The Walt Disney Company
Thesis
We recently increased our position in Disney, which looks like it could be a relatively slow grower yet is still a very strong company. They have their basic growth business with movies and parks that generates a lot of money, and we think that the new streaming business is going to have fair growth and will make them a better company in five years.
Did it work?
The thesis is explicitly framed around a five-year horizon, predicting that streaming will make Disney a better company over that period. With unknown elapsed time and a modest -4.3% price move, there is neither enough time information to judge progress toward the five-year goal nor evidence that the thesis has been confirmed or invalidated. The small negative return is within normal noise for such a long-horizon thesis.