What this account does, in two things. 1. Bottleneck takes. Companies where supply physically cannot scale while demand keeps rising. Shortage is the moat. The crisis first, then the chokepoint, then the name. 2. Quick glance levels. Whatever the crowd is trading right now, priced. Rich, fair or cheap on today's numbers and on next year's, plus where the pullback sits. The first tells you why to own something. The second tells you whether you're paying too much for it today.

Trader's glance - $ROAD $93.44. 🔴 𝙀𝙭𝙥𝙚𝙣𝙨𝙞𝙫𝙚 against its earnings. Construction Partners provides various products and services to public and private infrastructure projects, such as highways, roads, bridges. It trades at 36x earnings, 24x on next year's. Engineering and construction firms usually get 19x. Fair sits $64.96 to $82.67. That's 19x next year's $3.88 a share, give or take 12%. Leans on the forecast: the forward read is 49% above the trailing one. You're paying 13% over the top of fair. Cap $5.3B · PEG 1.57 · Fwd P/E 24.1x · EV/Sales 2.0x · PSG 0.07 · Fwd EPS 3.88 · 52w 3% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Only a few US companies design the SPAD chips behind digital lidar in-house. $OUST puts its own in every sensor it ships. Owning the detector silicon means each chip generation cuts cost per sensor, and supply never waits on someone else's roadmap. Last quarter, revenue hit $54.6M, up 56% y/y, on 17,000+ sensors shipped. At 12.7x EV/Sales, that is a PSG near 0.23 for a mid cap still burning cash. I'd add more around $28. What kills it is the burn forcing raises like July's, diluting every holder. Does in-house SPAD still hold a cost lead once automotive volumes show up?

Trader's glance on $KRMN. $33.05. 🔴 𝙀𝙭𝙥𝙚𝙣𝙨𝙞𝙫𝙚 against its cash earnings. Karman works in designing, testing, manufacturing, and sale of mission-critical systems. It trades at 34x cash earnings, 21x on next year's. Aerospace and defense suppliers usually get 16x. Fair is $20.73 through $26.38. That's 16x next year's cash earnings, give or take 12%. Leans on the forecast: the forward read is 90% above the trailing one. That's 25% above the high end. Cap $4.4B · PEG n/a · Fwd P/E 34.5x · EV/Sales 8.8x · PSG 0.15 · Fwd EPS 0.96 · 52w 0% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Neocloud GPU capacity is booked out through 2027 before the racks land. $NBIS is signing multi-year contracts against megawatts it already has. Power interconnects and GPU allocation are the rationed inputs here, and both take years to secure. Capacity signed today prices tomorrow's shortage. Everyone else expresses this trade through $CRWV. Gross margin is 74%, and EV/Sales is 47.4x. I'd want to own more of this on weakness. What kills it is capex outrunning the balance sheet ($10.2B debt vs $8.04B cash, heavy burn) and a raise that dilutes me. Is contracted power a durable moat, or does it evaporate the second $MSFT and $META self-build?

Called $RIOT on Aug 16. Entry was $19.02. It's $24.69 after the close, up 𝟯𝟬%. Nothing clever about the trade, honestly. Riot mines Bitcoin in the US, and the real asset turned out to be the power behind the machines rather than the coins coming out of them. Held it through a flat stretch and let the megawatts get repriced.

