⛳️ The Golf
The Truist Championship
Course: Quail Hollow tests ball strikers
Weather: Classic Charlotte Spring
Story: Rory has 4 wins here + Course Record
The Card
Outright Winner: Rory McIlroy
Favorite Bet: Harris English Top 10
Fade: Viktor Hovland
📣 The Good, Bad & Ugly
GB&U: Horvat, Wesley Bros Launch Digital Creator Golf Tour
The Good: The audience is already there. The Internet Invitational last summer proved the commercial demand. Direct-to-fan distribution across pre-built channels with millions of subs means YGT skips the linear-rights problem the PGA Tour is still wrestling with. Wesley Bryan being suspended from the PGA Tour for playing LIV Duels and pivoting straight into a co-founder role is exactly the kind of operator-jumps-the-fence moment that signals the category is real.
The Bad: The whole appeal of YouTube golf was that it WASN’T a tour. Personality-first, low stakes, fun. The minute you bolt on $1M, relegation, captains, and a points race, you risk turning the antidote into the disease. “Skill-first selection” is the right answer for competitive integrity but it also raises the obvious question: if the audience came for personality, does formalizing it strand the audience that built the platform?
The Ugly: This is either the door opening for more — a creator-led tour ecosystem where Bob Does Sports, Good Good, and the rest follow with their own circuits, all feeding the same fans — or it’s SIM leagues gone mad. TGL already showed that primetime indoor golf with stars works at modest scale. YGT is the outdoor, money-on-the-line version with creator distribution. If it lands, every creator with a million subs starts asking why they don’t have their own. If it whiffs, YouTube golf goes back to vibes-only and the formal-tour experiment is dead for a decade. Right now, I’d bet on the door opening.
💰 The Wedge Fund
Brief: Saronic is building the autonomous platform for the contested-water future the Pentagon is openly planning for. One of the only companies actually delivering autonomous surface vessels at scale. The team is heavy on defense and ex-Anduril builders who’ve shipped real hardware against real DoD contracts.
Saronic: Defense Technology
Saronic: Defense Tech
Bull Case: The timing is historic. Few companies sit at the intersection of (a) a defense procurement environment that has finally cracked open, (b) a manufacturing thesis that can scale, and (c) a technology stack already battle-validated by Ukraine. Saronic has all three. Every quarter the procurement window stays open, the lead widens.
Bear Case: Defense procurement is famously slow even when budgets exist. Multi-year programs slip. Geopolitical priorities shift with administrations. Hardware businesses carry capital intensity software companies don’t. And, valuations can compress meaningfully if production timelines stall. Multi-year hold; not a quick mark-up.
Macro Environment
The U.S. Navy needs more ships and can’t build them fast enough. Traditional shipyards are slow, expensive, and backlogged a decade out. Ukraine showed the world that cheap autonomous boats can sink billion-dollar warships — a structural shift in how naval power works. The Pentagon is now spending real money on unmanned vessels, and the supply side is still tiny.
Not investment advice. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Read Disclosures →
