{
  "schema": "ai-investing/v1",
  "generated_at": "2026-10-27T21:00:02Z",
  "as_of": "2026-10-27",
  "account": "paper",
  "base_date": "2026-09-28",
  "benchmark": "SPY total return",
  "summary": {
    "portfolio_pct": 5.112,
    "benchmark_pct": 0.529,
    "cash_pct": 40.6,
    "max_drawdown_pct": -3.03,
    "trading_days": 21
  },
  "series": [
    {
      "date": "2026-09-28",
      "portfolio_index": 100.0,
      "benchmark_index": 100.0,
      "cash_pct": 100.0
    },
    {
      "date": "2026-09-29",
      "portfolio_index": 100.018,
      "benchmark_index": 99.816,
      "cash_pct": 81.4
    },
    {
      "date": "2026-09-30",
      "portfolio_index": 99.948,
      "benchmark_index": 99.611,
      "cash_pct": 85.9
    },
    {
      "date": "2026-10-01",
      "portfolio_index": 100.29,
      "benchmark_index": 99.788,
      "cash_pct": 85.7
    },
    {
      "date": "2026-10-02",
      "portfolio_index": 99.642,
      "benchmark_index": 100.526,
      "cash_pct": 62.4
    },
    {
      "date": "2026-10-05",
      "portfolio_index": 100.086,
      "benchmark_index": 101.204,
      "cash_pct": 52.6
    },
    {
      "date": "2026-10-06",
      "portfolio_index": 100.168,
      "benchmark_index": 101.761,
      "cash_pct": 52.6
    },
    {
      "date": "2026-10-07",
      "portfolio_index": 100.711,
      "benchmark_index": 101.516,
      "cash_pct": 52.3
    },
    {
      "date": "2026-10-08",
      "portfolio_index": 101.829,
      "benchmark_index": 101.087,
      "cash_pct": 42.1
    },
    {
      "date": "2026-10-09",
      "portfolio_index": 102.125,
      "benchmark_index": 101.693,
      "cash_pct": 46.5
    },
    {
      "date": "2026-10-12",
      "portfolio_index": 102.459,
      "benchmark_index": 101.631,
      "cash_pct": 46.4
    },
    {
      "date": "2026-10-13",
      "portfolio_index": 102.391,
      "benchmark_index": 101.619,
      "cash_pct": 46.4
    },
    {
      "date": "2026-10-14",
      "portfolio_index": 103.199,
      "benchmark_index": 100.521,
      "cash_pct": 46.0
    },
    {
      "date": "2026-10-15",
      "portfolio_index": 105.291,
      "benchmark_index": 100.807,
      "cash_pct": 45.1
    },
    {
      "date": "2026-10-16",
      "portfolio_index": 104.592,
      "benchmark_index": 99.692,
      "cash_pct": 45.4
    },
    {
      "date": "2026-10-19",
      "portfolio_index": 104.637,
      "benchmark_index": 100.113,
      "cash_pct": 45.4
    },
    {
      "date": "2026-10-20",
      "portfolio_index": 106.051,
      "benchmark_index": 100.449,
      "cash_pct": 44.8
    },
    {
      "date": "2026-10-21",
      "portfolio_index": 105.857,
      "benchmark_index": 100.977,
      "cash_pct": 44.9
    },
    {
      "date": "2026-10-22",
      "portfolio_index": 108.392,
      "benchmark_index": 99.784,
      "cash_pct": 43.8
    },
    {
      "date": "2026-10-23",
      "portfolio_index": 107.469,
      "benchmark_index": 99.263,
      "cash_pct": 44.2
    },
    {
      "date": "2026-10-26",
      "portfolio_index": 106.915,
      "benchmark_index": 99.968,
      "cash_pct": 39.9
    },
    {
      "date": "2026-10-27",
      "portfolio_index": 105.112,
      "benchmark_index": 100.529,
      "cash_pct": 40.6
    }
  ],
  "holdings": [
    {
      "symbol": "RMD",
      "name": "RESMED INC",
      "weight_pct": 20.3,
      "return_since_buy_pct": 12.6,
      "avg_cost": 222.81,
      "price": 250.8,
      "judgment": {
        "date": "2026-09-29",
        "price": 222.1,
        "expected_return": 0.08,
        "value_low": 205.0,
        "value_high": 270.0,
        "franchise": "intact",
        "conviction": 4,
        "reasons": [
          "At the $222.10 reference price, the GAAP earnings yield is 4.8%.",
          "I estimate a fixed ten-year payoff of about $480 per share, including distributions, based on roughly 6.5% annual underlying earnings growth, a 1% per-share uplift from net buybacks, dividends, and a modest drag from a lower exit multiple.",
          "The franchise still shows strong business economics: ten consecutive profitable years, fiscal 2026 revenue growth of 10%, a 61.1% gross margin, about $1.65 billion of free cash flow, and cash exceeding debt."
        ]
      }
    },
    {
      "symbol": "INTU",
      "name": "INTUIT INC.",
      "weight_pct": 10.6,
      "return_since_buy_pct": 19.2,
      "avg_cost": 275.58,
      "price": 328.45,
      "judgment": {
        "date": "2026-09-29",
        "price": 269.4,
        "expected_return": 0.09,
        "value_low": 270.0,
        "value_high": 380.0,
        "franchise": "intact",
        "conviction": 3,
        "reasons": [
          "At the $269.40 reference price, the earnings yield is 6.3%.",
          "I estimate roughly 6% annual operating earnings growth and 1.5% net annual buyback accretion, with dividends contributing about 1.8% and possible multiple compression reducing the ten-year annual pretax return to about 9%.",
          "Revenue and operating income grew 14% and 20% in fiscal 2026, respectively;"
        ]
      }
    },
    {
      "symbol": "PAYX",
      "name": "PAYCHEX INC",
      "weight_pct": 9.9,
      "return_since_buy_pct": 10.1,
      "avg_cost": 99.23,
      "price": 109.26,
      "judgment": {
        "date": "2026-09-29",
        "price": 99.3,
        "expected_return": 0.085,
        "value_low": 85.0,
        "value_high": 115.0,
        "franchise": "intact",
        "conviction": 3,
        "reasons": [
          "At the $99.30 reference price, reported earnings yield is about 5%.",
          "I expect roughly 5% annual growth in per-share earning power, little contribution from buybacks, and a 1–2 percentage-point annual drag from possible multiple compression, for an estimated 8.5% annual pretax return over ten years.",
          "Payroll and HR services remain profitable at scale: fiscal 2026 payroll client retention was 82–83%, and the latest quarter produced 6% revenue growth and a 38% operating margin."
        ]
      }
    },
    {
      "symbol": "BKNG",
      "name": "Booking Holdings Inc.",
      "weight_pct": 9.4,
      "return_since_buy_pct": -3.6,
      "avg_cost": 155.7,
      "price": 150.14,
      "judgment": {
        "date": "2026-09-29",
        "price": 163.87,
        "expected_return": 0.075,
        "value_low": 145.0,
        "value_high": 195.0,
        "franchise": "intact",
        "conviction": 3,
        "reasons": [
          "At the $163.87 reference price, the reported earnings yield is about 4.4%.",
          "I estimate a roughly 6% normalized owner earnings yield after accounting for stock compensation and unusual noncash items in 2025 cash flow."
        ]
      }
    },
    {
      "symbol": "ADBE",
      "name": "ADOBE INC.",
      "weight_pct": 9.2,
      "return_since_buy_pct": 2.2,
      "avg_cost": 243.01,
      "price": 248.36,
      "judgment": {
        "date": "2026-09-29",
        "price": 231.01,
        "expected_return": 0.09,
        "value_low": 240.0,
        "value_high": 330.0,
        "franchise": "intact",
        "conviction": 3,
        "reasons": [
          "At the $231.01 reference price, normalized owner earnings imply an approximately 8–9% yield after treating stock compensation as a cost.",
          "I assume 4–5% annual growth in the business, 1–2% per-share benefit from net buybacks, and a 15-times owner-earnings exit multiple after ten years.",
          "The business still shows an enduring subscription franchise: third-quarter subscription revenue grew 14% year over year, annual recurring revenue reached $27.5 billion, and operating cash flow remained strong."
        ]
      }
    }
  ],
  "trades": [
    {
      "date": "2026-09-29",
      "symbol": "INTU",
      "side": "buy",
      "qty": 17,
      "action": "buy",
      "reason": "new_buy",
      "judgment_id": "1211b154ec4a",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.09,
      "conviction": 3,
      "bar_price": 295.41
    },
    {
      "date": "2026-09-29",
      "symbol": "PAYX",
      "side": "buy",
      "qty": 47,
      "action": "buy",
      "reason": "new_buy",
      "judgment_id": "8428fdb7263e",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.085,
      "conviction": 3,
      "bar_price": 103.99
    },
    {
      "date": "2026-09-29",
      "symbol": "RMD",
      "side": "buy",
      "qty": 42,
      "action": "buy",
      "reason": "new_buy",
      "judgment_id": "fead9d019de2",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.08,
      "conviction": 4,
      "bar_price": 222.1
    },
    {
      "date": "2026-09-30",
      "symbol": "PAYX",
      "side": "buy",
      "qty": 48,
      "action": "add",
      "reason": "top_up",
      "judgment_id": "8428fdb7263e",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.085,
      "conviction": 3,
      "bar_price": 103.99
    },
    {
      "date": "2026-09-30",
      "symbol": "RMD",
      "side": "sell",
      "qty": 42,
      "action": "sell",
      "reason": "exit",
      "judgment_id": "fead9d019de2",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.08,
      "conviction": 4,
      "bar_price": 222.1
    },
    {
      "date": "2026-10-02",
      "symbol": "ADBE",
      "side": "buy",
      "qty": 39,
      "action": "buy",
      "reason": "new_buy",
      "judgment_id": "8a3bdd7c3a7e",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.09,
      "conviction": 3,
      "bar_price": 253.31
    },
    {
      "date": "2026-10-02",
      "symbol": "INTU",
      "side": "buy",
      "qty": 17,
      "action": "add",
      "reason": "top_up",
      "judgment_id": "1211b154ec4a",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.09,
      "conviction": 3,
      "bar_price": 295.41
    },
    {
      "date": "2026-10-02",
      "symbol": "RMD",
      "side": "buy",
      "qty": 42,
      "action": "buy",
      "part": "1/2",
      "reason": "new_buy",
      "judgment_id": "fead9d019de2",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.08,
      "conviction": 4,
      "bar_price": 222.1
    },
    {
      "date": "2026-10-05",
      "symbol": "RMD",
      "side": "buy",
      "qty": 43,
      "action": "buy",
      "part": "2/2",
      "reason": "order_part",
      "judgment_id": "fead9d019de2",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.08,
      "conviction": 4,
      "bar_price": 222.1
    },
    {
      "date": "2026-10-08",
      "symbol": "BKNG",
      "side": "buy",
      "qty": 63,
      "action": "buy",
      "reason": "new_buy",
      "judgment_id": "afb03cefc71b",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.075,
      "conviction": 3,
      "bar_price": 156.44
    },
    {
      "date": "2026-10-09",
      "symbol": "BKNG",
      "side": "sell",
      "qty": 29,
      "action": "trim",
      "reason": "trim",
      "judgment_id": "afb03cefc71b",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.075,
      "conviction": 3,
      "bar_price": 156.44
    },
    {
      "date": "2026-10-26",
      "symbol": "BKNG",
      "side": "buy",
      "qty": 32,
      "action": "add",
      "reason": "top_up",
      "judgment_id": "afb03cefc71b",
      "judgment_date": "2026-09-29",
      "price_date": "2026-09-28",
      "expected_return": 0.075,
      "conviction": 3,
      "bar_price": 156.44
    }
  ],
  "dividends": [
    {
      "date": "2026-10-08",
      "symbol": "INTU",
      "per_share": 1.38,
      "qty": 34,
      "amount": 46.92
    },
    {
      "date": "2026-10-26",
      "symbol": "PAYX",
      "per_share": 1.19,
      "qty": 95,
      "amount": 113.05
    }
  ],
  "judgments": [
    {
      "date": "2026-09-28",
      "symbol": "CRM",
      "expected_return": 0.065,
      "price": 234.02,
      "value_low": 200.0,
      "value_high": 270.0,
      "franchise": "weakening",
      "reason": "At the $234.02 reference price, normalized owner earnings imply an earnings yield of about 5.5%–6% after treating stock compensation as a cost.",
      "id": "40db531916f0",
      "price_date": "2026-09-25",
      "conviction": 2,
      "bar_price": 203.48
    },
    {
      "date": "2026-09-28",
      "symbol": "CRM",
      "expected_return": 0.08,
      "price": 234.02,
      "value_low": 190.0,
      "value_high": 260.0,
      "franchise": "weakening",
      "reason": "At the $234.02 reference price, the reported earnings yield is about 3.9%.",
      "id": "86a519fcbf89",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 234.02
    },
    {
      "date": "2026-09-28",
      "symbol": "FLEX",
      "expected_return": -0.01,
      "price": 114.68,
      "value_low": 45.0,
      "value_high": 70.0,
      "franchise": "weakening",
      "reason": "At the 114.68 reference price, the earnings yield is about 2.1% and free cash flow yield about 2.5%.",
      "id": "3915d1bc7530",
      "price_date": "2026-09-25",
      "conviction": 2,
      "bar_price": 48.04
    },
    {
      "date": "2026-09-28",
      "symbol": "MA",
      "expected_return": 0.062,
      "price": 567.65,
      "value_low": 460.0,
      "value_high": 600.0,
      "franchise": "intact",
      "reason": "At the $567.65 reference price, the earnings yield is 2.9% and free cash flow yield is about 3.3%.",
      "id": "0173591aec73",
      "price_date": "2026-09-25",
      "conviction": 4,
      "bar_price": 479.83
    },
    {
      "date": "2026-09-28",
      "symbol": "ORLY",
      "expected_return": 0.072,
      "price": 86.115,
      "value_low": 68.0,
      "value_high": 90.0,
      "franchise": "intact",
      "reason": "At the $86.11 reference price, the earnings yield is about 3.6%.",
      "id": "b9f301b33d15",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 79.94
    },
    {
      "date": "2026-09-28",
      "symbol": "PM",
      "expected_return": 0.06,
      "price": 190.48,
      "value_low": 145.0,
      "value_high": 185.0,
      "franchise": "intact",
      "reason": "At the $190.48 reference price, reported earnings yield is about 3.8% and 2025 free cash flow yield is about 3.6%.",
      "id": "4258cc9302d1",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 158.0
    },
    {
      "date": "2026-09-28",
      "symbol": "TXN",
      "expected_return": 0.04,
      "price": 278.07,
      "value_low": 165.0,
      "value_high": 215.0,
      "franchise": "intact",
      "reason": "At the $278.07 reference price, trailing earnings yield about 2.4%.",
      "id": "c0ea214e4e40",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 190.66
    },
    {
      "date": "2026-09-28",
      "symbol": "ULTA",
      "expected_return": 0.047,
      "price": 545.2,
      "value_low": 420.0,
      "value_high": 570.0,
      "franchise": "intact",
      "reason": "At the $545.20 reference price, the file’s earnings yield is 4.9%.",
      "id": "b81bc11d1f5a",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 399.75
    },
    {
      "date": "2026-09-28",
      "symbol": "ULTA",
      "expected_return": 0.055,
      "price": 545.2,
      "value_low": 450.0,
      "value_high": 600.0,
      "franchise": "intact",
      "reason": "At the $545.20 reference price, the file’s earnings yield is 4.9%.",
      "id": "5b7e8bd62310",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 431.36
    },
    {
      "date": "2026-09-28",
      "symbol": "USFD",
      "expected_return": 0.03,
      "price": 93.33,
      "value_low": 50.0,
      "value_high": 70.0,
      "franchise": "intact",
      "reason": "At the $93.33 reference price, the reported earnings yield is about 3.3% and 2025 free cash flow yield is about 4.7%.",
      "id": "548887af7d4d",
      "price_date": "2026-09-25",
      "conviction": 2,
