Topgolf

Topgolf

Topgolf's recent struggles illustrate a structural truth that matters far more than golf: dominance is not durability. The technology that built Topgolf's moat has been commoditized into smaller, cheaper, closer-to-the-customer venues — and the same pattern is reshaping how investors should think about every “dominant” company in a retirement portfolio. Emotional landing point: the future belongs to whoever solves the customer's real problem, not whoever built the biggest building.