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 “Netflix: Our Strategy Is Unchanged”)
Three Notable Items
“Markel Group Reports Q3 FY26 Results”
While this activity remains relatively small against a ~$23 billion market cap, Q3 FY26 marked the highest quarterly ($315 million) and TTM ($771 million) repurchase spend in Markel’s history. Management has argued of late that the stock is undervalued, and they are increasingly reacting accordingly.
Gayner: “We build Markel to relentlessly compound value over the long-term, by serving our customers and policyholders, owning businesses with staying power, underwriting with discipline, and reinvesting patiently through cycles. Our Q3 results demonstrate we continue to do that… We continued to deploy capital where we believe it creates the most long-term value.”
“Thrive to Buy ADT for $7.6 Billion”
A notable deal for a company discussed in the Alarm.com (ALRM) initiation.
“ADT has agreed to be acquired for $7.6 billion in cash by Thrive Holdings, an investment vehicle formed by Josh Kushner’s VC firm, Thrive Capital. Thrive will pay $10 a share in cash, a 35% premium to Wednesday’s close.”
“Hasbro’s CEO on IP, Selling Toys To Adults”
A topic of interest to me, particularly as it relates to Build-A-Bear (BBW). On the “kidulting” trend, Build-A-Bear management estimates ~40% of their sales are to teens and adults (slide six).
“Today, the majority of toys are sold to households who don’t have kids. The growth is from collectors, fans, and older consumers... 65% of our sales are to consumers who are 13+ years old.”
TSOH Updates
Here’s the updated TSOH research list for the past six months:
Monday’s research report will be an update on Microsoft (MSFT).
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.