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Wiki

The publication's table of contents. The portfolio is organized along six navigation axes — by imminent catalyst, by tranche (the discipline framework), by thesis (the macro pillars), by watchlist, by force (the external entities holdings sit on), and by the named policies that govern execution. The graph below is the visual entry point; the sections that follow are the navigational axes.

Positions not yet on a mapped forceRKLBLYSDYDREALEUYSSRDWPLURGUAMYHLUUUUMPBKSYLUNRPRCDoWNASANRCOBBBAUSSFCDEDNNWMWRN

Positions are circles, forces (counterparties, regulators, statutory instruments, the adversary state) are squares. Solid edges are structural connections (thesis-load-bearing); dashed edges are backdrop (context, not the driver). Hover an edge to read the connection role; click any node to drill in.

Imminent Catalysts

When Ticker Event Note
2026-06-04 PL Q1 FY27 earnings PL ladder pre-print blackout starts ~May 28
2026-06-12 UAMY Annual meeting — share-authorization doubling vote (250M→500M) Track outcome
~2026-08 (mid) UAMY Q2 2026 earnings The checkpoint for UAMY Post-Print Criteria v0.2 (Thompson Falls smelter binary)
~2026-08 RDW Q2 2026 earnings First quarterly read against RDW Probe Graduation Policy v0.1

Recently resolved (see decision logs): UAMY Q1 RED (2026-05-14, hold through Q2); NNE Q2 FY2026 YELLOW (2026-05-14, no entry, watchlist); LUNR Q1 record print + Position Watch trigger #2 (reviewed 2026-05-21).

By Tranche

Anchor (>20% concentration)

  • PL -- Planet Labs (~29% of the book; PL Policy v0.2, TRIM-LOCKED until ~June 7)
  • RKLB -- Rocket Lab (RKLB Anchor Policy v0.1; Tier 1 dormant — 3 fires, all deferred under Hard Rule #3)

T1: Extremely Aggressive (<$5, 10x+ ceiling)

  • URG -- Ur-Energy (T1 accumulation continues below $2.00)
  • WRN -- Western Copper & Gold (Rio Tinto 8.42% strategic shareholder; add below $4)
  • DNN -- Denison Mines

T2: High Conviction ($5-$50, 3-5x ceiling)

  • BKSY -- BlackSky Technology (add BLOCKED by Hard Rule #7 — space cluster >50%)
  • UUUU -- Energy Fuels (UUUU Policy v0.1 — hold-only)
  • LUNR -- Intuitive Machines (hold-only; Position Watch reviewed 2026-05-21 — no Anchor Policy, under 7.5%)
  • UAMY -- US Antimony Corp (Diligence Verdict v0.2 — Grade C; hold through the Q2 smelter checkpoint)
  • CDE -- Coeur Mining
  • HL -- Hecla Mining
  • LYSDY -- Lynas Rare Earths ADR
  • MP -- MP Materials (MP Policy v0.1 — T2 High Conviction, scale-up mandate)

T3: Strategic Conviction ($50+, structural moat)

  • LEU -- Centrus Energy (T3 ESTABLISHED 2026-05-13; scaling target $200-500)

Vault (capital protection)

  • D -- Dominion Energy (NEE merger transition, hold through close; counts toward Vault at market value through close — vault accounting RESOLVED 2026-05-21 — then converted NEE is re-scored fresh)
  • WM -- Waste Management (vault leg #2 established 2026-05-13; Phase 2 fill target $350)

Probes (sub-$100 positions, specific catalyst test)

  • GLASF -- Glass House Brands (prune decided)
  • YSS -- York Space Systems (HOLD — long-horizon; upgraded by the DoW masses-layer research)
  • REA -- Rare Earths Americas (hold 1-sh diligence probe; Grade C verdict)
  • RDW -- Redwire Corp (RDW Probe Graduation Policy v0.1 adopted 2026-05-21; Q1 readout 3 Green / 4 Yellow / 0 Red — hold-and-watch)

