Kevin Travis
595 posts


@l33_ra @Espngreeny What did Kelse do exactly that was so offensive? Watched the whole par 3 contest and he was nothing but respectful and nervous to even be there. Sergio is a first class horses ass. Even spoke poorly of the place before he won.
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@Espngreeny Really Mike? ESPN had Kelce and company go goofy, but now you’re talking about respecting Augusta
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A lifetime exemption is a privilege extended by Augusta to its champions out of respect.
If that respect is not reciprocated, there is no law that says a past champ cannot be banned.
I’m not sure they should have Sergio Garcia back after the garbage he pulled today. #themasters
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@BeatinTheBookie @GolfandGospel I see he’s in 3rd and Reed isn’t on the first page
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@GolfandGospel Haotong li is nowhere close and they’re showing his every shot.
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@PointGuardLife8 @THPGolf They are playing 500 yard par 4’s and 230 yard par 3’s. No shot. They aren’t hitting 11 in 2 shots.
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@engineeringolf @heyjudeworld Making the cut earns the privilege of playing Augusta. They don’t have to do anything so be happy that they do what they do. And for those who don’t make the cut they still get to play a round there. Pretty good perk.
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@heyjudeworld It feels like we could solve the wear on the course issue in a variety of ways (earlier, smaller field, 2 rounds).
I love watching this event, but it always feels silly that the cut is earned at a very different venue. Give me more Augusta on television!
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@EagesCoastBias @KendoVT You ever had a herniated disc? You couldn’t find a worse pain other than having a limb chopped off.
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@KendoVT My father is a pharmacist- he has always said most people should not be prescribed high doses of oxycodone. High doses of Oxycodone and other opiates are meant for chronic intractable pain- ie cancer patients: not musculoskeletal injuries like herniated discs.
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What do people with chronic debilitating pain do when they are forced to stop using opioids? Do they just have to deal with it? Let’s say Tiger goes to rehab and gets clean. Nothing is going to work like opioids for the pain and the pain probably isn’t going away. Does he just live in constant pain and agony forever? Anyone out there been through this? What are his options?
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@alt_w_v_g $5 a month for a year and get every nfl game plus all the news and talk I want without having to navigate multiple apps. Well worth it.
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Ran some diligence on SiriusXM this weekend
Not because anyone asked
Because my 14-year-old nephew connected his phone to my car via Bluetooth, played a Spotify playlist, and asked me what the "SXM" button was for
I didn't have an answer
So I pulled the 10-K
SiriusXM is an $8.56B revenue company with nearly $10B in debt and a $7.4B market cap
Read that again
The debt is larger than the company
Their business model, simplified:
1. Pay automakers to install radios nobody asked for
2. Give every new car buyer a free trial they didn't request
3. Hope they forget to cancel
4. Charge them $25.99/month for something their phone does for $10.99
That's it. That's the model.
They have 33M subscribers. Sounds impressive until they lost 301,000 self-pay subscribers last year. And hundreds of thousands the year before that.
Revenue has declined three consecutive years
The average subscriber is 35-64, male, household income over $150K. Over half have been paying for 10+ years.
These aren't loyal customers
These are people whose spouses haven't noticed the $25.99 charge on the Amex yet
The crown jewel of the portfolio is Howard Stern. They pay him roughly $100M a year. He works three days a week. His show averages 125K daily listeners.
That's $800 per listener per year
My analyst did the math three times because he thought he was wrong
He wasn't
For that price, you could buy each listener a Spotify family plan, an Audible subscription, and still have enough left for AirPods
Speaking of Spotify. Nearly 290M premium subscribers. Growing double digits. $10.99/month. Available on every device ever made.
SiriusXM. 33M subscribers. Shrinking. $25.99/month. Requires a satellite.
Spotify's full-year revenue grew 19%. SiriusXM's declined 2%.
Spotify trades at 74x earnings. SiriusXM trades at 5x.
The market is not confused about which direction these businesses are headed
Their growth strategy is called the "trial funnel." There are 7.3M people driving cars with free SiriusXM trials. The conversion rate is not publicly disclosed.
Probably because it's embarrassing
They have 180M "enabled vehicles" in the U.S. They have 33M subscribers. That's an 18% attach rate on hardware they already paid to install.
82% of the cars with their radios in them are generating zero revenue
In any other industry an 18% hit rate gets you fired
In satellite radio, it gets you a seat on the NYSE
Adjusted EBITDA margin is 31%. Looks healthy. Until you realize "adjusted" is doing a LOT of heavy lifting in a company that posted a $2.08B net loss the year prior.
Adjusted EBITDA was $2.73B that same year
The distance between those two numbers is called addbacks
And they're working overtime
2026 guidance: flat revenue, flat EBITDA, slightly fewer subscribers. The CEO called this stability and meaningful progress.
On Wall Street, we call this managed decline
Warren Buffett owns 35.4% of this company. This is the most confusing part. The man who said "be fearful when others are greedy" bought a satellite radio company in the age of Bluetooth.
His entry was a Liberty Media arb play that accidentally became a long-term hold. The stock is down over 50% from its highs.
I don't know why he's still in. You don't know why. His shareholders definitely don't know why.
The bull thesis: SiriusXM has 33M people who have been paying $15/month for a decade and have no plans to stop. That's $6B in recurring revenue from people who may not even remember they're subscribed. Churn is 1.5%. Lower than most SaaS companies.
The bear thesis: Every teenager alive today has never used a car radio
Both are probably right
SiriusXM's competitive moat is not content. It's not technology. It's not brand.