Trader's glance - $RMBS $103.47. 🟢 𝘾𝙝𝙚𝙖𝙥 against its earnings. Rambus manufactures and sells semiconductor products. It trades at 28x earnings. Chipmakers usually get 38x. Fair is $124.44 through $158.38. That's 38x next year's $3.72 a share, give or take 12%. Leans on the forecast: the forward read is 80% above the trailing one. It's trading 17% below where fair starts. Expensive above $116.52. Cap $11.2B · PEG 3.80 · Fwd P/E 27.8x · EV/Sales 14.0x · PSG 0.69 · Fwd EPS 3.72 · 52w 26% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Every steel mill on earth needs forged work rolls, and they wear out on a schedule. $AP is one of the last Western forgers left. A South American competitor exited the cast/forged roll market this summer, and that displaced order book has to land somewhere. It showed up in the numbers: Q2 orders ~$144M, up 50% y/y. Backlog $385.4M, up ~𝟭𝟮% q/q. Adjusted EBITDA +22% y/y on $102.9M sales, with the core back to a quarterly profit (+$0.07 EPS). $428M revenue at 0.8x EV/Sales, 19% gross margin. What kills it: a $174M micro-cap carrying $142M debt against $7M cash, plus legacy asbestos and a cyclical steel tape. 𝘛𝘩𝘢𝘵'𝘴 𝘵𝘩𝘦 𝘸𝘩𝘰𝘭𝘦 𝘣𝘦𝘵. I add more near $6.67. 3-month range from $8.42: base $9-10 if backlog converts. Bull $11-12 if Q3 orders hold above $140M. Bear $7 if mill capex stalls. Math: 0.8x EV/Sales on $428M revenue, re-rating toward 1x. Where does that displaced roll demand actually go, though, if mills qualify an Asian forger instead?

Trader's glance - $MELI at $1,799. 🟢 𝘾𝙝𝙚𝙖𝙥 against its cash earnings. MercadoLibre operates online commerce platforms in Brazil, Mexico, Argentina, and internationally. It trades at 26x cash earnings, 17x on next year's. Retailers usually get 20x. Fair runs $1,895 to $2,412. That's 20x next year's cash earnings, give or take 12%. Leans on the forecast: the forward read is 58% above the trailing one. Expensive above $2,129. Cap $91.2B · PEG 1.00 Fair · Fwd P/E 31.9x · EV/Sales 2.8x · PSG 0.06 Cheap · Fwd EPS 56.45 · 52w 28% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Trader's glance - $INOD $71.21. 🟡 𝙁𝙖𝙞𝙧 against its cash earnings. Innodata operates as a data engineering company. It trades at 36x cash earnings, 25x on next year's. IT services firms usually get 30x. Fair sits $73.39 to $93.41. That's 30x next year's cash earnings, give or take 12%. Leans on the forecast: the forward read is 39% above the trailing one. Expensive above $85.96. Cap $2.4B · PEG 0.87 Cheap · Fwd P/E 34.1x · EV/Sales 6.8x · PSG 0.12 Cheap · Fwd EPS 2.09 · 52w 40% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

The hard part with $INTC wasn't the entry, it was the long stretch where nothing happened and the position just sat there looking dead money. I called it on Jan 27. Entry was $43.93. It's $121.08 today, up 𝟭𝟳𝟲%. Revenue is running 25% higher year over year now, so the turn everyone said wouldn't come is finally showing up in the actual numbers rather than the narrative.

Trader's glance - $AEIS $277.64. 🟡 𝙁𝙖𝙞𝙧 against its earnings. Advanced Energy Industries provides precision power conversion, measurement, and control solutions. It trades at 51x earnings, 18x on next year's. The industry usually gets 19x. Fair sits $256.48 to $326.43. That's 19x next year's $15.34 a share, give or take 12%. Leans on the forecast: the forward read is 184% above the trailing one. Cap $11.1B · PEG 2.77 · Fwd P/E 18.1x · EV/Sales 5.4x · PSG 0.18 Cheap · Fwd EPS 15.34 · 52w 48% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Trader's glance on $STNG. $82.18. 🟢 𝘾𝙝𝙚𝙖𝙥 against its cash earnings. Scorpio Tankers works in the seaborne transportation of crude oil and refined petroleum products worldwide. It trades at 2x cash earnings. Oil and gas midstream operators usually get 6x. Fair is $156.79 through $199.55. That's 6x next year's cash earnings, give or take 12%. That's 48% under the low end of fair. Cap $4.1B · PEG 2.46 · Fwd P/E 15.2x · EV/Sales 2.2x · PSG 0.03 Cheap · Fwd EPS 5.40 · 52w 80% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Trader's glance on $BAC. $55.79. 🟡 𝙁𝙖𝙞𝙧 against its earnings. Bank of America provides various financial products and services for individual consumers, small and middle-market businesses. It trades at 13x earnings, 11x on next year's. Banks usually get 12x. Fair sits $55.88 to $71.12. That's 12x next year's $5.29 a share, give or take 12%. Pullback level sits at $34.64. Expensive above $84.67. Cap $390.1B · PEG 0.88 Cheap · Fwd P/E 10.5x · EV/Sales 3.0x · PSG 0.18 Cheap · Fwd EPS 5.29 · 52w 50% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

