This is NOT how Flipping a business should work

I have been wanting to go to TopGolf for a while.

Callaway acquired Topgolf for $2 billion in 2020 but is now selling the business to a PE firm for $1.1 billion. Same-venue sales are down double digits, higher rates have destroyed returns, and Callaway’s stock is down 50% over 5 years.

You can’t make up those losses with more volume. Even the smart guys lose big money sometimes.

https://x.com/JoePompliano/status/1991209516638019840