The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
Critical Materials· UEC
A leveraged, no-reserves bet on the U.S. uranium-independence trade dressed as an operating miner — production is real but trivial, the share count is the business model, and at ~300x sales you are paying for the spot price and the policy narrative, not the P&L.
Semiconductors· MU
The blowout FQ3 + the $100B take-or-pay contract book is the strongest evidence yet that the trough has been raised — but on the multiples that DON'T reset at peak earnings (EV/EBITDA ~32x vs 6.8x median; P/B ~16x), MU is NOT cheap; it is FAIRLY-to-RICHLY priced for a structural memory company and CHEAP only if you accept the contracts have permanently broken the cycle. The ~10x forward P/E is ~10x on peak EPS — the classic cyclical trap signature. BULLISH / MEDIUM (a re-rating + raised-trough bet, NOT a cheapness bet), 1Y.