphabet and Meta face from digital addiction claims. Naturally, this discussion has broader implications in a world where people spend much of their lives online (for example, as it relates to OSBs and iGaming). From the perspective of an investor, I believe mega cap tech companies face a non-zero chance of material harm via litigation, regulatory changes, and / or targeted taxation.

“Most nights, Kaley sits on her new couch in her new home, scrolling social media in the dark, her face aglow from the phone screen. The irony isn’t lost on her - that she was plaintiff zero in the social media addiction litigation and she can’t stop scrolling.”

“Derek Pilecki on Finding Edge in Financials”

I enjoyed this interview with Derek Pilecki, PM of Gator Capital Management. In particular, I was interested to hear his evolving views on position sizing.

“I used to run 25 names, that has crept up to about 40 names – and my returns have actually gone up, which seems kind of backwards… Everybody says, ‘I don’t want to be invested in your 25th best idea’, but it’s really hard to rank your ideas… Rarely is my best idea my best performing stock… New positions normally go into the portfolio at a ~4% weighting, and I don’t add to positions often; when I do, I like to add when I’m up on the position rather than when I’m down. I think positions can become less risky at higher prices.”

TSOH Updates

Here’s the updated TSOH research list for the past six months:

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.