<p><em>Welcome to the TSOH Weekly Roundup, which is sent out each Friday at 11am ET. Each update features a Chart of the Week and a brief discussion on three news items that are relevant to the TSOH investable universe.</em></p><p><strong>Chart Of The Week (from <a href="https://thescienceofhitting.com/p/airbnb-room-to-breathe">“Airbnb: Room To Breathe”</a>)</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!5oUj!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b371818-86f7-4037-ab3f-34624cb41132_915x666.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="666" src="https://substackcdn.com/image/fetch/$s_!5oUj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b371818-86f7-4037-ab3f-34624cb41132_915x666.jpeg" width="915" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p class="button-wrapper"><a class="button primary" href="https://thescienceofhitting.com/subscribe?"><span>Subscribe now</span></a></p><p><strong>Three Notable Items</strong></p><p><em><strong><a href="https://ir.roblox.com/news/news-details/2026/Roblox-Announces-Inaugural-Share-Repurchase-Program/default.aspx">“Roblox Announces Inaugural Share Repurchase Program”</a></strong></em></p><p>While the numbers are relatively small – a $3 billion authorization, with the intent to buy back up to $1 billion over the next year – this is a noteworthy development. <a href="https://thescienceofhitting.com/p/roblox-reality-check">My view</a> is that Roblox management has been more extreme than most public companies in their indifference to short-term P&L volatility, which helps to explain why shareholders have been on a roller coaster ride over the past five years (and with the stock falling ~40% over that period).</p><p><em>Roblox CFO Naveen Chopra: “Today’s authorization of Roblox’s first-ever share repurchase program is a testament to our confidence in the long-term opportunity ahead. Investing in continued growth will always be our highest priority, but the strength of our balance sheet and FCF generation allows us to support industry leading innovation while simultaneously <a href="https://thescienceofhitting.com/p/roblox-extremely-efficiently">reducing dilution</a>.”</em></p><p><em><a href="https://www.cnbc.com/video/2026/05/20/watch-cnbcs-full-interview-with-amazon-founder-jeff-bezos.html">“</a><strong><a href="https://www.cnbc.com/video/2026/05/20/watch-cnbcs-full-interview-with-amazon-founder-jeff-bezos.html">CNBC’s Full Interview With Amazon Founder Jeff Bezos”</a></strong></em></p><p>A wide-ranging interview with Jeff Bezos, including his views on wealth distribution and U.S. tax policy, the AI revolution, and data centers in space.</p><p><em>Bezos (38th minute): “I think so many people are afraid AI is going to take their job. I think there is going to be a labor shortage… It’s going to elevate people. Let’s say you’re a software engineer. The analogy I use is you’ve been digging out a basement for your house with a shovel, and somebody is about to hand you a bulldozer… We are going to have so much productivity in our economy… The root of civilizational wealth is invention.”</em></p><p><em><strong><a href="https://www.wsj.com/business/airlines/berkshire-hathaway-greg-abel-airlines-da88062b?mod=business_lead_story">“Berkshire Hathaway Rekindles Its Tortured Love Affair With Airlines”</a></strong></em></p><p>For the next sign of change at Berkshire post-Buffett, <a href="https://www.sec.gov/Archives/edgar/data/1067983/000119312526226661/xslForm13F_X02/53405.xml">see the latest 13-F</a>, which included a large increase to their stake in Alphabet and a new position in Delta (as a reminder, Buffett sold his U.S. airline basket <a href="https://www.cnbc.com/2020/05/02/warren-buffett-says-berkshire-sold-its-entire-position-in-airlines-because-of-the-coronavirus.html?msockid=1c302391d69563690da33083d70562fb">in April 2020</a>, which he discussed <a href="https://youtu.be/hZDYnK3WNYQ?si=yE-lMIAVEcjEN3Se&t=6090">at the annual meeting</a>). I’ve been uncertain on the role that <a href="https://www.youtube.com/live/PqYwy1d81e0?si=lWWEPY9EOc1o8eB0&t=7874">(new) large equity investments</a> were likely to play at Berkshire in the years ahead; it appears they will still be part of the capital allocation toolkit.</p><p><em>“Warren Buffett has had a tortured relationship with airline investments… His successor, Greg Abel, is showing an early fondness for them, too, with Berkshire taking a $2.6 billion position in Delta (DAL). Buffett told The Wall Street Journal that he wasn’t involved in Berkshire’s new Delta position.”</em></p><p><strong>TSOH Updates</strong></p><p>Here’s the updated TSOH research list for the past six months:</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!oyJu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F879c8b5e-1040-43e8-8eb4-d0eba27d0086_1035x637.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="637" src="https://substackcdn.com/image/fetch/$s_!oyJu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F879c8b5e-1040-43e8-8eb4-d0eba27d0086_1035x637.jpeg" width="1035" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Monday’s research report will be an update on <a href="https://thescienceofhitting.com/p/vital-farms-fragility">Vital Farms (VITL)</a>. </p><p>While the stock price has plummeted ~70% over the past year, <em>ten </em>different insiders have bought VITL shares on the open market in the past two weeks.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!N8t2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77d9196f-4bdf-49b7-8975-553d3a7b9dea_1105x560.jpeg" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="560" src="https://substackcdn.com/image/fetch/$s_!N8t2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F77d9196f-4bdf-49b7-8975-553d3a7b9dea_1105x560.jpeg" width="1105" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p>Have a great weekend!</p><p class="button-wrapper"><a class="button primary" href="https://thescienceofhitting.com/subscribe?"><span>Subscribe now</span></a></p><p><em>NOTE - <strong>This is not investment advice. Do your own due diligence.</strong></em></p><p><em>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. <strong>TSOH Investment Research is not acting as your advisor or in any fiduciary capacity.</strong></em></p>