MODG (Topgolf Callaway Brands) – QAV America #27

In this episode of QAV America, Cameron and Tony dig into the state of the U.S. market, exploring how AI investment is distorting capital flows, weakening job markets, and reshaping traditional sectors. They discuss how “the Great Freeze” in hiring and the surge in data-centre spending are reshaping the economy. Then Cameron serves up a Pulled Pork deep dive on MODG (Topgolf Callaway Brands)—a company blending golf, entertainment, and retail that’s now splitting itself apart to “unlock value.” Tony reflects on golf’s pandemic-era revival, the engineering of the Big Bertha, and why Callaway’s merger with Topgolf sent its share price into the rough. They unpack tariffs, impairments, and the business logic behind spinning off Topgolf, ending with a lively riff on humanoid robots, golf robots, and even robot jockeys.