      "bar_price": 58.1
    },
    {
      "date": "2026-09-28",
      "symbol": "VRT",
      "expected_return": 0.06,
      "price": 253.28,
      "value_low": 170.0,
      "value_high": 240.0,
      "franchise": "intact",
      "reason": "At the $253.28 reference price, trailing earnings yield about 1.4% and free cash flow yield about 1.9%.",
      "id": "f18d2958c82b",
      "price_date": "2026-09-25",
      "conviction": 3,
      "bar_price": 210.1
    },
    {
      "date": "2026-09-28",
      "symbol": "WCC",
      "expected_return": 0.019,
      "price": 367.44,
      "value_low": 190.0,
      "value_high": 270.0,
      "franchise": "weakening",
      "reason": "At the $367.44 reference price, the 2025 earnings yield is about 3.6%.",
      "id": "841cfa87c269",
      "price_date": "2026-09-25",
      "conviction": 2,
      "bar_price": 205.44
    },
    {
      "date": "2026-09-29",
      "symbol": "A",
      "expected_return": 0.044,
      "price": 175.21,
      "value_low": 115.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At the $175.21 reference price, the file shows a 2.6% earnings yield and 2.3% free cash flow yield.",
      "id": "5b3f6f2f55b1",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 124.83
    },
    {
      "date": "2026-09-29",
      "symbol": "AAPL",
      "expected_return": 0.025,
      "price": 338.4,
      "value_low": 180.0,
      "value_high": 240.0,
      "franchise": "intact",
      "reason": "At the $338.40 reference price, fiscal 2025 earnings yield about 2.3% and free cash flow yields about 2.0%.",
      "id": "a3bfe5bbb989",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 200.65
    },
    {
      "date": "2026-09-29",
      "symbol": "ADBE",
      "expected_return": 0.09,
      "price": 231.01,
      "value_low": 240.0,
      "value_high": 330.0,
      "franchise": "intact",
      "reason": "At the $231.01 reference price, normalized owner earnings imply an approximately 8–9% yield after treating stock compensation as a cost.",
      "id": "8a3bdd7c3a7e",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 253.31
    },
    {
      "date": "2026-09-29",
      "symbol": "ADI",
      "expected_return": 0.04,
      "price": 395.43,
      "value_low": 200.0,
      "value_high": 285.0,
      "franchise": "intact",
      "reason": "At the $395.43 reference price, fiscal 2025 GAAP earnings yield is about 1.2%, while the more recent trailing free-cash-flow yield is about 2.6%, based on $4.94 billion of free cash flow.",
      "id": "fa8e3f3a1d9c",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 271.12
    },
    {
      "date": "2026-09-29",
      "symbol": "ADSK",
      "expected_return": 0.07,
      "price": 207.19,
      "value_low": 170.0,
      "value_high": 230.0,
      "franchise": "intact",
      "reason": "At the $207.19 reference price, the reported free cash flow yield is about 5.6%, but an owner earnings yield nearer 4.5% allows for stock compensation.",
      "id": "8746ffdb846e",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 188.79
    },
    {
      "date": "2026-09-29",
      "symbol": "AMAT",
      "expected_return": 0.04,
      "price": 486.76,
      "value_low": 260.0,
      "value_high": 350.0,
      "franchise": "intact",
      "reason": "At the 486.76 reference price, the file's trailing earnings yield is 1.8%; stronger fiscal 2026 results imply a roughly 2.7% forward yield.",
      "id": "89479cb93639",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 333.74
    },
    {
      "date": "2026-09-29",
      "symbol": "AME",
      "expected_return": 0.05,
      "price": 251.67,
      "value_low": 160.0,
      "value_high": 200.0,
      "franchise": "intact",
      "reason": "At the $251.67 reference price, the file’s trailing earnings yield is 2.6% and free cash flow yield is 2.9%.",
      "id": "2a94a1dd8f35",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 189.88
    },
    {
      "date": "2026-09-29",
      "symbol": "AMGN",
      "expected_return": 0.045,
      "price": 418.13,
      "value_low": 280.0,
      "value_high": 360.0,
      "franchise": "weakening",
      "reason": "At the $418.13 reference price, the reported earnings yield is about 3.4%, although a $2.1 billion securities gain makes underlying earnings yield lower.",
      "id": "de134692cc84",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 300.77
    },
    {
      "date": "2026-09-29",
      "symbol": "APH",
      "expected_return": 0.05,
      "price": 84.62,
      "value_low": 45.0,
      "value_high": 60.0,
      "franchise": "intact",
      "reason": "At the $84.62 reference price, the earnings yield is roughly 3% using a cautious 2026 earnings run rate.",
      "id": "21984d6ab2b0",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 63.85
    },
    {
      "date": "2026-09-29",
      "symbol": "APP",
      "expected_return": 0.056,
      "price": 308.24,
      "value_low": 220.0,
      "value_high": 320.0,
      "franchise": "intact",
      "reason": "At the $308.24 reference price, estimated trailing owner earnings of about $12.50 per share imply a 4.1% earnings yield after allowing for stock compensation.",
      "id": "102ab95cd4b4",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 246.2
    },
    {
      "date": "2026-09-29",
      "symbol": "AZO",
      "expected_return": 0.046,
      "price": 2913.28,
      "value_low": 2200.0,
      "value_high": 3000.0,
      "franchise": "intact",
      "reason": "At the $2,913.28 reference price, fiscal 2026 earnings imply a roughly 5.2% earnings yield.",
      "id": "c1929c94b834",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 2115.74
    },
    {
      "date": "2026-09-29",
      "symbol": "BBY",
      "expected_return": 0.065,
      "price": 89.91,
      "value_low": 70.0,
      "value_high": 95.0,
      "franchise": "weakening",
      "reason": "At the $89.91 reference price, the file's reported earnings yield is 5.7%.",
      "id": "1cce4db44023",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 78.17
    },
    {
      "date": "2026-09-29",
      "symbol": "BKNG",
      "expected_return": 0.075,
      "price": 163.87,
      "value_low": 145.0,
      "value_high": 195.0,
      "franchise": "intact",
      "reason": "At the $163.87 reference price, the reported earnings yield is about 4.4%.",
      "id": "afb03cefc71b",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 156.44
    },
    {
      "date": "2026-09-29",
      "symbol": "CAH",
      "expected_return": 0.04,
      "price": 220.29,
      "value_low": 135.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "At the $220.29 reference price, estimated sustainable owner earnings of about $10 per share imply a 4.5% earnings yield, compared with the 3.3% GAAP yield.",
      "id": "464b0415cf8b",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 151.04
    },
    {
      "date": "2026-09-29",
      "symbol": "CAT",
      "expected_return": 0.018,
      "price": 819.95,
      "value_low": 390.0,
      "value_high": 550.0,
      "franchise": "intact",
      "reason": "At the $819.95 reference price, 2025 earnings and free cash flow each yield about 2.4%.",
      "id": "8b47aac645d4",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 453.97
    },
    {
      "date": "2026-09-29",
      "symbol": "CBOE",
      "expected_return": 0.07,
      "price": 253.26,
      "value_low": 205.0,
      "value_high": 275.0,
      "franchise": "intact",
      "reason": "At the $253.26 reference price, reported earnings yield is about 4.2%;",
      "id": "c4c6d5e7bbc7",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 230.76
    },
    {
      "date": "2026-09-29",
      "symbol": "CBRE",
      "expected_return": 0.04,
      "price": 130.35,
      "value_low": 90.0,
      "value_high": 120.0,
      "franchise": "intact",
      "reason": "At the $130.35 reference price, the file's GAAP earnings yield is 3.1%.",
      "id": "cb29424715f2",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 89.37
    },
    {
      "date": "2026-09-29",
      "symbol": "CDNS",
      "expected_return": 0.03,
      "price": 326.7,
      "value_low": 140.0,
      "value_high": 220.0,
      "franchise": "intact",
      "reason": "At the $326.70 reference price, reported 2025 earnings yield is about 1.2%.",
      "id": "ab8cfe2b4b93",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 203.37
    },
    {
      "date": "2026-09-29",
      "symbol": "CF",
      "expected_return": 0.055,
      "price": 115.51,
      "value_low": 85.0,
      "value_high": 110.0,
      "franchise": "intact",
      "reason": "At the $115.51 reference price, 2025 earnings imply an 8.3% yield.",
      "id": "9388b51f0d14",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 91.39
    },
    {
      "date": "2026-09-29",
      "symbol": "CHD",
      "expected_return": 0.05,
      "price": 95.62,
      "value_low": 75.0,
      "value_high": 95.0,
      "franchise": "intact",
      "reason": "At the $95.62 reference price, the reported earnings yield is 3.2% and 2025 free cash flow yield is about 4.8%.",
      "id": "cfba5ebf5860",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 72.14
    },
    {
      "date": "2026-09-29",
      "symbol": "CHRW",
      "expected_return": 0.03,
      "price": 148.24,
      "value_low": 105.0,
      "value_high": 130.0,
      "franchise": "intact",
      "reason": "At the $148.24 reference price, 2025 earnings provide a 3.4% yield.",
      "id": "cf9e685cd97d",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 92.28
    },
    {
      "date": "2026-09-29",
      "symbol": "CI",
      "expected_return": 0.06,
      "price": 271.83,
      "value_low": 240.0,
      "value_high": 320.0,
      "franchise": "weakening",
      "reason": "At the $271.83 reference price, the file’s GAAP earnings yield is 8.3%.",
      "id": "894848dda9a4",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 225.49
    },
    {
      "date": "2026-09-29",
      "symbol": "CL",
      "expected_return": 0.055,
      "price": 86.52,
      "value_low": 68.0,
      "value_high": 88.0,
      "franchise": "intact",
      "reason": "At the $86.52 reference price, the reported earnings yield is 3.1%; excluding the 2025 impairment gives a normalized yield near 4.5%.",
      "id": "875a559a752f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 68.45
    },
    {
      "date": "2026-09-29",
      "symbol": "CME",
      "expected_return": 0.075,
      "price": 263.24,
      "value_low": 215.0,
      "value_high": 280.0,
      "franchise": "intact",
      "reason": "At the $263.24 reference price, the file’s earnings yield is 4.3%.",
      "id": "e4a4357ac460",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 251.3
    },
    {
      "date": "2026-09-29",
      "symbol": "CMI",
      "expected_return": 0.03,
      "price": 517.84,
      "value_low": 330.0,
      "value_high": 430.0,
      "franchise": "intact",
      "reason": "At the $517.84 reference price, 2025 earnings provide about a 4.0% yield.",
      "id": "844fe834c52a",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 322.35
    },
    {
      "date": "2026-09-29",
      "symbol": "COKE",
      "expected_return": 0.03,
      "price": 193.57,
      "value_low": 130.0,
      "value_high": 185.0,
      "franchise": "weakening",
      "reason": "At the $193.57 reference price, 2025 earnings of $570.6 million divided by approximately 66.6 million current shares imply an earnings yield near 4.4%; the file’s 31.3% figure uses a stale share count.",
      "id": "f1c448240376",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 120.5
    },
    {
      "date": "2026-09-29",
      "symbol": "COR",
      "expected_return": 0.055,
      "price": 303.81,
      "value_low": 225.0,
      "value_high": 285.0,
      "franchise": "intact",
      "reason": "At the $303.81 reference price, reported earnings yield is 2.7%, while a cautious estimate of recurring owner earnings implies roughly 4–5%.",
      "id": "1cdcda03d707",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 240.37
    },
    {
      "date": "2026-09-29",
      "symbol": "COST",
      "expected_return": 0.045,
      "price": 922.92,
      "value_low": 520.0,
      "value_high": 670.0,
      "franchise": "intact",
      "reason": "At the $922.92 reference price, fiscal 2026 earnings of $20.76 per diluted share imply a 2.25% earnings yield.",
      "id": "3efb5cd29ce4",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 663.88
    },
    {
      "date": "2026-09-29",
      "symbol": "CPAY",
      "expected_return": 0.065,
      "price": 396.23,
      "value_low": 320.0,
      "value_high": 410.0,
      "franchise": "weakening",
      "reason": "At the $396.23 reference price, the file shows an earnings yield of 4.1% and a free cash flow yield of 5.0%.",
      "id": "aef5083a07e2",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 344.51
    },
    {
      "date": "2026-09-29",
      "symbol": "CRH",
      "expected_return": 0.06,
      "price": 83.75,
      "value_low": 70.0,
      "value_high": 90.0,
      "franchise": "intact",
      "reason": "At the $83.75 reference price, attributable earnings yield about 6.7%, while cash flow after all capital expenditure yields about 5.2%.",
      "id": "90b4f6449ca3",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 69.47
    },
    {
      "date": "2026-09-29",
      "symbol": "CRM",
      "expected_return": 0.05,
      "price": 227.27,
      "value_low": 155.0,
      "value_high": 215.0,
      "franchise": "weakening",
      "reason": "At the $227.27 reference price, reported earnings yield is about 4%, while normalized owner earnings yield is roughly 5–6% after treating stock compensation as a cost and excluding investment gains.",
      "id": "e8da1cfd30ed",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 171.47
    },
    {
      "date": "2026-09-29",
      "symbol": "CSCO",
      "expected_return": 0.025,
      "price": 106.74,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "intact",
      "reason": "At the 106.74 reference price, the GAAP earnings yield is about 3.2%.",
      "id": "7526673fb0be",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 63.29
    },
    {
      "date": "2026-09-29",
      "symbol": "CTAS",
      "expected_return": 0.055,
      "price": 200.58,
      "value_low": 100.0,
      "value_high": 155.0,
      "franchise": "intact",
      "reason": "At the $200.58 reference price, fiscal 2026 earnings yield about 2.5% and free cash flow yields about 2.3%.",
      "id": "ddc6fc17ab27",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 158.7
    },
    {
      "date": "2026-09-29",
      "symbol": "CW",
      "expected_return": 0.035,
      "price": 532.36,
      "value_low": 320.0,
      "value_high": 420.0,
      "franchise": "intact",
      "reason": "At the 532.36 reference price, the file shows a 2.5% earnings yield and 2.8% free cash flow yield.",
      "id": "c645f8b20daf",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 347.83
    },
    {
      "date": "2026-09-29",
      "symbol": "DAL",
      "expected_return": 0.025,
      "price": 84.03,
      "value_low": 50.0,
      "value_high": 72.0,
      "franchise": "intact",
      "reason": "At the $84.03 reference price, the 2025 GAAP earnings yield is 9.1%, but the adjusted earnings yield is about 6.9%; aircraft spending makes a smaller portion available to owners.",
      "id": "847d42a16645",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 49.82
    },
    {
      "date": "2026-09-29",
      "symbol": "DELL",
      "expected_return": 0.025,
      "price": 543.43,
