• Brett Schafer

Deep Dive: Jason Greenwald Discusses Callaway Stock



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Show Notes


This week we brought back Jason Greenwald to discuss Callaway. Jason is an individual investor, real estate owner, and avid golf enthusiast, making him a perfect guest to discuss the growing golf/entertainment conglomerate that owns Callaway, Travis Mathew, and Topgolf. Here are some questions we asked him:


  1. When/how did you first get interested in Callaway as an investment?

  2. You’re an avid golfer, do you use Callaway equipment? Do golfers have any brand loyalty to clubs/balls?

  3. Topgolf seems to have a great market fit with its entertainment-driving range concept. Do you think anyone could replicate that?

  4. Thoughts on potential of Toptracer?

  5. Let’s go through the other segments. Do you place any value on the apparel, gear, and equipment businesses? Or is the thesis primarily Topgolf?

  6. What do you think of the valuation today?

  7. Thoughts on management and their capital allocation strategy. Follow-up: What did you think of the $50M buyback in December?

  8. What happens to Phil Mickelson here as one of their flagship athlete sponsors?

  9. Do you see the upcoming Netflix golf series having any impact on the business?

  10. Why could an investment in Callaway produce poor returns from here? What could go wrong?



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Disclosure: The author and podcast guests are not your financial advisors. Ryan Henderson and Brett Schafer are general partners and portfolio managers at Arch Capital. Clients of Arch Capital may hold securities discussed on this show.

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