GH · investment memo
NOT PERSISTED BY THE SCAN AND NOT DERIVED - back-solved from the scan's published required_cagr_pct, and it returns exactly 0.2000 for NTRA, GH and TWST alike. The memo says so outright: 'A 20% terminal EBIT margin for a company running -44.5% today is an assumption, not a measurement.' m_EBIT,T 20.0 <= m_gross,T 64.5 SATISFIED. The break-even terminal margin is 15.4%, uncomfortably close.
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $121.85 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Not stated. No permanent-loss case with a named cause is on file. A valuation bear case is not an impairment case.