      "value_low": 280.0,
      "value_high": 425.0,
      "franchise": "intact",
      "reason": "At the $543.43 reference price, Dell's guided FY27 GAAP earnings imply an earnings yield of about 4.5%.",
      "id": "72c2f4a3b39c",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 322.21
    },
    {
      "date": "2026-09-29",
      "symbol": "DRI",
      "expected_return": 0.07,
      "price": 197.02,
      "value_low": 160.0,
      "value_high": 205.0,
      "franchise": "intact",
      "reason": "At the USD 197.02 reference price, the file's earnings yield is about 5.4%.",
      "id": "c394386bf913",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 179.52
    },
    {
      "date": "2026-09-29",
      "symbol": "DXCM",
      "expected_return": 0.065,
      "price": 86.68,
      "value_low": 60.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "At the $86.68 reference price, the trailing earnings yield is about 2.6%.",
      "id": "f90c5321aada",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 75.37
    },
    {
      "date": "2026-09-29",
      "symbol": "EBAY",
      "expected_return": 0.025,
      "price": 107.32,
      "value_low": 65.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "At the $107.32 reference price, the stated earnings yield is 4.3%, while 2025 free cash flow of about $1.43 billion gives a lower cash yield near 3%.",
      "id": "c3e92e92f684",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 63.63
    },
    {
      "date": "2026-09-29",
      "symbol": "ECL",
      "expected_return": 0.035,
      "price": 280.23,
      "value_low": 165.0,
      "value_high": 215.0,
      "franchise": "intact",
      "reason": "At the $280.23 reference price, the trailing earnings yield is about 2.6%.",
      "id": "ab02df304a79",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 183.1
    },
    {
      "date": "2026-09-29",
      "symbol": "EME",
      "expected_return": 0.06,
      "price": 765.52,
      "value_low": 570.0,
      "value_high": 730.0,
      "franchise": "intact",
      "reason": "At the $765.52 reference price, guided 2026 earnings of $32.00–$33.25 per share imply an earnings yield of about 4.3%.",
      "id": "ca1c4d26bded",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 635.01
    },
    {
      "date": "2026-09-29",
      "symbol": "ENTG",
      "expected_return": -0.015,
      "price": 150.63,
      "value_low": 70.0,
      "value_high": 95.0,
      "franchise": "weakening",
      "reason": "At the $150.63 reference price, 2025 reported earnings yield about 1% and free cash flow yields about 1.7%.",
      "id": "bcee978a6a18",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 59.98
    },
    {
      "date": "2026-09-29",
      "symbol": "EOG",
      "expected_return": 0.055,
      "price": 140.63,
      "value_low": 105.0,
      "value_high": 145.0,
      "franchise": "weakening",
      "reason": "At the $140.63 reference price, the reported earnings yield is 6.8%.",
      "id": "8e81ff850061",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 111.27
    },
    {
      "date": "2026-09-29",
      "symbol": "EXPD",
      "expected_return": 0.03,
      "price": 188.58,
      "value_low": 115.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At the $188.58 reference price, trailing earnings yield is about 3.7%, using 2025 earnings adjusted for the stronger first half of 2026.",
      "id": "8b6f3391fa0f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 117.39
    },
    {
      "date": "2026-09-29",
      "symbol": "EXPE",
      "expected_return": 0.055,
      "price": 264.23,
      "value_low": 180.0,
      "value_high": 250.0,
      "franchise": "intact",
      "reason": "At the $264.23 reference price, 2025 earnings provide a 4.3% yield.",
      "id": "af2417ef0dca",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 209.06
    },
    {
      "date": "2026-09-29",
      "symbol": "FAST",
      "expected_return": 0.035,
      "price": 50.49,
      "value_low": 26.0,
      "value_high": 34.0,
      "franchise": "intact",
      "reason": "At the $50.49 reference price, the file’s earnings yield is 2.2%.",
      "id": "545e31bffbb7",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 32.99
    },
    {
      "date": "2026-09-29",
      "symbol": "FFIV",
      "expected_return": 0.01,
      "price": 435.56,
      "value_low": 220.0,
      "value_high": 300.0,
      "franchise": "intact",
      "reason": "At the $435.56 reference price, the earnings yield is about 2.8%.",
      "id": "e0c5a80405ac",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 222.86
    },
    {
      "date": "2026-09-29",
      "symbol": "FICO",
      "expected_return": 0.075,
      "price": 840.89,
      "value_low": 650.0,
      "value_high": 900.0,
      "franchise": "weakening",
      "reason": "At the 840.89 reference price, fiscal 2026 guided GAAP earnings imply a starting earnings yield of about 4.4%.",
      "id": "6c6aac5c955b",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 802.76
    },
    {
      "date": "2026-09-29",
      "symbol": "FLEX",
      "expected_return": 0.035,
      "price": 113.04,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "intact",
      "reason": "At the $113.04 reference price, the file’s earnings yield is 2.1%.",
      "id": "0f41f0248e01",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 73.86
    },
    {
      "date": "2026-09-29",
      "symbol": "FTNT",
      "expected_return": 0.03,
      "price": 176.33,
      "value_low": 85.0,
      "value_high": 115.0,
      "franchise": "intact",
      "reason": "At the $176.33 reference price, the 2025 GAAP earnings yield is about 1.4%, while estimated normalized owner earnings yield is about 1.8% after capital spending and stock compensation.",
      "id": "ff8c704a3d18",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 109.76
    },
    {
      "date": "2026-09-29",
      "symbol": "GD",
      "expected_return": 0.045,
      "price": 334.16,
      "value_low": 255.0,
      "value_high": 325.0,
      "franchise": "intact",
      "reason": "At the $334.16 reference price, the earnings yield is 4.7% and the 2025 free cash flow yield is about 4.4%.",
      "id": "fc58aac90a99",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 240.37
    },
    {
      "date": "2026-09-29",
      "symbol": "GILD",
      "expected_return": 0.043,
      "price": 152.21,
      "value_low": 100.0,
      "value_high": 130.0,
      "franchise": "intact",
      "reason": "At the $152.21 reference price, 2025 free cash flow implies an owner earnings yield of about 5%.",
      "id": "ae39d99bb17c",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 107.41
    },
    {
      "date": "2026-09-29",
      "symbol": "GOOGL",
      "expected_return": 0.04,
      "price": 342.75,
      "value_low": 170.0,
      "value_high": 255.0,
      "franchise": "weakening",
      "reason": "At the $342.75 reference price, the file shows a 3.2% earnings yield but only a 1.7% free-cash-flow yield.",
      "id": "76f6bcf27fb3",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 235.0
    },
    {
      "date": "2026-09-29",
      "symbol": "GPN",
      "expected_return": 0.06,
      "price": 84.7,
      "value_low": 65.0,
      "value_high": 95.0,
      "franchise": "weakening",
      "reason": "At the $84.70 reference price, the file's reported earnings yield is 6.2%.",
      "id": "e28988052c44",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 70.26
    },
    {
      "date": "2026-09-29",
      "symbol": "GRMN",
      "expected_return": 0.05,
      "price": 294.05,
      "value_low": 210.0,
      "value_high": 270.0,
      "franchise": "intact",
      "reason": "At the $294.05 reference price, 2026 guidance of about $10 in earnings per share implies a 3.4% earnings yield.",
      "id": "867a971e1319",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 221.86
    },
    {
      "date": "2026-09-29",
      "symbol": "GWW",
      "expected_return": 0.055,
      "price": 1255.69,
      "value_low": 800.0,
      "value_high": 1050.0,
      "franchise": "intact",
      "reason": "At the $1,255.69 reference price, the file's trailing earnings yield is 2.9%; the roughly $46 midpoint of 2026 guided EPS implies a forward yield near 3.7%.",
      "id": "077886f9236d",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 993.5
    },
    {
      "date": "2026-09-29",
      "symbol": "HLT",
      "expected_return": 0.04,
      "price": 320.28,
      "value_low": 155.0,
      "value_high": 210.0,
      "franchise": "weakening",
      "reason": "At the $320.28 reference price, the file’s earnings yield is about 2%.",
      "id": "637b6cbd1c8e",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 219.6
    },
    {
      "date": "2026-09-29",
      "symbol": "HPQ",
      "expected_return": 0.045,
      "price": 31.32,
      "value_low": 22.0,
      "value_high": 34.0,
      "franchise": "weakening",
      "reason": "At the $31.32 reference price, the file’s trailing earnings yield is about 9%, but I discount it because fiscal 2025 benefited from a low tax rate and HP’s fiscal 2026 outlook includes tariff refunds.",
      "id": "670bae6866c3",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 22.53
    },
    {
      "date": "2026-09-29",
      "symbol": "HUBB",
      "expected_return": 0.05,
      "price": 465.72,
      "value_low": 340.0,
      "value_high": 410.0,
      "franchise": "weakening",
      "reason": "At the $465.72 reference price, the file’s earnings yield is 3.6%.",
      "id": "09ffdc1df98a",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 351.38
    },
    {
      "date": "2026-09-29",
      "symbol": "HWM",
      "expected_return": 0.045,
      "price": 228.32,
      "value_low": 105.0,
      "value_high": 155.0,
      "franchise": "intact",
      "reason": "At the $228.32 reference price, the file shows a 1.7% trailing earnings yield; 2026 guidance implies about 2.3% on adjusted earnings.",
      "id": "8bd7bbefdbdd",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 164.24
    },
    {
      "date": "2026-09-29",
      "symbol": "ICE",
      "expected_return": 0.07,
      "price": 152.91,
      "value_low": 120.0,
      "value_high": 150.0,
      "franchise": "intact",
      "reason": "At the $152.91 reference price, normalized owner earnings yield roughly 4–4.5% after capital spending, capitalized software development, and stock compensation.",
      "id": "b75bfc7a72a8",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 139.33
    },
    {
      "date": "2026-09-29",
      "symbol": "INCY",
      "expected_return": 0.02,
      "price": 124.82,
      "value_low": 75.0,
      "value_high": 105.0,
      "franchise": "weakening",
      "reason": "At the $124.82 reference price, the reported earnings yield is 5.2%.",
      "id": "d31e6023876c",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 70.48
    },
    {
      "date": "2026-09-29",
      "symbol": "INTU",
      "expected_return": 0.09,
      "price": 269.4,
      "value_low": 270.0,
      "value_high": 380.0,
      "franchise": "intact",
      "reason": "At the $269.40 reference price, the earnings yield is 6.3%.",
      "id": "1211b154ec4a",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 295.41
    },
    {
      "date": "2026-09-29",
      "symbol": "IR",
      "expected_return": 0.035,
      "price": 76.38,
      "value_low": 45.0,
      "value_high": 65.0,
      "franchise": "weakening",
      "reason": "At the $76.38 reference price, the file shows a 2.0% GAAP earnings yield; 2025 free cash flow implies roughly a 4.1% yield before acquisition spending.",
      "id": "58f0bc7256b6",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 49.91
    },
    {
      "date": "2026-09-29",
      "symbol": "ITW",
      "expected_return": 0.05,
      "price": 273.83,
      "value_low": 195.0,
      "value_high": 250.0,
      "franchise": "intact",
      "reason": "At the $273.83 reference price, 2025 earnings yield about 3.9% and free cash flow yields about 3.5%.",
      "id": "2c6687e2ca39",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 206.6
    },
    {
      "date": "2026-09-29",
      "symbol": "JBL",
      "expected_return": 0.03,
      "price": 318.93,
      "value_low": 140.0,
      "value_high": 210.0,
      "franchise": "intact",
      "reason": "At the $318.93 reference price, trailing GAAP earnings yield is about 2%.",
      "id": "080cd6344d48",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 198.53
    },
    {
      "date": "2026-09-29",
      "symbol": "KEYS",
      "expected_return": 0.026,
      "price": 359.74,
      "value_low": 170.0,
      "value_high": 250.0,
      "franchise": "intact",
      "reason": "At the $359.74 reference price, FY2025 GAAP earnings yield about 1.4%; trailing earnings yield is roughly 2.1%, helped by unusually low 2026 tax expense.",
      "id": "ed9bc34e8e00",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 215.39
    },
    {
      "date": "2026-09-29",
      "symbol": "KO",
      "expected_return": 0.055,
      "price": 87.18,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "intact",
      "reason": "At the $87.18 reference price, the earnings yield is about 3.5%.",
      "id": "312dc9fe2e67",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 68.98
    },
    {
      "date": "2026-09-29",
      "symbol": "LHX",
      "expected_return": 0.07,
      "price": 237.7,
      "value_low": 180.0,
      "value_high": 245.0,
      "franchise": "intact",
      "reason": "At the $237.70 reference price, the file's GAAP earnings yield is 3.6%; normalized owner cash earnings appear closer to a 5%–6% yield after allowing for capital needs and share compensation.",
      "id": "b6193ebb8c7c",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 216.59
    },
    {
      "date": "2026-09-29",
      "symbol": "LIN",
      "expected_return": 0.045,
      "price": 472.04,
      "value_low": 350.0,
      "value_high": 430.0,
      "franchise": "intact",
      "reason": "At the $472.04 reference price, the earnings yield is about 3.2%.",
      "id": "577aa91c0670",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 339.55
    },
    {
      "date": "2026-09-29",
      "symbol": "LMT",
      "expected_return": 0.055,
      "price": 518.1,
      "value_low": 420.0,
      "value_high": 540.0,
      "franchise": "intact",
      "reason": "At the $518.10 reference price, roughly $30 of projected 2026 earnings per share implies a 5.8% earnings yield.",
      "id": "0f941d53e477",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 409.92
    },
    {
      "date": "2026-09-29",
      "symbol": "LNG",
      "expected_return": 0.05,
      "price": 269.65,
      "value_low": 200.0,
      "value_high": 280.0,
      "franchise": "intact",
      "reason": "At the $269.65 reference price, the file's reported earnings yield is 9.6%, but derivative-related gains make it a poor measure of recurring owner earnings.",
      "id": "c1fd9c03f850",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 203.45
    },
    {
      "date": "2026-09-29",
      "symbol": "LOW",
      "expected_return": 0.06,
      "price": 187.66,
      "value_low": 170.0,
      "value_high": 215.0,
      "franchise": "intact",
      "reason": "At the $187.66 reference price, fiscal 2025 earnings provide a 6.3% yield.",
      "id": "e4a41bd36394",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 155.67
    },
    {
      "date": "2026-09-29",
      "symbol": "LRCX",
      "expected_return": 0.02,
      "price": 314.47,
      "value_low": 140.0,
      "value_high": 210.0,
      "franchise": "intact",
