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 “Roblox: Capture This Moment”)
Three Notable Items
“Tripadvisor Announces Management Departures and Transition Plan”
Alongside woeful Q3 FY26 results, Tripadvisor announced that CEO Matt Goldberg and CFO Mike Noonan will both leave the company. I speculated in February that the sale of TheFork would likely prove a stepping stone to more significant change for the namesake business and Viator, but now signs of broader disruption and weaker results have clearly dampened expectations on what could be realized in a merger or sale. This is a tough situation, which explains why the stock price has fallen another ~50% over the past year.
Goldberg: “Tripadvisor today is a different business than the one recovering from the pandemic when Mike and I joined in 2022. Experiences is now at the core of the company, and we’re positioned for an increasingly AI-driven travel ecosystem… We simplified our capital structure and closed the sale of TheFork, strengthening our balance sheet… We continue with our portfolio review, which includes evaluating strategic alternatives aligned with our priorities - simplifying our legacy business lines and focusing resources on our growth opportunities.”
“David Baszucki Sits Down with Bloxy News”
An interview with Roblox CEO Dave Baszucki; he discussed topics including the history of the platform and AI’s impact on game development, discovery, etc. Note that Baszucki also participated in an interview with Stratechery.
“We saw social networking starting to pop up with social graphs. We also saw UGC platforms like YouTube, and online gaming was getting more prevalent, multiplayer-type stuff. We had communication platforms, and we thought, right in the middle of all of this was this new category - call it immersive human co-experience... That was really the genesis of the first Roblox… The endgame is infinite scale and multiplayer with photorealism. Over the next 20 years, I think we’ll see that come to fruition with all the tech we’re building.”
“Berkshire, Netflix, and Portfolio Construction with Alex Morris”
Last week, I joined Jason and Jeff on Investing Unscripted to discuss portfolio construction, position sizing, and a slew of companies, including Berkshire Hathaway, Deckers, Netflix, Nike, and On. To our discussion on Berkshire and capital allocation, note that the company bought back ~$9.6 billion of stock in Q3 FY26 – the largest quarterly repurchase spend in its history.
TSOH Updates
Here’s the updated TSOH research list for the past six months:
Monday’s research report will be an update on Floor & Decor (FND).
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.