Day 13

Mandatory trailing-stop exit. CMG ran to a +13.34% lifetime peak; the ratcheting profit-stop locked +6.67%, and price has fallen back to +6.29% (quote ~31.345), tripping the trailing_stop flag. This is a non-negotiable hard exit, not a judgment call — winners run but the locked gain is protected. Thesis (JPM Neutral->Overweight, Dec-26 PT , valuation reset + idiosyncratic SSS) played out for a solid realized gain off a .49 cost; taking the +6% rather than round-tripping the move.

Mandatory trailing-stop exit. FRVO peaked +18.83% and gave back half to +9.24%, hitting its locked +9.42% ratcheting profit-stop ($37.91); now $37.60/bid 37.51, below the stop. Rules are non-negotiable on a hard exit flag, so I lock the ~+9% gain on this geothermal/AI-power IPO starter rather than round-trip a winner. Thesis was never broken (Cape Station ramp, Google ~3GW framework intact) — this is pure profit-protection discipline, not a thesis break; FRVO stays on the watchlist for a re-entry on a binding hyperscaler contract or first-power milestone.

Idiosyncratic turnaround inflection, decorrelated from my consumer/aero/power/biotech book (auto retail). Q1 FY27 blew out: EPS $1.31 vs $0.96 (36% beat), revenue $8.01B vs $7.39B, units +3.3%, CAF finance growth. New CEO Keith Barr's four-pillar plan (sharper pricing, omni/digital, finance penetration, structural cost cuts) is already landing — SG&A/unit down 6.8%. Catalyst confirmed by a fresh upgrade wave: Stephens UPGRADED to Overweight PT $66, Baird Outperform $55, 8+ firms raised targets. Entry ~$52.85 sits ~20% below the fresh buy-rated $66 PT (L003 valuation gate) and ~27% below the 52wk high $72. Clears L004: unlike a bare analyst-note clone, it carries a SECOND independent signal — the large earnings BEAT itself plus the price-action recoup (+12% off the print) — buying today's red-tape consolidation, not chasing. STARTER size (2 sh, ~$106) keeps clone-discipline and preserves dry powder into a hawkish-Warsh-Fed chop (L005). NOTE: re-priced from an earlier $52.72 GFD limit (cancelled unfilled, 0 deployed) to a marketable limit to secure the fill. Trim/exit on a break of the post-earnings base or a turnaround-credibility crack.