1Q25 Investor Letter

“In golf terms, “feel versus real” refers to the difference between what a golfer feels they are doing during a swing versus what is actually happening with their bodies and golf clubs. This problem doesn’t manifest as much in other sports as in golf. For example, in cycling, the feeling you experience when stepping on the pedals and the results - that the bike is accelerating - do not deviate significantly. The harder you press, the faster the acceleration. In golf, such linear relationship usually doesn’t hold up. If you want to change the movement of your shoulder, you should probably not focus on your shoulder, but change the position of your waist. In addition, the margin of error in a golf movement is so thin that the further you gravitate toward a target - causing your body to move slightly - the less likely you are to get it. ”

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4Q24 Investor Letter