It's the 47 minutes it takes to cancel over the phone
SiriusXM isn't a bad company. It's a case study in what happens when your moat is consumer apathy and your growth strategy requires General Motors.
Plz fix. Thx.
Sent from my iPhone
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@wesleybryangolf @YourGolfTourYGT Everyone saying FP, Garett and Mason are out of their mind. None of these guys compete with the others from the back tees without strokes which they said wasn’t happening.
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Who do you want to see on the YGT?
@YourGolfTourYGT
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@DunigonTyler @wesleybryangolf @YourGolfTourYGT FP, Garrett and Mason are not good enough players for this league.
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@wesleybryangolf @YourGolfTourYGT kwon, grant, mason nutt, wesley, george, dalke, sean, FP, garrett, rick sheils, pete finch, james robinson (rick's friend), taco golf.
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@cturnbull1968 How about they vote that whenever there is shutdown they lose their pay with no back pay? How about they feel the effects of their actions as well? Every last politician in DC is a crook.
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@redkacheek Played the proam there 15 years with Kenny Perry. Even back then he said he would hit driver 4-5 times the entire round.
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@LouStagner I shot 78 at Scottsdale in those conditions as a 5 in 10mph winds but I’d probably be high 80’s in those conditions
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@JaneCastor can we get a text from the city when there are going to be fireworks for no apparent reason? Those of us with dogs would like an advanced warning. Absolutely ridiculous to come out of nowhere.
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@CelebrityCruise why did I pay for express boarding and there is no express line at the port? Why am I not on the ship? How do I get my money back?
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@JoeKinseyexp This travel sports thing is a business. A huge business all in the name of your kid having the opportunity to get good enough to get a scholarship. 90% of these kids will never see it.
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@mrmckee @ChrisSandel17 90% of the players never played with him or know him. He left the game 14 years ago. Secondly, nobody talks about the DP or Korn Ferry winners. It’s a rival league end of story. Never hear LIV mentioning Scottie.
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@ChrisSandel17 You see Christopher, he plays pro golf and so do they. He once played on the PGA Tour and represented the United States in a Ryder Cup. Most of the players interviewed post round today at Pebble have played in Ryder Cups too.
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@CPowers14 He doesn’t play on the PGA Tour. This is a PGA Tour event. Nobody mentioned the Korn Ferry winner or the DP Tour winner. Both of which would be a more competitive field.
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@EWebbing97644 @EricLDaugh Who doesn’t have a copy of their birth certificate? And if you don’t? $10 to get a copy.
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🚨 HOLY CRAP! This man just dropped straight TRUTH!
"Is it me, or is the whole voter ID conversation f**king stupid?!"
"Schumer said that voter ID is Jim Crow 2.0. So he's suggesting that it's racist. Why do black people keep ALLOWING them to suggest that you're too DUMB and too poor and too incapable and too g*dd*mn stupid to go down to your local DMV and get an ID or a driver's license?!"
"So if voter ID is racist, then asking for ID at the bank has to be racist also, because you need an ID to open a bank account."
"If we're just being real, the reason that Democrats don't want ID is because they want illegal aliens to vote in our elections!"
"That's why they opened the border. That's why they don't want them to leave the country. And that's why they don't want anybody having to present ID when they go into the voting booth."
"You need an ID to enroll your children in school and daycare. You need an ID when you get a new job. Employers ask for ID from new hires. You need an ID to sign up for welfare."
"You need an ID to get on a plane. You need an ID to walk inside of a federal building. And it's a million other things that there are ID requirements for."
"Why is it that voting is the only thing? This is the only argument that they can make is that voter ID is racist."
"That's how you know it's bullsh*t. If ID is racist, then get rid of ID across the board then!"
"So if the goal is to secure our elections, right? One of the most basic, most common sense steps that you can take is to require ID when you go to vote. It's really that simple."
"And if you are an adult just walking around living life with no ID and have no ability to obtain one, you probably don't need to be voting anyway!"
🫳🎤
TT panamanian_ricky
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@AbdulQaiyyum00 @GuntherEagleman You know what requires a process? Registering to vote.
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Calling it a lie doesn’t make the barrier disappear.
No one said married women can’t vote. The point is the process adds extra steps obtaining a birth certificate or passport, matching names across documents that aren’t required for voters whose names never changed.
That’s not a conspiracy. It’s just how paperwork works.
If the policy is truly neutral, why do affidavits and alternative docs exist in the first place? Those are literally workarounds for the burden you’re denying exists.
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@MrPitbull07 You are not in a romantic loving relationship. You have a friend you hookup with and travel with occasionally. Move on. Not once did the word love get mentioned.
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“ I have been “dating” a man for close to 15 years. We are both widowed. I had 2 teenagers at the time and his 2 were already grown. We have never lived together. In fact his children told him that did not want him to get remarried (assuming because he is well off) but I am comfortable on my own and put two kids through college, own by home free and clear and now happily retired. We travel but I wouldn’t say excessive money is spent. We are companions and he is a great guy. Now, recently my daughter is about to have a baby and she is out of state and I plan on staying with her for 3 months. My BF is having open heart surgery and his kids want me to stay home to take care of him because they both work and I told them I cannot. Not they are mad at me because I won’t be available to be their dads nurse. He has plenty of money to hire a caretaker. His kids don’t want that in case there are complications he would want me there. AITAH for standing my ground and leaving to be with my daughter and first grand baby?”
Anonymous
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