Closed Positions

  • ARM -- Arm Holdings (CLOSED 2026-05-13)
  • RDDT -- Reddit (CLOSED 2026-05-13)
  • SAIC -- Science Applications Intl. (CLOSED 2026-05-20; failed the 5-criteria Vault scorecard)

By Thesis

Space & Orbital Infrastructure

PL, RKLB, BKSY, LUNR, RDW, YSS — cluster ~60% of the book (Hard Rule #7: no new space adds while >50%)

Nuclear Supply Chain

  • Mining layer: UUUU, URG, DNN
  • Processing layer: LEU (T3 established 2026-05-13 — HALEU monopoly)
  • Reactor design: NNE (Q2 FY2026 printed YELLOW 2026-05-14 — watchlist), OKLO (wait $55-60), XE (post-IPO stabilization), SMR (do not enter)
  • Manufacturing: BWXT (vault candidate Phase 2, all 5 vault gates pass)

Critical Minerals (non-uranium)

  • Copper: WRN
  • REE / antimony: UAMY, MP, LYSDY, REA
  • Silver: CDE, HL
  • Macro tailwind: Project Vault — $12B EXIM-backed Strategic Critical Minerals Reserve (federally-underwritten price floor)

Vault (Capital Protection)

D + WM (current); NEE (inbound via D merger conversion 2027-2028); BWXT (Phase 2 leg #3)

Forces

External entities the portfolio's positions sit on — the masses-layer nodes (counterparties, regulators, statutory instruments, the adversary state). Each node maps multiple holdings; the explicit cross-references are in each entity's own page.

  • department-of-war -- U.S. Department of War (counterparty / regulator / customer / equity investor)
  • china-prc -- People's Republic of China (export-control regime / incumbent supplier / closed market)
  • nrc -- U.S. Nuclear Regulatory Commission (regulator)
  • nasa -- U.S. National Aeronautics and Space Administration (counterparty / customer)
  • us-space-force -- U.S. Space Force & Space Development Agency (counterparty / customer)
  • obbba -- One Big Beautiful Bill Act of 2025 (federal tax-and-spending law)

Watchlist

  • NEE -- NextEra Energy (inbound via D merger conversion at close ~2027-Q4 to 2028-Q3; 0.8138 NEE + $0.41 cash per D share; re-scored against the 5-criteria Vault scorecard at close)
  • NNE -- Nano Nuclear (Q2 FY2026 printed YELLOW 2026-05-14 — no entry; re-eligible for an Offense Priority slot only on a future green print)
  • OKLO -- Oklo (wait for pullback to $55-60)
  • BWXT -- BWX Technologies (vault candidate, Phase 2 leg #3 — funded after WM fills)
  • XE -- X-Energy (recent IPO, watch 60-90d)
  • SMR -- NuScale Power (watch only — do not enter without thesis re-eval)

Active Policies (canonical in PORTFOLIO_CONTEXT)

  • Hard Rules 1-8 — incl. #7 sector concentration doctrine, #8 external research discipline
  • Counterparty Concentration Lens — monitoring discipline (a lens, not a Hard Rule)
  • PL Policy v0.2 + Trim Ladder v0.2 (TRIM-LOCKED until ~June 7)
  • RKLB Anchor Policy v0.1 — core hold 2.0 sh, conservative ladder
  • MP Policy v0.1 — T2 High Conviction, hybrid scale-up mandate
  • UUUU Policy v0.1 — hold-only
  • RDW Probe Graduation Policy v0.1 — 7-criterion green/yellow/red scorecard
  • UAMY Diligence Verdict v0.2 — Grade C, hold through the Q2 smelter checkpoint
  • LUNR Position Watch — reviewed 2026-05-21 (no Anchor Policy below 7.5%)
  • Sequence C — PL/RKLB Tier 1 auto-route to vault
  • Offense Tranche Framework T1-T4