TSOH Weekly Roundup (08/14/2026)
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 “Peloton: Subscriber Squeeze”)
Three Notable Items
On’s Q2 FY26 results included a reduction to revenue guidance, which was met with a decidedly negative response by Mr. Market (the stock price fell ~20%). The quarter included another deceleration in the Americas constant currency revenue growth rate, one KPI that I’m focused on. More broadly, it seems we’re at an interesting moment in the company’s long-term evolution: managing topline growth and inventory / distribution in a promotional market environment while keeping clear focus on their premium brand positioning.
On co-CEO David Allemann: “In wholesale, some of our everyday running franchises tracked below our ambitions in a highly promotional multi-brand marketplace, particularly in the Americas. This is something we are not pleased with, but our response is where the premium standard proves itself. We have been intentional and disciplined on managing sell-in to the channel. We choose not to build in-channel inventory that could compromise our full price integrity.”
“Rockstar founder builds Celsius stake, wants to take over as CEO”
An interesting development at Celsius, particularly given that Rockstar (in UCAN) was added to their energy drink portfolio following the latest evolution of their PepsiCo relationship. CELH shares, which reached ~$67 per share in October 2025, have seen their price fall >50% from the 52-week highs.
“Russ Savage, founder of Rockstar, has purchased millions of shares of Celsius and is calling for the ouster of CEO John Fieldly... Savage controls more than 12 million shares of Celsius [~4.7% stake]. While Savage has been quietly advising Celsius to change its cost structure and marketing strategy for over a year, he now says new leadership is needed. ‘The CEO, COO, brand manager, and marketing manager all need to be fired,’ Savage told CNBC.”
“Netflix, Disney, And Investing In Media In 2026”
Earlier this week, I joined Ryan Henderson and Brett Schafer of the Chit Chat Money (CCM) podcast to discuss Disney, Netflix, and the broader media industry. If you are interested in this topic, I would also recommend revisiting the February 2022 podcast that I recorded with Ryan and Brett about Netflix.
TSOH Updates
Here’s the updated TSOH research list for the past six months:
Monday’s research report will be an update on Airbnb (ABNB).
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.