⛳️ The Golf
The Masters
Course: Augusta National. You know.
Weather: Perfection. Too good.
Story: Rory chasing history.
The Card
Outright Winner: Rory McIlroy
Favorite Bet: Justin Rose Top 5
Fade: Bryson DeChambeau
📣 The Good, Bad & Ugly
GB&U: Golf Has a Media Problem
The Good: Golf is in the middle of a viewship boom nobody saw coming. The 2026 Farmers Insurance Open did 2.9M viewers on its sunday finale, best Torrey Pines number in 6 years, and a 70% jump YoY. Koepka’s PGA Tour return drove +87% and +115% Thursday/Friday gains on Golf Channel. The Masters delivered its highest-rated final round in 5 years (w/o Tiger or Phil). The U.S. audience for golf is bigger and younger than ever. And, they are digital native. TGL, for example, pulled in a median viewer age of 51 (younger than NHL, F1, and NFL). There is real demand.
The Bad: The audience is healthy. But distribution is broken. To watch a full PGA Tour season legally in 2026 you need CBS, NBC, Golf Channel, Peacock, ESPN. Six platforms. Five subscriptions. No single discovery surface. TGL ratings declined meaningfully in Season 2 (but I expect that to rebound in Seaon 3) the league's existential test is whether it can stabilize above ESPN's primetime average, and the early data suggests that's a coin flip. LIV will be dead by Summer and the PGA Tour is stacking way too many signature events between Majors..
The Ugly: The honest read is that the Tour is being attacked from three directions at once and doesn't have a media strategy that addresses any of them. Bryson DeChambeau is on the record saying "majors-only and YouTube is incredibly viable" — that's a top-five player publicly endorsing the unbundling of professional golf. Grant Horvat and the Bryan brothers just launched Your Golf Tour with a $1M Wynn finale and 16 creator captains. Wesley Bryan is suspended from the PGA Tour for a LIV YouTube cameo while building his own competing tour. The audience isn't the problem. The audience is here. The problem is that the most innovative and most-distributed golf content in 2026 is increasingly being made by people who don't work for the Tour, the broadcasters, or any of the leagues. That's the category we're investing behind.
💰 The Wedge Fund
Brief: SpaceX is the rare allocation that doesn't need a thesis. The most valuable private company in the world, the leader in commercial launch, the operator of Starlink, and now reportedly preparing for a 2026 IPO that would be one of the largest in history. We don't usually get a clean window into a name like this. Limited allocation available through partners ahead of the public offering.
SpaceX: Aerospace
Bull Case: This is the most institutionalized of Musk's companies and the only one with a real operating moat. Starlink is a global broadband business at scale, no longer a science project. Falcon dominates global launch. The 2026 IPO has been widely reported, and the public-market repricing relative to the last private tender is the trade. We don't usually get to allocate at the last private mark before a listing of this size.
Bear Case: The headline valuation prices in perfect execution across multiple business lines that don't all work yet. Starship is still pre-revenue. Musk key-man risk and dual-class voting are real concerns institutions cite repeatedly. Amazon Kuiper is becoming legitimate competition for Starlink. IPO valuations break low more often than people remember. This is a generational-bet allocation, not a flip.
Macro Environment
This is the IPO that resets the late-stage private market. SpaceX going public triggers an unlock cascade — OpenAI, Stripe, Databricks, Anthropic all suddenly have a comp to point at. The pre-IPO window on SpaceX itself is closing. We don't usually get to allocate at the last private mark before a listing of this size, and we don't expect to see this name in the Wedge Fund again before it's public. The math does the work.
Not investment advice. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Read Disclosures →