      "reason": "At the $314.47 reference price, fiscal 2026 earnings yield about 1.8%, while free cash flow after capital spending yields about 1.2%.",
      "id": "29cfb225a991",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 177.56
    },
    {
      "date": "2026-09-29",
      "symbol": "MA",
      "expected_return": 0.07,
      "price": 568.26,
      "value_low": 360.0,
      "value_high": 520.0,
      "franchise": "intact",
      "reason": "At the $568.26 reference price, the earnings yield is about 2.9%.",
      "id": "ab6bd06d8b63",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 517.78
    },
    {
      "date": "2026-09-29",
      "symbol": "MAR",
      "expected_return": 0.045,
      "price": 358.57,
      "value_low": 200.0,
      "value_high": 260.0,
      "franchise": "weakening",
      "reason": "At the $358.57 reference price, 2025 operating cash flow less capital expenditure implies an owner-earnings yield of about 2.8%.",
      "id": "769121bd7b57",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 257.93
    },
    {
      "date": "2026-09-29",
      "symbol": "MCK",
      "expected_return": 0.045,
      "price": 856.29,
      "value_low": 650.0,
      "value_high": 850.0,
      "franchise": "intact",
      "reason": "At the $856.29 reference price, fiscal 2026 GAAP earnings yield about 4.8%, while operating cash flow less property and capitalized software spending yields about 5.4%.",
      "id": "f3a7dc599a8c",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 615.95
    },
    {
      "date": "2026-09-29",
      "symbol": "MCO",
      "expected_return": 0.05,
      "price": 460.08,
      "value_low": 350.0,
      "value_high": 450.0,
      "franchise": "intact",
      "reason": "At the 460.08 reference price, the file's 2025 earnings yield is 3.1%.",
      "id": "55c8c0b830dd",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 347.13
    },
    {
      "date": "2026-09-29",
      "symbol": "MDLZ",
      "expected_return": 0.06,
      "price": 60.18,
      "value_low": 42.0,
      "value_high": 57.0,
      "franchise": "weakening",
      "reason": "At the $60.18 reference price, the file shows a 3.2% reported earnings yield and a 4.2% free cash flow yield.",
      "id": "5affcf33ef39",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 49.92
    },
    {
      "date": "2026-09-29",
      "symbol": "MEDP",
      "expected_return": 0.05,
      "price": 615.94,
      "value_low": 380.0,
      "value_high": 480.0,
      "franchise": "intact",
      "reason": "At the $615.94 reference price, guided 2026 earnings imply a roughly 2.9% earnings yield.",
      "id": "408ef9bc9314",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 464.72
    },
    {
      "date": "2026-09-29",
      "symbol": "META",
      "expected_return": 0.06,
      "price": 715.62,
      "value_low": 450.0,
      "value_high": 650.0,
      "franchise": "weakening",
      "reason": "At the $715.62 reference price, reported 2025 earnings yield is 3.3%.",
      "id": "06aeed0514c3",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 593.61
    },
    {
      "date": "2026-09-29",
      "symbol": "MMM",
      "expected_return": 0.04,
      "price": 169.48,
      "value_low": 115.0,
      "value_high": 145.0,
      "franchise": "weakening",
      "reason": "At the $169.48 reference price, the file's GAAP earnings yield is 3.7%; 2026 adjusted earnings guidance implies about 5.2%, but that measure warrants a discount for litigation cash costs.",
      "id": "3a6da5f391b0",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 116.2
    },
    {
      "date": "2026-09-29",
      "symbol": "MO",
      "expected_return": 0.065,
      "price": 69.13,
      "value_low": 52.0,
      "value_high": 68.0,
      "franchise": "weakening",
      "reason": "At the $69.13 reference price, reported 2025 earnings yield about 6%, while the midpoint of 2026 adjusted EPS guidance implies about 8.2%.",
      "id": "4852e1332bd5",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 60.11
    },
    {
      "date": "2026-09-29",
      "symbol": "MPC",
      "expected_return": -0.015,
      "price": 389.44,
      "value_low": 180.0,
      "value_high": 260.0,
      "franchise": "intact",
      "reason": "At the $389.44 reference price, 2025 earnings attributable to shareholders imply an earnings yield of about 3.7%.",
      "id": "34ca3d1fb13c",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 155.08
    },
    {
      "date": "2026-09-29",
      "symbol": "MPWR",
      "expected_return": 0.02,
      "price": 1351.2,
      "value_low": 650.0,
      "value_high": 950.0,
      "franchise": "intact",
      "reason": "At the $1,351.20 reference price, 2025 earnings yield is about 0.9% and free cash flow yield about 1.0%.",
      "id": "443e124b6294",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 762.93
    },
    {
      "date": "2026-09-29",
      "symbol": "MSCI",
      "expected_return": 0.065,
      "price": 542.72,
      "value_low": 380.0,
      "value_high": 480.0,
      "franchise": "intact",
      "reason": "At the $542.72 reference price, the file’s GAAP earnings yield is about 3%.",
      "id": "0c8a816cba36",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 471.88
    },
    {
      "date": "2026-09-29",
      "symbol": "MSFT",
      "expected_return": 0.055,
      "price": 509.22,
      "value_low": 300.0,
      "value_high": 420.0,
      "franchise": "intact",
      "reason": "At the $509.22 reference price, the GAAP earnings yield is about 3.5%, but free cash flow yield is only about 1.8% after heavy capital spending.",
      "id": "4477e365768f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 402.9
    },
    {
      "date": "2026-09-29",
      "symbol": "MSI",
      "expected_return": 0.05,
      "price": 452.08,
      "value_low": 260.0,
      "value_high": 350.0,
      "franchise": "weakening",
      "reason": "At the $452.08 reference price, the earnings yield is 2.9%.",
      "id": "bb395deedb12",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 341.09
    },
    {
      "date": "2026-09-29",
      "symbol": "NDSN",
      "expected_return": 0.04,
      "price": 331.32,
      "value_low": 210.0,
      "value_high": 275.0,
      "franchise": "intact",
      "reason": "At the $331.32 reference price, fiscal 2025 GAAP earnings yield about 2.6% and free cash flow yields about 3.6%.",
      "id": "6cd20baea8ba",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 227.17
    },
    {
      "date": "2026-09-29",
      "symbol": "NFLX",
      "expected_return": 0.07,
      "price": 69.23,
      "value_low": 50.0,
      "value_high": 67.0,
      "franchise": "intact",
      "reason": "At the $69.23 reference price, I estimate normalized owner cash flow of about $2.47 per share, a 3.6% yield, after removing the one-time termination fee from the roughly $12.5 billion 2026 free cash flow outlook.",
      "id": "136be9329910",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 63.08
    },
    {
      "date": "2026-09-29",
      "symbol": "NOC",
      "expected_return": 0.065,
      "price": 505.8,
      "value_low": 400.0,
      "value_high": 520.0,
      "franchise": "intact",
      "reason": "At the $505.80 reference price, reported earnings yield is 5.8%, but the 2025 pension benefit makes the normalized yield closer to 5.2%; free cash flow yield is about 4.6%.",
      "id": "325c4cdcce53",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 439.78
    },
    {
      "date": "2026-09-29",
      "symbol": "NRG",
      "expected_return": 0.04,
      "price": 97.0,
      "value_low": 65.0,
      "value_high": 105.0,
      "franchise": "weakening",
      "reason": "At the $97 reference price, I estimate a normalized owner-earnings yield of roughly 6%–8%, below the yield implied by management's adjusted cash-flow guidance because I allow for capital spending and debt reduction.",
      "id": "1015ec946d49",
      "price_date": "2026-09-28",
      "conviction": 1,
      "bar_price": 66.51
    },
    {
      "date": "2026-09-29",
      "symbol": "NTAP",
      "expected_return": 0.04,
      "price": 204.41,
      "value_low": 125.0,
      "value_high": 170.0,
      "franchise": "intact",
      "reason": "At the $204.41 reference price, the GAAP earnings yield is about 3.2%.",
      "id": "c6325d7e7e75",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 140.15
    },
    {
      "date": "2026-09-29",
      "symbol": "NVDA",
      "expected_return": 0.06,
      "price": 228.86,
      "value_low": 170.0,
      "value_high": 250.0,
      "franchise": "weakening",
      "reason": "At the $228.86 reference price, fiscal 2026 earnings yield is about 2.2%; a roughly $9 per-share run rate excluding recent equity-investment gains yields about 4%.",
      "id": "b3345d7020e4",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 189.84
    },
    {
      "date": "2026-09-29",
      "symbol": "ODFL",
      "expected_return": 0.034,
      "price": 176.85,
      "value_low": 115.0,
      "value_high": 155.0,
      "franchise": "intact",
      "reason": "At the $176.85 reference price, the file's earnings yield is 2.8%.",
      "id": "ed19e3eff006",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 114.44
    },
    {
      "date": "2026-09-29",
      "symbol": "ON",
      "expected_return": 0.04,
      "price": 75.65,
      "value_low": 45.0,
      "value_high": 65.0,
      "franchise": "weakening",
      "reason": "At the $75.65 reference price, the reported earnings yield is 0.4%, depressed partly by 2025 manufacturing asset impairments.",
      "id": "3a05905d1469",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 51.87
    },
    {
      "date": "2026-09-29",
      "symbol": "ORLY",
      "expected_return": 0.07,
      "price": 86.51,
      "value_low": 65.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "At the $86.51 reference price, the earnings yield is about 3.6%.",
      "id": "5fbad76eff92",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 78.83
    },
    {
      "date": "2026-09-29",
      "symbol": "P",
      "expected_return": 0.035,
      "price": 129.4,
      "value_low": 55.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "At the $129.40 reference price, the file's GAAP earnings yield is about 0.4%; owner cash yield is also thin after treating stock compensation as an economic cost.",
      "id": "ef85c54870b3",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 84.55
    },
    {
      "date": "2026-09-29",
      "symbol": "PAYX",
      "expected_return": 0.085,
      "price": 99.3,
      "value_low": 85.0,
      "value_high": 115.0,
      "franchise": "intact",
      "reason": "At the $99.30 reference price, reported earnings yield is about 5%.",
      "id": "8428fdb7263e",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 103.99
    },
    {
      "date": "2026-09-29",
      "symbol": "PG",
      "expected_return": 0.05,
      "price": 149.03,
      "value_low": 110.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At the $149.03 reference price, the earnings yield is about 4.6%, with roughly 3% returned as dividends.",
      "id": "e86aa6f4885b",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 112.44
    },
    {
      "date": "2026-09-29",
      "symbol": "PH",
      "expected_return": 0.04,
      "price": 969.55,
      "value_low": 650.0,
      "value_high": 800.0,
      "franchise": "intact",
      "reason": "At the $969.55 reference price, the earnings yield is about 3%.",
      "id": "68a7724a9e0f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 664.76
    },
    {
      "date": "2026-09-29",
      "symbol": "PM",
      "expected_return": 0.065,
      "price": 193.76,
      "value_low": 140.0,
      "value_high": 170.0,
      "franchise": "intact",
      "reason": "At the $193.76 reference price, the file implies a 3.8% earnings yield and roughly a 3.5% free cash flow yield.",
      "id": "e4cc3af99104",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 168.47
    },
    {
      "date": "2026-09-29",
      "symbol": "PWR",
      "expected_return": 0.02,
      "price": 644.36,
      "value_low": 275.0,
      "value_high": 400.0,
      "franchise": "intact",
      "reason": "At the $644.36 reference price, trailing earnings yield is about 1.1%; the company's 2026 guidance implies roughly 1.8%.",
      "id": "ec1e89ce385b",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 363.83
    },
    {
      "date": "2026-09-29",
      "symbol": "PYPL",
      "expected_return": 0.075,
      "price": 54.28,
      "value_low": 50.0,
      "value_high": 70.0,
      "franchise": "weakening",
      "reason": "At the $54.28 reference price, the stated earnings yield is 10.9%.",
      "id": "303b1d310194",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 51.82
    },
    {
      "date": "2026-09-29",
      "symbol": "QCOM",
      "expected_return": 0.03,
      "price": 187.48,
      "value_low": 130.0,
      "value_high": 175.0,
      "franchise": "weakening",
      "reason": "At the $187.48 reference price, normalized owner earnings after capital spending and stock compensation yield roughly 5%; the much lower reported earnings yield reflects a large nonrecurring tax charge.",
      "id": "32732785f665",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 116.71
    },
    {
      "date": "2026-09-29",
      "symbol": "QSR",
      "expected_return": 0.06,
      "price": 71.43,
      "value_low": 55.0,
      "value_high": 70.0,
      "franchise": "intact",
      "reason": "At the $71.43 reference price, normalized owner earnings are about $3.2–$3.6 per fully diluted economic share, a 4.5%–5.0% earnings yield.",
      "id": "6616e17736a0",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 59.25
    },
    {
      "date": "2026-09-29",
      "symbol": "RL",
      "expected_return": 0.048,
      "price": 357.16,
      "value_low": 235.0,
      "value_high": 325.0,
      "franchise": "intact",
      "reason": "At the $357.16 reference price, the earnings yield is about 4.2%.",
      "id": "fba98b2a41c0",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 264.39
    },
    {
      "date": "2026-09-29",
      "symbol": "RMD",
      "expected_return": 0.08,
      "price": 222.1,
      "value_low": 205.0,
      "value_high": 270.0,
      "franchise": "intact",
      "reason": "At the $222.10 reference price, the GAAP earnings yield is 4.8%.",
      "id": "fead9d019de2",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 222.1
    },
    {
      "date": "2026-09-29",
      "symbol": "RS",
      "expected_return": 0.03,
      "price": 391.53,
      "value_low": 240.0,
      "value_high": 330.0,
      "franchise": "intact",
      "reason": "At the $391.53 reference price, 2025 earnings provide a yield of about 3.7%.",
      "id": "04774d600634",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 243.72
    },
    {
      "date": "2026-09-29",
      "symbol": "RSG",
      "expected_return": 0.05,
      "price": 212.93,
      "value_low": 150.0,
      "value_high": 185.0,
      "franchise": "intact",
      "reason": "At the $212.93 reference price, the file shows a 3.3% earnings yield.",
      "id": "499ed7d85ba0",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 160.65
    },
    {
      "date": "2026-09-29",
      "symbol": "RTX",
      "expected_return": 0.05,
      "price": 187.66,
      "value_low": 125.0,
      "value_high": 165.0,
      "franchise": "intact",
      "reason": "At the $187.66 reference price, reported earnings yield about 2.7% and 2025 free cash flow yield about 3.1%.",
