🔊 TL;DR
The RBC Heritage
Course: Pete Dye’s precision test.
Weather: Cooperative all four days. Cream rises.
Story: Spieth-Town is real though.
The Card
Outright Winner: Matt Fitzpatrick
Favorite Bet: Scheffler Top 5
Fade: Jordan Spieth (not that real)
📣 The Good, Bad & Ugly
GB&U: Was The Masters Anticlimactic or Did CBS Just Miss It?
The Good: Sunday at the Masters was set up to be the greatest finale of the modern era. Rory chasing back-to-back. Scottie defending. Rose hanging on. Young, Hatton, DeChambeau in contention. CBS managed to broadcast a tournament where viewers couldn’t tell who was making a charge until it was already over. That broadcast disaster wasn’t an isolated event — it’s the proof point on a much bigger problem.
The Bad: Sunday at the Masters was set up to be the greatest finale of the modern era. Rory chasing back-to-back. Scottie defending. Rose hanging on. Young, Hatton, DeChambeau in contention. CBS managed to broadcast a tournament where viewers couldn’t tell who was making a charge until it was already over. CBS missed both approach shots on 18 in the final group — the 72nd hole of one of the most consequential Masters in 20 years.
The Ugly: That broadcast disaster wasn’t an isolated event — it’s the proof point on a much bigger problem. There’s no accountability mechanism in golf media. Kisner went scorched Earth. Then back-tracked it. Until someone with the cultural relevance to demand better actually does, the gap between where the audience is (YouTube, clips, podcasts) and where the Tour markets to (linear cable) keeps widening. There’s a big opportunity.
💰 Wedge Fund
Brief: Beast Industries is the operating company behind MrBeast (Jimmy Donaldson). The company spans the YouTube content engine, Feastables (CPG, primarily chocolate), MrBeast Burger (revised), and a growing media + IP arm. The thesis: Jimmy is the Walt Disney of his generation, and Beast Industries is the platform he’s using to build the modern entertainment + CPG conglomerate.
Beast Industries: CPG/Creator
Bull Case: Distribution is the moat. Beast Industries doesn’t buy attention — it generates it at a scale that traditional CPG and media businesses pay billions to access. When Feastables launches, no Super Bowl ad needed. The audience is already there. That structural advantage compounds in ways most consumer businesses cannot replicate.
Bear Case: Key-person risk is real and not fully neutralized by any governance structure. If Jimmy burns out, brand-damages, or steps back, the platform-to-enterprise transition gets harder. CPG margins are brutal at scale. And the YouTube-to-IP-to-licensing playbook is unproven at billion-dollar valuations. Swing-for-the-fences bet on a singular operator.
Macro Environment
Creator economy is no longer niche — it’s a category of platform-scale businesses built on top of audiences that didn’t exist a decade ago. The biggest creators now run media companies that rival or exceed legacy networks, and the most ambitious are vertically integrating into product, packaging, and IP. The next 10 years aren’t about whether creator-led businesses scale; they’re about which ones jump from personality to enterprise.
Not investment advice. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results.
