Topgolf/Callaway (MODG) is a company that I am currently excited about. They merged in 2021 and are apparently not happy with the direction of the combined company. Therefore, they have decided to split the company back into two separate companies in mid-2025. This is exciting to me because I think both of these companies have a lot of potential. Callaway has been one of the most recognizable golf brands for at least the past 20 years, but probably longer. The golf polos that they make are great and are even great when you aren’t golfing. They are just comfortable shirts. I assume the rest of the clothing brands are similar although I haven’t used the other brands under the MODG umbrella. Topgolf has a great position in the market. They have a ton of great real estate and I think most people would prefer to hit balls at an actual range versus using a simulator. They also own Toptracer which is the technology that tracks the ball through the air. This can either be done with extra technology in each golfball or by using a set of cameras. I am not sure how they do it at Topgolf facilities but I would guess it is a combination. I also think that Topgolf should lean heavily into their potential for golf leagues and golf lessons. These are two areas that they can bring in consistent revenue and also expand the game of golf further. Between the two company halves, I am more bullish on Topgolf than Callaway, but the main reason for this is that I think the market is really competitive for clothing and golf equipment which means they have to rely heavily on the strong brand strength of Callaway.