      "id": "798752801d3f",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 141.59
    },
    {
      "date": "2026-09-29",
      "symbol": "SBAC",
      "expected_return": 0.07,
      "price": 163.43,
      "value_low": 135.0,
      "value_high": 185.0,
      "franchise": "weakening",
      "reason": "At the $163.43 reference price, 2025 operating cash flow less capital expenditure implies an owner-earnings yield of about 6.2%.",
      "id": "63a59c81fa13",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 148.91
    },
    {
      "date": "2026-09-29",
      "symbol": "SLB",
      "expected_return": 0.055,
      "price": 51.49,
      "value_low": 35.0,
      "value_high": 47.0,
      "franchise": "weakening",
      "reason": "At the $51.49 reference price, the file's earnings yield is 4.4%.",
      "id": "36078f860d13",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 40.74
    },
    {
      "date": "2026-09-29",
      "symbol": "SNA",
      "expected_return": 0.055,
      "price": 369.21,
      "value_low": 310.0,
      "value_high": 380.0,
      "franchise": "intact",
      "reason": "At the $369.21 reference price, 2025 earnings of about $19.56 per share imply a 5.3% earnings yield.",
      "id": "b0d7654a733b",
      "price_date": "2026-09-28",
      "conviction": 4,
      "bar_price": 292.12
    },
    {
      "date": "2026-09-29",
      "symbol": "SNX",
      "expected_return": 0.025,
      "price": 256.75,
      "value_low": 155.0,
      "value_high": 210.0,
      "franchise": "weakening",
      "reason": "At the $256.75 reference price, fiscal 2025 earnings provide about a 4% yield.",
      "id": "3e7a7080a382",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 152.23
    },
    {
      "date": "2026-09-29",
      "symbol": "SPGI",
      "expected_return": 0.068,
      "price": 395.92,
      "value_low": 340.0,
      "value_high": 450.0,
      "franchise": "intact",
      "reason": "At the $395.92 reference price, the company's 2026 continuing-operations GAAP EPS guidance of $16.35–$16.60 implies an earnings yield of about 4.2%.",
      "id": "986151478d05",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 354.06
    },
    {
      "date": "2026-09-29",
      "symbol": "STLD",
      "expected_return": 0.02,
      "price": 230.39,
      "value_low": 145.0,
      "value_high": 190.0,
      "franchise": "weakening",
      "reason": "At the $230.39 reference price, 2025 earnings provide a 3.6% yield.",
      "id": "2f155164f506",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 130.09
    },
    {
      "date": "2026-09-29",
      "symbol": "SYY",
      "expected_return": 0.055,
      "price": 78.57,
      "value_low": 58.0,
      "value_high": 75.0,
      "franchise": "weakening",
      "reason": "At the $78.57 reference price, fiscal 2026 GAAP earnings yield about 4.7%, but the pro forma acquisition figures imply a lower yield after financing and dilution.",
      "id": "996267e9f6af",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 62.16
    },
    {
      "date": "2026-09-29",
      "symbol": "TDY",
      "expected_return": 0.035,
      "price": 610.83,
      "value_low": 400.0,
      "value_high": 520.0,
      "franchise": "intact",
      "reason": "At the $610.83 reference price, the earnings yield is 3.2% and free cash flow yield is 3.8%.",
      "id": "5b839f342e80",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 399.1
    },
    {
      "date": "2026-09-29",
      "symbol": "TEL",
      "expected_return": 0.065,
      "price": 214.71,
      "value_low": 160.0,
      "value_high": 205.0,
      "franchise": "intact",
      "reason": "At the $214.71 reference price, I estimate normalized owner earnings of about $10 per share, a 4.7% yield.",
      "id": "9871ff2b5503",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 186.69
    },
    {
      "date": "2026-09-29",
      "symbol": "TER",
      "expected_return": 0.01,
      "price": 401.3,
      "value_low": 125.0,
      "value_high": 200.0,
      "franchise": "intact",
      "reason": "At the $401.30 reference price, annualizing first-half 2026 GAAP earnings gives an earnings yield of about 2.5%, while cash flow after capital spending gives a lower yield of about 1.9%.",
      "id": "f96a66cba828",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 205.33
    },
    {
      "date": "2026-09-29",
      "symbol": "THC",
      "expected_return": 0.07,
      "price": 257.93,
      "value_low": 175.0,
      "value_high": 245.0,
      "franchise": "intact",
      "reason": "At the $257.93 reference price, normalized earnings attributable to common shareholders imply an earnings yield of roughly 8–9%, below the file’s 11.4% consolidated yield because part of earnings belongs to noncontrollin",
      "id": "15b87f7b7c6b",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 235.02
    },
    {
      "date": "2026-09-29",
      "symbol": "TMO",
      "expected_return": 0.027,
      "price": 678.6,
      "value_low": 380.0,
      "value_high": 480.0,
      "franchise": "intact",
      "reason": "At the $678.60 reference price, the earnings yield is about 2.7% and the free cash flow yield about 2.5%.",
      "id": "919a36c51bc4",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 410.28
    },
    {
      "date": "2026-09-29",
      "symbol": "TPL",
      "expected_return": -0.006,
      "price": 338.15,
      "value_low": 170.0,
      "value_high": 225.0,
      "franchise": "intact",
      "reason": "The file’s earnings yield at the $338.15 reference price is 2.1%.",
      "id": "53c1250b5b5f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 147.48
    },
    {
      "date": "2026-09-29",
      "symbol": "TPR",
      "expected_return": 0.075,
      "price": 113.45,
      "value_low": 100.0,
      "value_high": 135.0,
      "franchise": "intact",
      "reason": "At the $113.45 reference price, normalized owner earnings of roughly $7–$7.50 per share imply an earnings yield near 6%–7%.",
      "id": "ef37c2c858a2",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 108.31
    },
    {
      "date": "2026-09-29",
      "symbol": "TT",
      "expected_return": 0.046,
      "price": 452.06,
      "value_low": 290.0,
      "value_high": 385.0,
      "franchise": "intact",
      "reason": "At the $452.06 reference price, the earnings yield is about 2.9%.",
      "id": "93e448f59b3f",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 328.3
    },
    {
      "date": "2026-09-29",
      "symbol": "TXN",
      "expected_return": 0.035,
      "price": 278.31,
      "value_low": 130.0,
      "value_high": 190.0,
      "franchise": "intact",
      "reason": "At the $278.31 reference price, trailing earnings yield roughly 2.4%.",
      "id": "a23328a6f750",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 181.84
    },
    {
      "date": "2026-09-29",
      "symbol": "UI",
      "expected_return": 0.045,
      "price": 553.37,
      "value_low": 320.0,
      "value_high": 430.0,
      "franchise": "intact",
      "reason": "At the $553.37 reference price, fiscal 2026 GAAP earnings of $15.85 per share imply a 2.9% earnings yield.",
      "id": "05b355bce77e",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 398.05
    },
    {
      "date": "2026-09-29",
      "symbol": "ULTA",
      "expected_return": 0.06,
      "price": 549.13,
      "value_low": 420.0,
      "value_high": 550.0,
      "franchise": "intact",
      "reason": "At the $549.13 reference price, the earnings yield is about 4.9% and fiscal 2025 operating cash flow less capital expenditure was about $1.07 billion, or $24.8 per share.",
      "id": "206f022d2521",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 455.51
    },
    {
      "date": "2026-09-29",
      "symbol": "URI",
      "expected_return": 0.05,
      "price": 1043.92,
      "value_low": 650.0,
      "value_high": 850.0,
      "franchise": "intact",
      "reason": "At the $1,043.92 reference price, the earnings yield is about 3.8%.",
      "id": "3127e137c17b",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 787.63
    },
    {
      "date": "2026-09-29",
      "symbol": "USFD",
      "expected_return": 0.04,
      "price": 93.72,
      "value_low": 65.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "At the $93.72 reference price, 2025 GAAP earnings yield is about 3.3%; operating cash flow less capital spending and share compensation implies an owner earnings yield of roughly 4.3%.",
      "id": "7c9347564489",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 64.26
    },
    {
      "date": "2026-09-29",
      "symbol": "VRSK",
      "expected_return": 0.075,
      "price": 167.77,
      "value_low": 140.0,
      "value_high": 190.0,
      "franchise": "weakening",
      "reason": "At the $167.77 reference price, the file implies a 4.1% earnings yield and a 5.4% free cash flow yield.",
      "id": "67ff6413bcd0",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 160.16
    },
    {
      "date": "2026-09-29",
      "symbol": "VRSN",
      "expected_return": 0.045,
      "price": 282.07,
      "value_low": 205.0,
      "value_high": 265.0,
      "franchise": "intact",
      "reason": "At the $282.07 reference price, the reported earnings yield is 3.2%.",
      "id": "7528fccac496",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 202.9
    },
    {
      "date": "2026-09-29",
      "symbol": "VRT",
      "expected_return": 0.05,
      "price": 244.04,
      "value_low": 150.0,
      "value_high": 210.0,
      "franchise": "intact",
      "reason": "At the $244.04 reference price, projected 2026 owner cash flow implies an earnings yield of about 2.6%.",
      "id": "1af4872d0e5b",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 184.13
    },
    {
      "date": "2026-09-29",
      "symbol": "VRTX",
      "expected_return": 0.04,
      "price": 527.67,
      "value_low": 360.0,
      "value_high": 460.0,
      "franchise": "intact",
      "reason": "At the $527.67 reference price, 2025 earnings yield about 3.0% and operating cash flow less capital spending yields about 2.4%.",
      "id": "5b42c2ce2223",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 361.79
    },
    {
      "date": "2026-09-29",
      "symbol": "WAB",
      "expected_return": 0.035,
      "price": 292.37,
      "value_low": 185.0,
      "value_high": 240.0,
      "franchise": "intact",
      "reason": "At the $292.37 reference price, the file's GAAP earnings yield is 2.4%.",
      "id": "52a46d44ca1d",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 191.03
    },
    {
      "date": "2026-09-29",
      "symbol": "WCC",
      "expected_return": 0.03,
      "price": 364.67,
      "value_low": 190.0,
      "value_high": 260.0,
      "franchise": "weakening",
      "reason": "At the $364.67 reference price, 2025 earnings provide a 3.6% yield.",
      "id": "76aa0dad3a9e",
      "price_date": "2026-09-28",
      "conviction": 2,
      "bar_price": 227.0
    },
    {
      "date": "2026-09-29",
      "symbol": "WM",
      "expected_return": 0.053,
      "price": 206.44,
      "value_low": 145.0,
      "value_high": 185.0,
      "franchise": "intact",
      "reason": "At the $206.44 reference price, the file's earnings yield is 3.3%.",
      "id": "2822758629f5",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 160.27
    },
    {
      "date": "2026-09-29",
      "symbol": "WMT",
      "expected_return": 0.02,
      "price": 108.73,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "intact",
      "reason": "At the $108.73 reference price, reported earnings yield is about 2.5%.",
      "id": "5e01c172172c",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 61.39
    },
    {
      "date": "2026-09-29",
      "symbol": "WSM",
      "expected_return": 0.045,
      "price": 231.03,
      "value_low": 165.0,
      "value_high": 210.0,
      "franchise": "intact",
      "reason": "At the $231.03 reference price, normalized earnings yield is about 4%.",
      "id": "a0c0930a74d2",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 166.19
    },
    {
      "date": "2026-09-29",
      "symbol": "WTW",
      "expected_return": 0.06,
      "price": 292.11,
      "value_low": 250.0,
      "value_high": 330.0,
      "franchise": "intact",
      "reason": "At the $292.11 reference price, the file's earnings yield is 5.9%.",
      "id": "bf052a29e092",
      "price_date": "2026-09-28",
      "conviction": 3,
      "bar_price": 242.31
    },
    {
      "date": "2026-09-30",
      "symbol": "CBOE",
      "expected_return": 0.0598,
      "price": 261.75,
      "value_low": 230.0,
      "value_high": 290.0,
      "franchise": "intact",
      "reason": "At USD 261.75, reported earnings yield is approximately 4.0%; my normalized owner-earnings assumption of USD 12.50 per share implies 4.8%.",
      "id": "7a1acce72632",
      "price_date": "2026-09-29",
      "conviction": 2,
      "bar_price": 216.71
    },
    {
      "date": "2026-09-30",
      "symbol": "MCHP",
      "expected_return": 0.0303,
      "price": 78.78,
      "value_low": 40.0,
      "value_high": 55.0,
      "franchise": "weakening",
      "reason": "In USD, I estimate normalized owner earnings of $3.00 per share after stock compensation, maintenance investment and preferred-stock dilution, implying a 3.8% earnings yield at $78.78 versus the file's depressed reported",
      "id": "f4f2758c67aa",
      "price_date": "2026-09-29",
      "conviction": 2,
      "bar_price": 49.18
    },
    {
      "date": "2026-09-30",
      "symbol": "NVT",
      "expected_return": 0.0163,
      "price": 161.68,
      "value_low": 75.0,
      "value_high": 115.0,
      "franchise": "intact",
      "reason": "The file's 2.7% earnings yield includes discontinued operations; 2025 continuing earnings imply approximately 1.6% at $161.68. 2025 filing.",
      "id": "05225b41983c",
      "price_date": "2026-09-29",
      "conviction": 2,
      "bar_price": 88.03
    },
    {
      "date": "2026-10-01",
      "symbol": "CI",
      "expected_return": 0.0896,
      "price": 271.83,
      "value_low": 240.0,
      "value_high": 300.0,
      "franchise": "intact",
      "reason": "At $271.83, reported earnings yield is 8.3%;",
      "id": "7808699004b6",
      "price_date": "2026-09-30",
      "conviction": 2,
      "bar_price": 296.98
    },
    {
      "date": "2026-10-01",
      "symbol": "COST",
      "expected_return": 0.0263,
      "price": 910.34,
      "value_low": 380.0,
      "value_high": 590.0,
      "franchise": "intact",
      "reason": "The file implies a 2.0% earnings yield at $910.34;",
      "id": "5adcdaf3d1dc",
      "price_date": "2026-09-30",
      "conviction": 4,
      "bar_price": 546.65
    },
    {
      "date": "2026-10-01",
      "symbol": "JBL",
      "expected_return": 0.032,
      "price": 286.86,
      "value_low": 150.0,
      "value_high": 210.0,
      "franchise": "intact",
      "reason": "The supplied earnings yield is 2.2%; fiscal 2026 GAAP EPS of $9.75 gives 3.4% at $286.86.",
      "id": "bf3807490fd7",
      "price_date": "2026-09-30",
      "conviction": 2,
      "bar_price": 182.07
    },
    {
      "date": "2026-10-01",
      "symbol": "MRSH",
      "expected_return": 0.072,
      "price": 170.73,
      "value_low": 150.0,
      "value_high": 185.0,
      "franchise": "intact",
      "reason": "At USD 170.73, the file's earnings yield is 5.1%.",
      "id": "34b6024ac532",
      "price_date": "2026-09-30",
      "conviction": 3,
      "bar_price": 158.5
    },
    {
      "date": "2026-10-01",
      "symbol": "SNX",
      "expected_return": 0.0297,
      "price": 256.85,
      "value_low": 170.0,
      "value_high": 220.0,
