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We bought 75 shares DisneyEach one is approximately $144.82. After Monday’s trades the Charitable Trust has 575 Disney shares. Disney will be added to the portfolio’s overall weight from 1.8% – 2.07%.

On Friday, we commented that as tempting as it was to step into those stocks most at risk of the omicron variant — the ones that need cross-border activity and are tied to travel and entertainment — we simply did not have enough information and felt it better to wait and see if we would get better prices Monday. We are now ready to capitalize on this situation.

While the omicron variant has certainly added a headwind to the experiential side of Disney’s operations (think parks, cruises and theatrical releases), we remain long-term bullish and see an opportunity to reduce our overall cost basis in a position that we have purposely kept small — precisely because when we initiated it, we acknowledged that we were not out of the Covid woods. The purchase will not be enough to cover any further buying if the pressure continues.

As difficult as it can feel during times like this to step in and buy, with shares in a sub-2% position in the portfolio (prior to this purchase) and down ~8% from our lowest previous purchase price ($158.90), our discipline — which is what we rely on to keep us level headed and unemotional — dictates that we step in and add to our position as we see no long-term fundamental change in the business.

Jim pointed out that Loop Capital reduced their price target for streaming to $190 from $205, citing an increase in content expenditure to help build Disney+. However, this will not hurt segment profitability.

We recognize that the spending could impact profitability over the short-term but we believe it is the right decision to support long term growth. Long-term investors, however, see the weakness in near-term results of growth-oriented investments as buying opportunities.

Our thinking regarding the experiential aspect is still something that we will monitor. However, when we are looking at names that carry Covid-oriented risk, we want to focus on companies with pricing power. We also believe that these companies have proven in high demand and that they can be accessed as the capacity restrictions decrease. These were two things that Disney showed when it last reported earnings. Remember that management stated that Disney’s new Disney Wish cruise vessel (launching June 20, 2022), is nearly 90% fully booked. Additionally, they claim that customers have adopted new services such Genie+ to increase their pricing power.

Although we still believe we are not out of the woods yet, we feel that Disney+ will benefit from increased content investments. Once content ramped up fully and the experiential operating segments allowed to run at their full potential, there will be strong flywheel effects.

CNBC Investing Club now serves as the official residence of my Charitable Trust. This is where I share my market intelligence and every move that we have made for our portfolio. Action Alerts Plus has ceased to be affiliated with my writings and the Charitable Trust.

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(Jim Cramer’s Charitable Trust has been DIS. for a long time.