$GEV

Explicit claim • strong conviction • basis: drawdown discount

It is a 25% discount

Explicit claim • moderate conviction • basis: multiple relative

at 45 times earnings

Implied claim • moderate conviction • basis: multiple relative

I know transformers are really, really boring, really unglamorous, but absolutely essential. There's a global shortage of them, and if you have a shortage, the seller sets the price. Now, are there risks to this? Well, let's walk through it. One, a data center announcement is is a claim on power. It isn't a fact. A lot of what has been announced will never get built. If AI spending slows down, the curve will flatten and these stocks will, you know, potentially get hit. These three companies we're looking at here are exciting because of the rules. the regulators changed the rules in these 11 states, right? And trust me, I'm sure Microsoft is is is lobbying its way, you know, as much as it can. That's a risk, right? And they're not cheap because at the moment their fundamentals look pretty poor. It's basically a story on future earnings.

Explicit claim • strong conviction • basis: explicit term

So this company is more expensive. So they're valued around 284 billion and they trade at a 31x PE. And what's interesting with this one is their forward looking is actually a 43x.