No scaled Western supplier of automotive-grade photonic LiDAR ICs outside two names. $INDI is the one with a $7B design win backlog. Silicon content per car keeps climbing, and sockets get locked years before production, so backlog converts on the OEM's clock, not the market's. Q2 revenue $64M, +24% y/y, Q3 guided $67-73M. EV/Sales 4.4x against that growth is PSG 0.18, which is the market barely paying for the ramp. I add more around $2.61. What kills it: small-cap at $714M, still loss-making with $292M net debt against $139M cash, so an equity raise is live and it competes head-on with NXP and TI for every socket. Where does the backlog-to-revenue conversion actually slip here, program delays or share loss on the Chinese OEM sockets?

Trader's glance - $SCHW at $101.00. 🟡 𝙁𝙖𝙞𝙧 against its earnings. Charles Schwab Corporation (The operates as a savings and loan holding company that provides wealth management, securities brokerage, banking. It trades at 13x earnings. Brokerages usually get 12x. Fair sits $82.69 to $105.24. That's 12x next year's $7.83 a share, give or take 12%. Pullback zone: $62.64. Expensive above $125.28. Cap $174.7B · PEG 0.90 Cheap · Fwd P/E 12.9x · EV/Sales 6.1x · PSG 0.29 Fair · Fwd EPS 7.83 · 52w 55% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Trader's glance - $WFC at $82.88. 🟡 𝙁𝙖𝙞𝙧 against its earnings. Wells Fargo & provides diversified banking, investment, mortgage, and consumer and commercial finance products and services. It trades at 13x earnings, 10x on next year's. Banks usually get 12x. Fair runs $83.44 to $106.20. That's 12x next year's $7.90 a share, give or take 12%. Pullback zone: $52.88. Expensive above $126.43. Cap $250.6B · PEG 1.46 Fair · Fwd P/E 10.5x · EV/Sales 3.0x · PSG 0.32 Fair · Fwd EPS 7.90 · 52w 40% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.

Called $NVX on May 26. Entry was $0.70. It's $2.85 pre-market, up 𝟯𝟬𝟵%. The why was in the numbers before the tape moved: 55% gross margins on a $6M revenue base, which tells you the battery materials and services work is priced like something scarce, not something commoditized. Operating margin is still deep in the red, so I sized it small and sat in it.

Trader's glance - $NPCE $14.71. 🟢 𝘾𝙝𝙚𝙖𝙥 against its sales. Neuropace operates as a medical device company. It trades at 5x sales, 4x on next year's. Medical-device makers usually get 5x. Fair sits $15.23 to $19.38. That's 5x next year's sales, give or take 12%. Cap $505M · PEG n/a · EV/Sales 4.9x · PSG 0.29 Fair · Fwd EPS -0.22 · 52w 52% 𝙉𝙤 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙬𝙤𝙧𝙠 𝙝𝙚𝙧𝙚 – 𝙡𝙚𝙫𝙚𝙡𝙨 𝙤𝙣𝙡𝙮, 𝙤𝙛𝙛 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨 𝙖𝙣𝙙 𝙧𝙚𝙫𝙚𝙣𝙪𝙚 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙨.