The words, defined once.

The bargain price: half of fair value. We only call something cheap when it trades at or below this bar. The buffer is there because any forward estimate will be somewhat wrong.

How much faster the business can grow than the price requires, in percentage points. Positive means the business can outgrow what you are paying for. It comes from the reverse-DCF. A growth gap, not a price discount. Two readings carry the name: growth cushion (AI) uses the growth the AI finds achievable, measured at the margin-of-safety price, and is the one on Discover, the screener, the grid and the verdict; growth cushion (your value) uses the growth you believe, measured at today's price, and lives on the Company Study's Value control.

The yearly return you lock in if fair value is right and you buy at today’s price.

What the existing business is worth with no growth at all: owner earnings capitalised at the same 15% hurdle the fair value uses, plus net cash per share. Price minus EPV is what the market charges for growth. Below earnings power means today’s earnings alone are worth more than the price.

The cash an owner could take out without starving the business: earnings plus depreciation, less the capex that only maintains. We carry it as a band, free cash flow at the floor and operating cash flow less depreciation at the ceiling, and use the AI’s reasoned estimate when it lies inside the band.

The median 12-month price target from street analysts. Shown for context. Not our number, and not yours.

The output of your own model over the horizon you pick, one to five years: revenue grown at your rate, your margin, your exit multiple. Shown with the total return and the yearly return it implies. Your number, from your assumptions.

The conditions, written in advance, that would force you to sell. Written when you are calm so they cannot be negotiated when you are not.

Names you want to own at a better price. The patient queue. Most of investing is waiting.

A company you actually hold. The Owned list on the portfolio page is your real positions; everything else on the page is research. A company page says Owned with your weight when it is one of them.

Hard cap × conviction × cushion × safety. Each factor can only shrink the bet, never grow it. Always a percentage of the portfolio, never an amount of money.

Your written policy for a name that runs past its fair-value anchor. Inside the trim band you trim by quartile; past the sell band you exit unless a fresh look raises the anchor. Below the trim band the rule is patience, not action. Bands are price over the anchor: 10% and 30% by default, yours set in Account. The anchor is your saved Forward-DCF fair value when you have one, else the AI's, and every band surface names which. A raise saved while the name sits inside a band applies after 24 hours and is journaled.

Dated notes on what you did and the state you were in when you did it. Sells and trims ask for the why, so future-you can grade past-you.

Six AI-scored dimensions, each 0-10: moat, management, valuation, risk, optionality, business model. The composite is a fixed weighted average (moat, business model and valuation 20% each; risk and management 15%; optionality 10%) with a value-trap penalty.

The price already assumes some growth. This tool finds how much, so you can judge whether the business can beat it.

Project the cash flows, discount them back. Four levers: growth, margin, terminal multiple, discount rate. Out comes the fair value they imply. Your levers, your number.