      "franchise": "intact",
      "reason": "In USD, the file's earnings imply a 4.0% earnings yield at $256.85.",
      "id": "a62d345a5d54",
      "price_date": "2026-09-30",
      "conviction": 2,
      "bar_price": 159.42
    },
    {
      "date": "2026-10-02",
      "symbol": "CAH",
      "expected_return": 0.0462,
      "price": 230.09,
      "value_low": 150.0,
      "value_high": 190.0,
      "franchise": "intact",
      "reason": "At USD 230.09, reported earnings yield is 3.2%; my estimated forward owner earnings of USD 9.50 per share imply 4.1%.",
      "id": "1830ade457d7",
      "price_date": "2026-10-01",
      "conviction": 2,
      "bar_price": 167.42
    },
    {
      "date": "2026-10-02",
      "symbol": "ON",
      "expected_return": -0.002,
      "price": 80.08,
      "value_low": 35.0,
      "value_high": 50.0,
      "franchise": "weakening",
      "reason": "At USD 80.08, reported earnings yield is approximately 0.4% and reported free-cash-flow yield is 4.6%.",
      "id": "da96de8d6526",
      "price_date": "2026-10-01",
      "conviction": 2,
      "bar_price": 36.36
    },
    {
      "date": "2026-10-02",
      "symbol": "ORLY",
      "expected_return": 0.05,
      "price": 85.03,
      "value_low": 50.0,
      "value_high": 70.0,
      "franchise": "intact",
      "reason": "At the $85.03 reference price, earnings yield is approximately 3.7%, while cash flow after all capital expenditures yields only 2.3%.",
      "id": "f7a7a92f93d5",
      "price_date": "2026-10-01",
      "conviction": 3,
      "bar_price": 64.15
    },
    {
      "date": "2026-10-02",
      "symbol": "SNX",
      "expected_return": 0.0126,
      "price": 271.76,
      "value_low": 140.0,
      "value_high": 185.0,
      "franchise": "intact",
      "reason": "Using the supplied fiscal record and USD reporting currency, earnings of $827.66 million divided by 80 million shares imply $10.35 per share and a 3.81% earnings yield at $271.76.",
      "id": "dd3804e9eebd",
      "price_date": "2026-10-01",
      "conviction": 2,
      "bar_price": 142.67
    },
    {
      "date": "2026-10-05",
      "symbol": "DRI",
      "expected_return": 0.0646,
      "price": 200.33,
      "value_low": 145.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "At USD200.33, reported earnings yield is 5.3%;",
      "id": "6043e6434bcc",
      "price_date": "2026-10-02",
      "conviction": 3,
      "bar_price": 173.53
    },
    {
      "date": "2026-10-05",
      "symbol": "FLEX",
      "expected_return": -0.0093,
      "price": 116.61,
      "value_low": 45.0,
      "value_high": 65.0,
      "franchise": "intact",
      "reason": "At $116.61, reported earnings yield is approximately 2.0%; my normalized owner-earnings estimate of $3.00 per share yields 2.6%, retaining costs for stock compensation, recurring restructuring and reinvestment.",
      "id": "313fa4214175",
      "price_date": "2026-10-02",
      "conviction": 2,
      "bar_price": 49.19
    },
    {
      "date": "2026-10-05",
      "symbol": "TDY",
      "expected_return": 0.0343,
      "price": 617.17,
      "value_low": 400.0,
      "value_high": 520.0,
      "franchise": "intact",
      "reason": "At $617.17, the file's reported earnings yield is 3.1%.",
      "id": "e0514516cc43",
      "price_date": "2026-10-02",
      "conviction": 3,
      "bar_price": 400.53
    },
    {
      "date": "2026-10-05",
      "symbol": "USFD",
      "expected_return": 0.029,
      "price": 96.92,
      "value_low": 54.0,
      "value_high": 72.0,
      "franchise": "intact",
      "reason": "At $96.92, reported earnings yield is 3.2%.",
      "id": "33c83929ef93",
      "price_date": "2026-10-02",
      "conviction": 2,
      "bar_price": 59.75
    },
    {
      "date": "2026-10-06",
      "symbol": "IEX",
      "expected_return": 0.0325,
      "price": 235.29,
      "value_low": 140.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "At the USD 235.29 reference price, reported earnings yield is 2.8% and free cash flow yield is 3.6%;",
      "id": "6466ee2a9e95",
      "price_date": "2026-10-05",
      "conviction": 3,
      "bar_price": 150.06
    },
    {
      "date": "2026-10-06",
      "symbol": "PTC",
      "expected_return": 0.0079,
      "price": 192.26,
      "value_low": 175.0,
      "value_high": 190.0,
      "franchise": "intact",
      "reason": "The range is in USD and reflects discounted, probability-weighted acquisition proceeds with a lower standalone valuation.",
      "id": "2a41101ba524",
      "price_date": "2026-10-05",
      "conviction": 3,
      "bar_price": 96.34
    },
    {
      "date": "2026-10-06",
      "symbol": "SYK",
      "expected_return": 0.0629,
      "price": 285.22,
      "value_low": 220.0,
      "value_high": 280.0,
      "franchise": "intact",
      "reason": "At USD285.22, reported earnings yield is 2.96%.",
      "id": "6182c9f84748",
      "price_date": "2026-10-05",
      "conviction": 3,
      "bar_price": 243.15
    },
    {
      "date": "2026-10-07",
      "symbol": "APH",
      "expected_return": 0.036,
      "price": 88.62,
      "value_low": 42.0,
      "value_high": 65.0,
      "franchise": "intact",
      "reason": "All values are USD per share after the September 2026 two-for-one split; the file's 3.9% earnings yield is therefore overstated at the $88.62 reference price.",
      "id": "3b5fd6c802ac",
      "price_date": "2026-10-06",
      "conviction": 3,
      "bar_price": 58.46
    },
    {
      "date": "2026-10-07",
      "symbol": "COST",
      "expected_return": 0.03,
      "price": 935.68,
      "value_low": 450.0,
      "value_high": 625.0,
      "franchise": "intact",
      "reason": "At USD 935.68, earnings of approximately USD 18.28 per share imply a 1.95% earnings yield and roughly 51 times earnings.",
      "id": "01dc7f354870",
      "price_date": "2026-10-06",
      "conviction": 4,
      "bar_price": 582.45
    },
    {
      "date": "2026-10-07",
      "symbol": "CTAS",
      "expected_return": 0.0396,
      "price": 195.96,
      "value_low": 105.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At USD 195.96, reported earnings yield is 2.55%; owner earnings yield is approximately 2.24% after deducting stock compensation from cash flow less capital expenditure.",
      "id": "3f17c34a1ce1",
      "price_date": "2026-10-06",
      "conviction": 3,
      "bar_price": 133.84
    },
    {
      "date": "2026-10-07",
      "symbol": "CW",
      "expected_return": 0.0162,
      "price": 553.35,
      "value_low": 260.0,
      "value_high": 360.0,
      "franchise": "intact",
      "reason": "At USD 553.35, the file implies a 2.36% earnings yield and 2.70% free-cash-flow yield.",
      "id": "ff0f0bf9e4b6",
      "price_date": "2026-10-06",
      "conviction": 3,
      "bar_price": 300.99
    },
    {
      "date": "2026-10-07",
      "symbol": "MCK",
      "expected_return": 0.0704,
      "price": 921.67,
      "value_low": 700.0,
      "value_high": 900.0,
      "franchise": "intact",
      "reason": "The reference price implies the file's 4.4% earnings yield; correcting capital expenditure for capitalized software reduces trailing free-cash-flow yield to approximately 5.0%.",
      "id": "edc18f51216c",
      "price_date": "2026-10-06",
      "conviction": 3,
      "bar_price": 842.94
    },
    {
      "date": "2026-10-07",
      "symbol": "SLB",
      "expected_return": 0.0277,
      "price": 50.0,
      "value_low": 28.0,
      "value_high": 40.0,
      "franchise": "weakening",
      "reason": "At the $50 reference price, reported earnings yield is approximately 4.5%; my normalized owner-earnings estimate of $2.60 per share implies 5.2%.",
      "id": "813bf73afcb6",
      "price_date": "2026-10-06",
      "conviction": 2,
      "bar_price": 30.44
    },
    {
      "date": "2026-10-07",
      "symbol": "STRL",
      "expected_return": 0.0111,
      "price": 563.69,
      "value_low": 260.0,
      "value_high": 380.0,
      "franchise": "intact",
      "reason": "The file's trailing earnings yield is 1.7%; my normalized owner earnings of $16 imply a 2.84% yield at $563.69.",
      "id": "3110a9dda9e7",
      "price_date": "2026-10-06",
      "conviction": 2,
      "bar_price": 291.57
    },
    {
      "date": "2026-10-07",
      "symbol": "SYY",
      "expected_return": 0.0627,
      "price": 77.45,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "weakening",
      "reason": "At $77.45, reported earnings yield is approximately 4.7%; my normalized post-acquisition owner-earnings estimate of $4.10 per diluted share implies 5.3%.",
      "id": "99914e0f87ab",
      "price_date": "2026-10-06",
      "conviction": 2,
      "bar_price": 65.9
    },
    {
      "date": "2026-10-07",
      "symbol": "TEL",
      "expected_return": 0.0663,
      "price": 219.51,
      "value_low": 160.0,
      "value_high": 200.0,
      "franchise": "intact",
      "reason": "At $219.51, the file's reported earnings yield is 2.9%; my estimated normalized owner earnings of $10 per share imply 4.6%, after allowing for normal taxes, capital expenditure, stock compensation and recurring restructu",
      "id": "2e76320e1523",
      "price_date": "2026-10-06",
      "conviction": 3,
      "bar_price": 193.2
    },
    {
      "date": "2026-10-08",
      "symbol": "CTAS",
      "expected_return": 0.0253,
      "price": 197.19,
      "value_low": 85.0,
      "value_high": 125.0,
      "franchise": "intact",
      "reason": "At $197.19, reported earnings yield is approximately 2.54%.",
      "id": "1fd83541840e",
      "price_date": "2026-10-07",
      "conviction": 3,
      "bar_price": 117.26
    },
    {
      "date": "2026-10-08",
      "symbol": "GD",
      "expected_return": 0.051,
      "price": 326.63,
      "value_low": 260.0,
      "value_high": 320.0,
      "franchise": "intact",
      "reason": "In USD, the file implies earnings of $15.59 per share, a 4.77% earnings yield at $326.63, and free cash flow of $14.66 per share, yielding 4.49%.",
      "id": "6b7d7e076a18",
      "price_date": "2026-10-07",
      "conviction": 3,
      "bar_price": 248.8
    },
    {
      "date": "2026-10-09",
      "symbol": "DAL",
      "expected_return": 0.02,
      "price": 82.14,
      "value_low": 50.0,
      "value_high": 70.0,
      "franchise": "intact",
      "reason": "At USD82.14, reported earnings yield is 9.3%, but my normalized USD6 earnings estimate yields 7.3%.",
      "id": "39f89dcbe8e9",
      "price_date": "2026-10-08",
      "conviction": 2,
      "bar_price": 46.38
    },
    {
      "date": "2026-10-09",
      "symbol": "EOG",
      "expected_return": 0.04,
      "price": 148.51,
      "value_low": 90.0,
      "value_high": 120.0,
      "franchise": "intact",
      "reason": "At $148.51, reported earnings yield is 6.4%;",
      "id": "0549e0c8e7c4",
      "price_date": "2026-10-08",
      "conviction": 2,
      "bar_price": 101.82
    },
    {
      "date": "2026-10-12",
      "symbol": "AZO",
      "expected_return": 0.0487,
      "price": 2939.85,
      "value_low": 2300.0,
      "value_high": 3000.0,
      "franchise": "intact",
      "reason": "At USD 2,939.85, reported earnings yield is approximately 5.2%; my normalized owner-earnings yield is nearer 4.4–4.8% after allowing for maintenance investment, working capital and stock compensation.",
      "id": "45f015e7833e",
      "price_date": "2026-10-09",
      "conviction": 2,
      "bar_price": 2190.79
    },
    {
      "date": "2026-10-12",
      "symbol": "CI",
      "expected_return": 0.0698,
      "price": 282.43,
      "value_low": 270.0,
      "value_high": 350.0,
      "franchise": "weakening",
      "reason": "At the USD 282.43 reference price, reported earnings yield is approximately 8.0%; my normalized owner-earnings estimate of USD 27 per share implies 9.6%.",
      "id": "776a40192413",
      "price_date": "2026-10-09",
      "conviction": 2,
      "bar_price": 256.86
    },
    {
      "date": "2026-10-12",
      "symbol": "CSCO",
      "expected_return": 0.017,
      "price": 118.39,
      "value_low": 50.0,
      "value_high": 80.0,
      "franchise": "intact",
      "reason": "At $118.39, reported earnings yield is approximately 2.8%; my normalized owner-earnings estimate of $3.50 implies 3.0%.",
      "id": "f034c85c983b",
      "price_date": "2026-10-09",
      "conviction": 2,
      "bar_price": 64.91
    },
    {
      "date": "2026-10-12",
      "symbol": "DAL",
      "expected_return": 0.0095,
      "price": 82.17,
      "value_low": 45.0,
      "value_high": 65.0,
      "franchise": "intact",
      "reason": "At USD 82.17, the file's reported earnings yield is 9.3%;",
      "id": "073ae5cd4661",
      "price_date": "2026-10-09",
      "conviction": 2,
      "bar_price": 41.83
    },
    {
      "date": "2026-10-12",
      "symbol": "MO",
      "expected_return": 0.062,
      "price": 71.68,
      "value_low": 50.0,
      "value_high": 65.0,
      "franchise": "weakening",
      "reason": "At $71.68, reported earnings yield is 5.8% and cash flow after capex yields 7.6%;",
      "id": "bf8cdae92d2a",
      "price_date": "2026-10-09",
      "conviction": 2,
      "bar_price": 60.59
    },
    {
      "date": "2026-10-13",
      "symbol": "SYK",
      "expected_return": 0.059,
      "price": 282.6,
      "value_low": 190.0,
      "value_high": 255.0,
      "franchise": "intact",
      "reason": "At USD282.60, reported earnings yield is 3.0% and free-cash-flow yield is 3.95%.",
      "id": "d74515f3c9be",
      "price_date": "2026-10-12",
      "conviction": 3,
      "bar_price": 232.22
    },
    {
      "date": "2026-10-14",
      "symbol": "PG",
      "expected_return": 0.053,
      "price": 153.04,
      "value_low": 120.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At $153.04, the file's earnings yield is 4.5%; reported diluted EPS of $6.62 implies 4.3%.",
      "id": "7ee8620aa89a",
      "price_date": "2026-10-13",
      "conviction": 4,
      "bar_price": 118.81
    },
    {
      "date": "2026-10-15",
      "symbol": "COST",
      "expected_return": 0.031,
      "price": 982.0,
      "value_low": 500.0,
      "value_high": 700.0,
      "franchise": "intact",
      "reason": "At USD 982, the file's earnings yield is 1.86%; subsequently reported FY2026 EPS of USD 20.76, less a USD 0.15 nonrecurring benefit, implies approximately 2.10%. FY2026 results.",
      "id": "3798287c24b0",
      "price_date": "2026-10-14",
      "conviction": 4,
      "bar_price": 617.25
    },
    {
      "date": "2026-10-15",
      "symbol": "CVS",
      "expected_return": 0.04,
      "price": 90.39,
      "value_low": 70.0,
      "value_high": 90.0,
      "franchise": "weakening",
      "reason": "Reported earnings yield is 1.5%; my normalized owner-earnings estimate of $6.50 implies 7.2% at $90.39, after allowing for maintenance investment, stock compensation and recurring business costs.",
      "id": "2dd80ca537dd",
      "price_date": "2026-10-14",
      "conviction": 2,
      "bar_price": 61.97
    },
    {
      "date": "2026-10-15",
      "symbol": "ENTG",
      "expected_return": -0.0013,
      "price": 153.08,
      "value_low": 55.0,
      "value_high": 80.0,
      "franchise": "intact",
      "reason": "At USD153.08, reported earnings yield is approximately 1.0% and trailing free-cash-flow yield is 1.7%.",
      "id": "bced1445c2f0",
      "price_date": "2026-10-14",
      "conviction": 2,
      "bar_price": 69.99
    },
    {
      "date": "2026-10-15",
      "symbol": "FAST",
      "expected_return": 0.027,
      "price": 52.0,
      "value_low": 24.0,
      "value_high": 34.0,
      "franchise": "intact",
      "reason": "At USD52, the file's earnings yield is 2.1%; incorporating subsequently reported earnings gives approximately 2.4%.",
      "id": "5a48013b25dd",
      "price_date": "2026-10-14",
      "conviction": 4,
      "bar_price": 31.44
    },
    {
      "date": "2026-10-15",
      "symbol": "FLEX",
      "expected_return": 0.0092,
      "price": 100.35,
      "value_low": 40.0,
      "value_high": 65.0,
      "franchise": "intact",
      "reason": "At $100.35, reported earnings yield is 2.4% and free-cash-flow yield is 2.8%.",
      "id": "13a77c045184",
      "price_date": "2026-10-14",
      "conviction": 2,
      "bar_price": 50.94
    },
    {
      "date": "2026-10-16",
      "symbol": "CAT",
      "expected_return": 0.0118,
      "price": 735.64,
      "value_low": 360.0,
      "value_high": 480.0,
      "franchise": "intact",
      "reason": "At $735.64, the file's earnings yield is 2.6%; my normalized earnings estimate of $23 per share implies 3.1%.",
      "id": "23d0981ebfba",
      "price_date": "2026-10-15",
      "conviction": 3,
      "bar_price": 383.16
    },
    {
      "date": "2026-10-16",
      "symbol": "MCO",
      "expected_return": 0.0567,
      "price": 483.69,
      "value_low": 350.0,
      "value_high": 440.0,
      "franchise": "intact",
      "reason": "At $483.69, the file implies a 2.9% earnings yield and 3.1% free-cash-flow yield.",
      "id": "4cc680ba28cb",
      "price_date": "2026-10-15",
      "conviction": 3,
      "bar_price": 388.91
    },
    {
      "date": "2026-10-16",
      "symbol": "MRSH",
      "expected_return": 0.0643,
      "price": 186.54,
      "value_low": 160.0,
      "value_high": 200.0,
      "franchise": "intact",
      "reason": "At $186.54, the file's earnings yield is 4.7%; my normalized owner-earnings estimate of $9.25 implies 5.0%, retaining stock compensation and recurring restructuring costs.",
      "id": "5669fc93de29",
      "price_date": "2026-10-15",
      "conviction": 2,
      "bar_price": 161.13
    },
    {
      "date": "2026-10-19",
      "symbol": "COST",
      "expected_return": 0.0306,
      "price": 989.11,
      "value_low": 500.0,
      "value_high": 650.0,
      "franchise": "intact",
      "reason": "The file implies a 1.85% earnings yield; subsequently reported FY2026 EPS, excluding the nonrecurring tariff-refund benefit, is approximately $20.60, giving a normalized 2.08% yield at $989.11 (results).",
      "id": "7913a9b25183",
      "price_date": "2026-10-16",
      "conviction": 4,
      "bar_price": 619.31
    },
    {
      "date": "2026-10-20",
      "symbol": "FAST",
      "expected_return": 0.0275,
      "price": 51.02,
      "value_low": 22.0,
      "value_high": 31.0,
      "franchise": "intact",
      "reason": "Using the file's earnings base and USD51.02 reference price, EPS is approximately USD1.097, an earnings yield of 2.15%; cash flow after all capex is USD0.916 per share, yielding 1.80%.",
      "id": "01c7c7f04d91",
      "price_date": "2026-10-19",
      "conviction": 4,
      "bar_price": 31.0
    },
    {
      "date": "2026-10-20",
      "symbol": "MMM",
      "expected_return": 0.04,
      "price": 162.01,
      "value_low": 110.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At USD162.01, the file's reported earnings yield is 3.9%; my normalized earnings estimate of USD8.50 per share, before legacy settlement payments, yields 5.2%.",
      "id": "0d0582fdf347",
      "price_date": "2026-10-19",
      "conviction": 2,
      "bar_price": 111.08
    },
    {
      "date": "2026-10-20",
      "symbol": "NOC",
      "expected_return": 0.04,
      "price": 510.65,
      "value_low": 330.0,
      "value_high": 440.0,
      "franchise": "intact",
      "reason": "The range capitalizes normalized owner earnings of approximately $23–25 per share after interest, capital spending and allowances for program losses.",
      "id": "36b226285550",
      "price_date": "2026-10-19",
      "conviction": 3,
      "bar_price": 350.12
    },
    {
      "date": "2026-10-20",
      "symbol": "STLD",
      "expected_return": 0.0148,
      "price": 245.17,
      "value_low": 130.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "The file's earnings yield at 245.17 is 3.4%; my normalized owner earnings estimate of $12 per share implies 4.9%, after maintenance capital and financing costs.",
      "id": "9e35bdcc8433",
      "price_date": "2026-10-19",
      "conviction": 2,
      "bar_price": 131.53
    },
    {
      "date": "2026-10-20",
      "symbol": "WSM",
      "expected_return": 0.0284,
      "price": 249.43,
      "value_low": 130.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "At 249.43, normalized EPS of 9.00 provides a 3.6% earnings yield, close to the file's 3.7%.",
      "id": "7e10ca81eeef",
      "price_date": "2026-10-19",
      "conviction": 3,
      "bar_price": 152.87
    },
    {
      "date": "2026-10-21",
      "symbol": "CBRE",
      "expected_return": 0.043,
      "price": 134.23,
      "value_low": 90.0,
      "value_high": 120.0,
      "franchise": "intact",
      "reason": "At $134.23, the file implies a 3.0% reported earnings yield.",
      "id": "99d435e9670c",
      "price_date": "2026-10-20",
      "conviction": 2,
      "bar_price": 94.72
    },
    {
      "date": "2026-10-21",
      "symbol": "CRM",
      "expected_return": 0.058,
      "price": 242.43,
      "value_low": 170.0,
      "value_high": 225.0,
      "franchise": "intact",
      "reason": "At $242.43, reported earnings yield is 3.7%;",
      "id": "6d79d9c4e137",
      "price_date": "2026-10-20",
      "conviction": 2,
      "bar_price": 197.34
    },
    {
      "date": "2026-10-21",
      "symbol": "HLT",
      "expected_return": 0.0336,
      "price": 359.29,
      "value_low": 145.0,
      "value_high": 200.0,
      "franchise": "intact",
      "reason": "At $359.29, reported earnings yield is 1.8%; my estimated normalized owner earnings of $8.50 per share imply a 2.37% yield.",
      "id": "c1bca910d046",
      "price_date": "2026-10-20",
      "conviction": 2,
      "bar_price": 231.6
    },
    {
      "date": "2026-10-21",
      "symbol": "MMM",
      "expected_return": 0.03,
      "price": 171.37,
      "value_low": 110.0,
      "value_high": 140.0,
      "franchise": "weakening",
      "reason": "At $171.37, the file's reported earnings yield is 3.7%.",
      "id": "6e4b486369b2",
      "price_date": "2026-10-20",
      "conviction": 2,
      "bar_price": 106.68
    },
    {
      "date": "2026-10-21",
      "symbol": "MSCI",
      "expected_return": 0.066,
      "price": 591.69,
      "value_low": 330.0,
      "value_high": 450.0,
      "franchise": "intact",
      "reason": "At 591.69, the file's earnings yield is 2.8%;",
      "id": "db5261c166e2",
      "price_date": "2026-10-20",
      "conviction": 2,
      "bar_price": 519.31
    },
    {
      "date": "2026-10-21",
      "symbol": "NOC",
      "expected_return": 0.0527,
      "price": 534.0,
      "value_low": 400.0,
      "value_high": 500.0,
      "franchise": "intact",
      "reason": "At USD534, reported earnings yield is 5.5% and free-cash-flow yield is 4.4%.",
      "id": "f87a74760f62",
      "price_date": "2026-10-20",
      "conviction": 3,
      "bar_price": 413.38
    },
    {
      "date": "2026-10-21",
      "symbol": "RTX",
      "expected_return": 0.0355,
      "price": 193.34,
      "value_low": 110.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "The intrinsic range applies approximately 18–22 times normalized owner earnings of $6.0–$6.5 per share, allowing for equity compensation, reinvestment and engine obligations.",
      "id": "93f0e1b1944c",
      "price_date": "2026-10-20",
      "conviction": 3,
      "bar_price": 126.94
    },
    {
      "date": "2026-10-21",
      "symbol": "VRTX",
      "expected_return": 0.0384,
      "price": 514.65,
      "value_low": 280.0,
      "value_high": 400.0,
      "franchise": "intact",
      "reason": "At $514.65, the file's earnings yield is 3.0% and free-cash-flow yield is 2.4%.",
      "id": "68771690a3e8",
      "price_date": "2026-10-20",
      "conviction": 3,
      "bar_price": 347.47
    },
    {
      "date": "2026-10-22",
      "symbol": "CME",
      "expected_return": 0.0653,
      "price": 295.79,
      "value_low": 210.0,
      "value_high": 260.0,
      "franchise": "intact",
      "reason": "The reference price implies the file's 3.8% earnings yield and 3.9% free-cash-flow yield.",
      "id": "f566bd9cc54a",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 257.91
    },
    {
      "date": "2026-10-22",
      "symbol": "COR",
      "expected_return": 0.052,
      "price": 340.43,
      "value_low": 225.0,
      "value_high": 285.0,
      "franchise": "intact",
      "reason": "At $340.43, reported earnings yield is 2.4%;",
      "id": "7b45295722db",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 261.79
    },
    {
      "date": "2026-10-22",
      "symbol": "DELL",
      "expected_return": 0.0251,
      "price": 485.88,
      "value_low": 240.0,
      "value_high": 350.0,
      "franchise": "intact",
      "reason": "At the reference price of $485.88, the file's trailing earnings yield is 1.9% and FCF yield is 2.8%.",
      "id": "407ea1b3af63",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 288.37
    },
    {
      "date": "2026-10-22",
      "symbol": "LMT",
      "expected_return": 0.046,
      "price": 551.51,
      "value_low": 360.0,
      "value_high": 480.0,
      "franchise": "intact",
      "reason": "In USD, the reference price of $551.51 implies a reported earnings yield of 3.9%.",
      "id": "c87161ba5ebd",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 400.53
    },
    {
      "date": "2026-10-22",
      "symbol": "LRCX",
      "expected_return": 0.0158,
      "price": 260.81,
      "value_low": 115.0,
      "value_high": 165.0,
      "franchise": "intact",
      "reason": "At USD260.81, the file implies a 2.23% earnings yield, rising to approximately 2.6% after incorporating the September results.",
      "id": "2a3ebf727e62",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 141.31
    },
    {
      "date": "2026-10-22",
      "symbol": "MCO",
      "expected_return": 0.065,
      "price": 481.05,
      "value_low": 335.0,
      "value_high": 420.0,
      "franchise": "intact",
      "reason": "At USD481.05, the file's earnings yield is 3.0%.",
      "id": "489bb5278dd5",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 418.26
    },
    {
      "date": "2026-10-22",
      "symbol": "MEDP",
      "expected_return": 0.0451,
      "price": 662.48,
      "value_low": 350.0,
      "value_high": 470.0,
      "franchise": "intact",
      "reason": "The reference price implies the file's 2.4% trailing earnings yield and approximately 2.7% on my normalized owner earnings of $18 per diluted share.",
      "id": "db51d3366fc4",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 476.99
    },
    {
      "date": "2026-10-22",
      "symbol": "META",
      "expected_return": 0.0417,
      "price": 697.52,
      "value_low": 400.0,
      "value_high": 600.0,
      "franchise": "intact",
      "reason": "Using the file's FY2025 base, reported EPS of USD23.49 implies a 3.37% earnings yield at USD697.52.",
      "id": "ef5b737dd139",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 486.12
    },
    {
      "date": "2026-10-22",
      "symbol": "PM",
      "expected_return": 0.047,
      "price": 197.46,
      "value_low": 120.0,
      "value_high": 160.0,
      "franchise": "intact",
      "reason": "At $197.46, trailing earnings yield is 3.7% and free-cash-flow yield is 3.5%.",
      "id": "a07c825121e5",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 144.78
    },
    {
      "date": "2026-10-22",
      "symbol": "RS",
      "expected_return": 0.0131,
      "price": 421.07,
      "value_low": 225.0,
      "value_high": 300.0,
      "franchise": "intact",
      "reason": "I estimate normalized owner earnings of $16–$18, capitalized at approximately 14–17 times for the intrinsic value range.",
      "id": "3cf6b5ac4c9b",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 222.15
    },
    {
      "date": "2026-10-22",
      "symbol": "SNA",
      "expected_return": 0.047,
      "price": 368.91,
      "value_low": 280.0,
      "value_high": 340.0,
      "franchise": "intact",
      "reason": "Reported earnings yield is approximately 5.3% at $368.91;",
      "id": "9532b5e13f50",
      "price_date": "2026-10-21",
      "conviction": 4,
      "bar_price": 270.49
    },
    {
      "date": "2026-10-22",
      "symbol": "TDY",
      "expected_return": 0.0363,
      "price": 630.1,
      "value_low": 450.0,
      "value_high": 550.0,
      "franchise": "intact",
      "reason": "The file's earnings yield is 3.1% at $630.10.",
      "id": "83be85dc5ebd",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 416.9
    },
    {
      "date": "2026-10-22",
      "symbol": "TMO",
      "expected_return": 0.03,
      "price": 694.02,
      "value_low": 350.0,
      "value_high": 475.0,
      "franchise": "intact",
      "reason": "At $694.02, the file's earnings yield is 2.6%; my normalized owner-earnings estimate of $21 per share yields 3.0%.",
      "id": "5e3f29b5a6f2",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 432.02
    },
    {
      "date": "2026-10-22",
      "symbol": "TXN",
      "expected_return": 0.024,
      "price": 284.65,
      "value_low": 140.0,
      "value_high": 190.0,
      "franchise": "intact",
      "reason": "At $284.65, the file's earnings yield is 1.9%; my normalized EPS assumption of $8 implies 2.8%.",
      "id": "5ee338363e2c",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 167.14
    },
    {
      "date": "2026-10-22",
      "symbol": "URI",
      "expected_return": 0.011,
      "price": 1068.98,
      "value_low": 550.0,
      "value_high": 750.0,
      "franchise": "intact",
      "reason": "At 1068.98, the file implies a 3.7% earnings yield; verified 2025 free cash flow of $2.181 billion implies approximately 3.2%, versus the file's overstated 7.7% (2025 10-K).",
      "id": "dd3f41767966",
      "price_date": "2026-10-21",
      "conviction": 2,
      "bar_price": 552.39
    },
    {
      "date": "2026-10-22",
      "symbol": "WAB",
      "expected_return": 0.0304,
      "price": 288.96,
      "value_low": 180.0,
      "value_high": 225.0,
      "franchise": "intact",
      "reason": "The reference price of $288.96 implies a 2.4% reported earnings yield and approximately 3.3% on my estimated normalized owner earnings of $9.50, allowing for capital expenditure, working capital and recurring costs.",
      "id": "cc938198ea53",
      "price_date": "2026-10-21",
      "conviction": 3,
      "bar_price": 180.58
    },
    {
      "date": "2026-10-23",
      "symbol": "CBRE",
      "expected_return": 0.0404,
      "price": 131.24,
      "value_low": 90.0,
      "value_high": 120.0,
      "franchise": "intact",
      "reason": "At the reference price of $131.24, the file's GAAP earnings yield is 3.0%.",
      "id": "e727550eab8a",
      "price_date": "2026-10-22",
      "conviction": 3,
      "bar_price": 90.33
    },
    {
      "date": "2026-10-23",
      "symbol": "EBAY",
      "expected_return": 0.024,
      "price": 122.04,
      "value_low": 65.0,
      "value_high": 90.0,
      "franchise": "intact",
      "reason": "At $122.04, the file implies a 3.7% earnings yield and 2.6% reported free-cash-flow yield.",
      "id": "a2da17eee527",
      "price_date": "2026-10-22",
      "conviction": 3,
      "bar_price": 71.66
    },
    {
      "date": "2026-10-23",
      "symbol": "LHX",
      "expected_return": 0.0534,
      "price": 254.23,
      "value_low": 190.0,
      "value_high": 245.0,
      "franchise": "intact",
      "reason": "At USD254.23, reported earnings yield is 3.4% and unadjusted free-cash-flow yield is 5.7%.",
      "id": "5b1c6e85c650",
      "price_date": "2026-10-22",
      "conviction": 2,
      "bar_price": 198.12
    },
    {
      "date": "2026-10-23",
      "symbol": "LMT",
      "expected_return": 0.043,
      "price": 589.91,
      "value_low": 400.0,
      "value_high": 520.0,
      "franchise": "intact",
      "reason": "Reported earnings yield is 3.7% at $589.91; normalized owner earnings of approximately $29 per share imply 4.9%.",
      "id": "a6136752a027",
      "price_date": "2026-10-22",
      "conviction": 2,
      "bar_price": 416.29
    },
    {
      "date": "2026-10-23",
      "symbol": "LRCX",
      "expected_return": 0.025,
      "price": 230.15,
      "value_low": 100.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "At USD230.15, reported earnings yield is approximately 2.5%, while operating cash flow less capital expenditure yields only 1.7%.",
      "id": "0704d4c7d301",
      "price_date": "2026-10-22",
      "conviction": 2,
      "bar_price": 136.46
    },
    {
      "date": "2026-10-23",
      "symbol": "MEDP",
      "expected_return": 0.0434,
      "price": 653.96,
      "value_low": 380.0,
      "value_high": 500.0,
      "franchise": "intact",
      "reason": "The file implies a 2.46% earnings yield at 653.96.",
      "id": "4264ea1751ca",
      "price_date": "2026-10-22",
      "conviction": 3,
      "bar_price": 463.26
    },
    {
      "date": "2026-10-23",
      "symbol": "ODFL",
      "expected_return": 0.038,
      "price": 189.89,
      "value_low": 120.0,
      "value_high": 155.0,
      "franchise": "intact",
      "reason": "The file implies earnings of $4.95 per current share and a 2.6% earnings yield at $189.89.",
      "id": "92721089ca13",
      "price_date": "2026-10-22",
      "conviction": 4,
      "bar_price": 127.71
    },
    {
      "date": "2026-10-23",
      "symbol": "PG",
      "expected_return": 0.0407,
      "price": 165.59,
      "value_low": 120.0,
      "value_high": 145.0,
      "franchise": "intact",
      "reason": "The file's earnings yield is 4.2%; reported diluted EPS implies 4.0%, while sustainable owner earnings of approximately $6.25-$6.50 imply 3.8%-3.9%.",
      "id": "a34ed91d3976",
      "price_date": "2026-10-22",
      "conviction": 4,
      "bar_price": 114.3
    },
    {
      "date": "2026-10-23",
      "symbol": "SNA",
      "expected_return": 0.0534,
      "price": 356.46,
      "value_low": 280.0,
      "value_high": 350.0,
      "franchise": "intact",
      "reason": "I estimate normalized owner earnings of approximately $18.50 per share, allowing for capital spending, lending cash requirements, stock compensation and nonrecurring benefits.",
      "id": "cb7d8f79de93",
      "price_date": "2026-10-22",
      "conviction": 4,
      "bar_price": 277.78
    },
    {
      "date": "2026-10-23",
      "symbol": "SPGI",
      "expected_return": 0.0624,
      "price": 453.1,
      "value_low": 330.0,
      "value_high": 410.0,
      "franchise": "intact",
      "reason": "I estimate sustainable continuing owner earnings at $17, below post-Mobility-spin 2026 adjusted EPS guidance of $17.50-$17.75, allowing for recurring costs and stock compensation. Q2 results At $453.10, this represents a",
      "id": "4be98b7f90db",
      "price_date": "2026-10-22",
      "conviction": 3,
      "bar_price": 384.45
    },
    {
      "date": "2026-10-23",
      "symbol": "VRSN",
      "expected_return": 0.047,
      "price": 304.59,
      "value_low": 190.0,
      "value_high": 245.0,
      "franchise": "intact",
      "reason": "I estimate normalized owner earnings of $9.60 per share, yielding 3.15% at $304.59, after charging stock compensation and normalizing capital spending, taxes and working-capital movements (2025 10-K).",
      "id": "0686f6a30b5a",
      "price_date": "2026-10-22",
      "conviction": 3,
      "bar_price": 223.33
    },
    {
      "date": "2026-10-26",
      "symbol": "CRH",
      "expected_return": 0.0636,
      "price": 84.89,
      "value_low": 65.0,
      "value_high": 85.0,
      "franchise": "intact",
      "reason": "Capitalizing estimated normalized owner earnings of $5.0–$5.6 per share at 13–15 times supports the intrinsic range; this allows for stock compensation and maintenance spending above management's classification.",
      "id": "cd8f3fe5ea88",
      "price_date": "2026-10-23",
      "conviction": 2,
      "bar_price": 72.85
    },
    {
      "date": "2026-10-26",
      "symbol": "LDOS",
      "expected_return": 0.072,
      "price": 136.08,
      "value_low": 140.0,
      "value_high": 170.0,
      "franchise": "intact",
      "reason": "I estimate normalized owner earnings of approximately $11 per share after capital spending, stock compensation and tax normalization, an 8.1% earnings yield at $136.08 versus the file's reported 8.5%.",
      "id": "21283e2c3397",
      "price_date": "2026-10-23",
      "conviction": 2,
      "bar_price": 126.33
    },
    {
      "date": "2026-10-26",
      "symbol": "NDSN",
      "expected_return": 0.03,
      "price": 318.84,
      "value_low": 190.0,
      "value_high": 240.0,
      "franchise": "intact",
      "reason": "At $318.84, the file implies a 2.7% reported earnings yield and 3.7% free-cash-flow yield.",
      "id": "d06041510581",
      "price_date": "2026-10-23",
      "conviction": 3,
      "bar_price": 198.48
    },
    {
      "date": "2026-10-26",
      "symbol": "WMT",
      "expected_return": 0.02,
      "price": 119.89,
      "value_low": 55.0,
      "value_high": 75.0,
      "franchise": "intact",
      "reason": "At $119.89, reported earnings yield is approximately 2.3% and free-cash-flow yield after all capital spending is 1.6%.",
      "id": "facc26c445ac",
      "price_date": "2026-10-23",
      "conviction": 3,
      "bar_price": 67.69
    },
    {
      "date": "2026-10-27",
      "symbol": "AMAT",
      "expected_return": 0.021,
      "price": 387.59,
      "value_low": 170.0,
      "value_high": 250.0,
      "franchise": "intact",
      "reason": "At $387.59, the file's earnings yield is 2.3% and free-cash-flow yield is 1.9%.",
      "id": "586def57adb3",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 221.0
    },
    {
      "date": "2026-10-27",
      "symbol": "AMGN",
      "expected_return": 0.0294,
      "price": 444.63,
      "value_low": 250.0,
      "value_high": 335.0,
      "franchise": "intact",
      "reason": "At $444.63, reported earnings and free-cash-flow yields are approximately 3.2% and 3.4%.",
      "id": "5ca3d7205267",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 275.17
    },
    {
      "date": "2026-10-27",
      "symbol": "AZO",
      "expected_return": 0.0598,
      "price": 3190.07,
      "value_low": 2250.0,
      "value_high": 3000.0,
      "franchise": "intact",
      "reason": "At USD 3,190.07, FY2026 diluted EPS of $152.55 implies a 4.8% earnings yield; operating cash flow less total capex yields approximately 3.5%.",
      "id": "e78f9ec7e9c3",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 2641.2
    },
    {
      "date": "2026-10-27",
      "symbol": "CDNS",
      "expected_return": 0.0212,
      "price": 322.17,
      "value_low": 125.0,
      "value_high": 195.0,
      "franchise": "intact",
      "reason": "At USD322.17, the file implies approximately 1.25% earnings yield and 1.78% reported free-cash-flow yield.",
      "id": "4cc522476fa0",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 184.06
    },
    {
      "date": "2026-10-27",
      "symbol": "CME",
      "expected_return": 0.055,
      "price": 308.06,
      "value_low": 200.0,
      "value_high": 250.0,
      "franchise": "intact",
      "reason": "At $308.06, the file's earnings yield is 3.7%;",
      "id": "d8a10af73668",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 243.74
    },
    {
      "date": "2026-10-27",
      "symbol": "DRI",
      "expected_return": 0.06,
      "price": 213.25,
      "value_low": 165.0,
      "value_high": 195.0,
      "franchise": "intact",
      "reason": "I estimate normalized earnings of $10.20 per share after removing the extra fiscal week's contribution, giving a 4.8% earnings yield at $213.25; the file's free-cash-flow yield is 4.6%. Fiscal 2026 results.",
      "id": "d95d7970be41",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 176.89
    },
    {
      "date": "2026-10-27",
      "symbol": "HLT",
      "expected_return": 0.0315,
      "price": 351.89,
      "value_low": 170.0,
      "value_high": 225.0,
      "franchise": "intact",
      "reason": "At $351.89, the file implies a 1.8% earnings yield and 2.6% simple free-cash-flow yield.",
      "id": "9ba084badab4",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 222.26
    },
    {
      "date": "2026-10-27",
      "symbol": "JBL",
      "expected_return": 0.0299,
      "price": 275.68,
      "value_low": 175.0,
      "value_high": 230.0,
      "franchise": "intact",
      "reason": "At 275.68, reported earnings yield is 3.7% and cash flow after capex yields 4.8%.",
      "id": "7226d556b5d0",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 171.44
    },
    {
      "date": "2026-10-27",
      "symbol": "PM",
      "expected_return": 0.0476,
      "price": 201.87,
      "value_low": 125.0,
      "value_high": 165.0,
      "franchise": "intact",
      "reason": "The USD valuation capitalizes normalized owner earnings of approximately $7 per share at 18–23.5 times.",
      "id": "5ab21b532677",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 148.86
    },
    {
      "date": "2026-10-27",
      "symbol": "SLB",
      "expected_return": 0.021,
      "price": 53.08,
      "value_low": 30.0,
      "value_high": 40.0,
      "franchise": "weakening",
      "reason": "The file's reported earnings yield is 4.3% at $53.08; my central normalized owner earnings estimate of $2.60 per share yields 4.9%.",
      "id": "af6259d053f6",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 30.27
    },
    {
      "date": "2026-10-27",
      "symbol": "STLD",
      "expected_return": 0.0114,
      "price": 237.55,
      "value_low": 120.0,
      "value_high": 165.0,
      "franchise": "intact",
      "reason": "The reference price of $237.55 implies the file's 3.5% earnings yield, versus approximately 4.6% on my estimated $11 of normalized annual owner earnings per share after maintenance investment.",
      "id": "962c4c47032d",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 123.24
    },
    {
      "date": "2026-10-27",
      "symbol": "TDY",
      "expected_return": 0.0275,
      "price": 645.47,
      "value_low": 400.0,
      "value_high": 500.0,
      "franchise": "intact",
      "reason": "Using the supplied 2025 base, reported earnings yield is approximately 3.0%;",
      "id": "a6d29eb1b2e8",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 392.15
    },
    {
      "date": "2026-10-27",
      "symbol": "TXN",
      "expected_return": 0.0103,
      "price": 298.12,
      "value_low": 135.0,
      "value_high": 180.0,
      "franchise": "intact",
      "reason": "At $298.12, the file implies a 1.84% earnings yield and approximately 0.96% cash flow yield after all capital expenditures.",
      "id": "0123dc0b065c",
      "price_date": "2026-10-26",
      "conviction": 3,
      "bar_price": 152.99
    },
    {
      "date": "2026-10-27",
      "symbol": "VRT",
      "expected_return": 0.0595,
      "price": 199.78,
      "value_low": 120.0,
      "value_high": 165.0,
      "franchise": "intact",
      "reason": "At $199.78, the file implies a 1.73% earnings yield and 2.46% free-cash-flow yield.",
      "id": "71fc65369a97",
      "price_date": "2026-10-26",
      "conviction": 2,
      "bar_price": 164.94
    }
  ],
  "funnel": {
    "universe": 500,
    "survivors": 140,
    "judged_symbols": 150,
    "cleared_bar": 6,
    "held": 5
  },
  "learnings": [
    {
      "date": "2026-09-30",
      "id": "rmd-stand-in-price",
      "title": "Bought RMD on Sep 29, sold all of it the next morning, rebought Oct 2.",
      "lesson": "A missing price was filled with the prior close. That put RMD exactly on the 8% line. The real price next morning was higher, so it sold. Cost about $115.",
      "status": "fixed",
      "status_note": "Fixed Oct 15 (v0.25.8)",
      "symbol": "RMD",
      "trades": [
        {
          "date": "2026-09-30",
          "symbol": "RMD",
          "side": "sell"
        }
      ]
    },
    {
      "date": "2026-10-02",
      "id": "late-orders-missing-quote",
      "title": "ADBE's buy and an INTU top-up went out Oct 2, days late.",
      "lesson": "The morning step skipped orders with no usable quote, without a warning. Cause inferred from code, since quotes were not logged.",
      "status": "fixed",
      "status_note": "Fixed Oct 14 (v0.25.5)",
      "trades": [
        {
          "date": "2026-10-02",
          "symbol": "ADBE",
          "side": "buy"
        },
        {
          "date": "2026-10-02",
          "symbol": "INTU",
          "side": "buy"
        }
      ]
    },
    {
      "date": "2026-10-02",
      "id": "rmd-limit-above-line",
      "title": "RMD's Oct 2 order filled at $223.53, above its $222.10 buy-up-to price.",
      "lesson": "Buy limits had no cap at the 8% price. That slice earned 7.93% a year, just under the bar.",
      "status": "fixed",
      "status_note": "Fixed Oct 16 (v0.28.1)",
      "symbol": "RMD",
      "trades": [
        {
          "date": "2026-10-02",
          "symbol": "RMD",
          "side": "buy"
        }
      ]
    },
    {
      "date": "2026-10-09",
      "id": "bkng-double-buy",
      "title": "Bought twice the intended BKNG position, then trimmed it the next day.",
      "lesson": "A 5% target in the book became 10% for the broker account. One extra round trip.",
      "status": "fixed",
      "status_note": "Fixed Oct 15 (v0.25.8)",
      "symbol": "BKNG",
      "trades": [
        {
          "date": "2026-10-09",
          "symbol": "BKNG",
          "side": "sell"
        }
      ]
    },
    {
      "date": "2026-10-13",
      "title": "Book and broker share counts could drift apart unnoticed.",
      "lesson": "Any share mismatch now blocks new orders until the two agree.",
      "status": "fixed",
      "status_note": "Fixed Oct 13 (v0.25.3)"
    },
    {
      "date": "2026-10-13",
      "title": "Book fills record about 5 bps worse than the broker's real fills.",
      "lesson": "On fills alone, broker cash runs about $40 ahead of the book. Small, tracked daily.",
      "status": "watch",
      "status_note": "Known, monitored"
    },
    {
      "date": "2026-10-13",
      "title": "The paper broker never pays dividends.",
      "lesson": "The book credits each dividend on its ex-date, like SPY total return. So book cash runs ahead of the broker by every dividend.",
      "status": "watch",
      "status_note": "Handled in the book, gap tracked"
    },
    {
      "date": "2026-10-15",
      "title": "The emergency stop could report done while orders were still live.",
      "lesson": "Stop now holds until broker and book are both flat, confirmed.",
      "status": "fixed",
      "status_note": "Fixed Oct 15 (v0.25.7)"
    }
  ],
  "daily_notes": [
    {
      "date": "2026-10-27",
      "bullets": [
        "No trades today.",
        "Judged 14 companies; 0 cleared the 8% bar."
      ]
    }
  ]
}