Agtech
A counter-cyclical compounder mid-re-rate — the destocking trough is behind it and the FY26 earnings snapback is real, but at ~¥2,900 / +81% off the lows the easy money is made; tariffs and a structurally weak NA ag market cap the upside from here.
A dead company — Zimeno/Monarch shipped 500 real tractors but never a real business; collapsed into an assignment-for-creditors and an IP-only Caterpillar acqui-hire. Uninvestable; value here is the post-mortem, not a position.
The cautionary tale of the agtech bubble — a $3.5B "biology-will-rewire-farming" thesis that survived only by shrinking into a soil-carbon broker; the equity is impaired by ~94% and the surviving business is a thin-margin MRV middleman in a market with an additionality problem. WATCHING, not buyable — and not investable until there is a real revenue/margin disclosure, not a credit-tonnage press release.
A George Church / Flagship gene-editing platform whose entire "freedom-to-operate" moat — edit a rival's already-GM trait and call it your own — is precisely what Corteva is suing to invalidate; a Jan-2026 ~33% site layoff one year after a "robust" $144M raise says the commercialization clock is running faster than the cash.
A real ag-distribution disruptor that just admitted the hard part — the Oct-2025 GCS spin-off makes FBN an asset-light marketplace whose thesis now lives or dies on take-rate and lending, not on owning crop-protection inventory; an eventual IPO is a story, not a date, and the entry round you'd actually clear is a flat-to-down one.