Hollis Grieve
Chairman of the Bag
Has never sold. Has never been asked why, because nobody can reach him during market hours.
Annual reportFiscal 2026
Bag Holding Co.
Long-term holders, whether we like it or not.
We acquire positions at prices that later turn out to have been the top, and we keep them. The portfolio spans eight sectors, all of them down. Bag Check, below, will tell you how far your own position is from even.
- Portfolio companies
- 8
- Exits to date
- 0
- Holding period
- Ongoing
- Dividend policy
- Theoretical
Item 1. Bag Check
How far from even are you?
Enter what you paid and where the price is now. The arithmetic is exact; the comfort is not included. Nothing you type leaves this page.
Statement of position
Prepared by arithmeticEnter an entry price and a current price. We do the arithmetic. You do the holding.
- Back to even
- In dollars
How this was worked out
Bag Holding Co. Annual report1
Item 2. Our Holdings
A portfolio of positions we did not intend to keep
Eight portfolio companies, acquired with conviction and retained with more. Every company below is invented, down to the name. The chart shapes may feel familiar.
| Holding | Acquired | Since purchase | Change |
|---|---|---|---|
| Rocket-shaped Solar Concern The rocket was in the logo. We took that as guidance. | Acquired at the top, 2021 | ▼ 71.4% | |
| A Beverage Company That Was a Software Company for One Afternoon We bought the announcement. The announcement was later withdrawn, and so was the price. | Acquired on the rename | ▼ 64.0% | |
| The Reopening Basket Hotels, cruises, a chain of escape rooms. Everything reopened, then adjusted. | Acquired the week everything reopened | ▼ 48.2% | |
| Premium Dog Treat Subscription The dogs loved it. The margins did not. | Direct to consumer, 2021 | ▼ 83.1% | |
| Niche Electric Scooter Enterprise We remain confident in micro-mobility. The market remains confident otherwise. | Acquired pre-revenue, 2021 | ▼ 77.6% | |
| A Coin With a Dog on It Purchased after a man on television mentioned it. We have not been able to reach him. | Not a company. Held in the spirit of inclusion. | ▼ 92.3% | |
| Regional Shopping Mall Trust An 11% yield at purchase. The yield was the warning. | Acquired for the yield, 2019 | ▼ 56.5% | |
| Bag Holding Co. (treasury shares) We bought back our own stock above market. We are our own largest bag. | Repurchased at a premium, ongoing | ▼ 39.0% | |
| Eight positions, no exits. Losses are unrealised and therefore, for accounting purposes, theoretical. | All down. | ||
Bag Holding Co. Annual report2
Item 3. Annual Report
Letter to shareholders
Bag Holding Co.Office of the Chairman of the Bag
To our shareholders,
Fiscal 2026 was a year of consolidation. We consolidated our positions by not selling any of them.
Our portfolio companies performed in line with expectations, which we revised downward in March, again in June and once more while this letter was being typed. We regard this as discipline. Management reviewed each holding during the year and concluded, in every case, that the market had misunderstood it.
Our strategy is unchanged. We acquire positions at prices that later prove to have been the top, and we hold them, because the alternative involves a confirmation screen. During the year we declined to realise any losses, which keeps them, for accounting purposes, theoretical. We consider them theoretical.
Bag Check, introduced this year, is the first product in the company's history. It costs nothing, stores nothing and tells you how far you are from even. Early feedback has been quiet.
We thank our shareholders for their patience, which, like our holdings, we have no plans to return.
Respectfully, The Chairman of the Bag
- Bags held
- 8
- ▲ 1 from the prior year. Growth.
- Bags sold
- 0
- Unchanged, fifth consecutive year.
- Hope
- Unch.
- Carried at cost. Not tested for impairment.
Key metrics
Bag Holding Co. Annual report3
Item 4. Leadership
Our executives
Each agreed to be pictured on the condition that they not be recognised.
Dana Rückblick
Chief Hindsight Officer
Joined after the fact. Every report begins with the words "in retrospect".
Thaddeus Mean
Executive Vice President, Averaging Down
Chairs the committee that approves buying more. The committee has never said no.
Winona Holden
Head of Investor Relations
Currently holding.
Bag Holding Co. Annual report4
Item 5. Investor Relations
Contact IR
Our Investor Relations team is available to shareholders on the same terms as everyone else: when the position recovers.
Investor Relations is currently holding.
Your call is important to us and will be answered when the price gets back to entry. Please stay on the line, or, as we prefer to call it, in the position.
- Office hours
- Market hours, eyes closed.
- Annual meeting
- Held in the parking lot, briefly. Adjourns when someone mentions the share price.
- Press
- Please hold.
- Estimated wait
- See Bag Check, years-to-even line.
Status: holding
Bag Holding Co. Annual report5