Everus Construction Group
Sup, BIG DAWGS, it's me, Gabe Azar, Head of Burrito Rolling and intern at Azar Capital Group. Your third-grade teacher's favorite investor. Currently writing to you nerds from my L desk. Today, I am writing about Everus Construction Group. Now sit back and enjoy my crappy writing. And remember, buy low and sell high, my friends.
You probably haven’t heard of Everus Construction Group (ECG); that's okay, we are here to inform you. Everus was spun out of MDU Resource Group in 2024. Everus is based out of Bismarck, North Dakota (shoutout to North Dakota), and operates several subsidiaries that give them reach across the United States. Everus does two things exceptionally well: Electrical & Mechanical contracting (E&M) and Transmission & Distribution work (T&D). E&M covers electrical systems, communication infrastructure, fire suppression, and mechanical piping inside facilities, while T&D covers building and maintaining overhead and underground powerlines, substations, and utility infrastructure. Now close your eyes (wot) and imagine the American economy as a body (wot) and think of the ECG as your nervous system and veins.
Everus’s core two segments involve nearly every aspect of getting electricity to where it needs to be. The Electrical & Mechanical unit is the larger of the two, accounting for 80% of Q1 2026 revenue. This segment wires data centers, builds out commercial and hospitality projects, installs fire suppression systems, runs mechanical piping, and handles renewable infrastructure. Data center build-outs accounted for 24% of E&M revenues in Q1, all of which came from a single customer. Its T&D segment made up the other 20% of revenue, with revenue coming from projects like overhead and underground transmission lines, and substations. This revenue is less flashy but more durable as it comes from state-regulated programs. Everus is also in the process of closing an acquisition with SE&M Constructors, a mechanical, electrical, and plumbing contractor that serves pharma, industrial, and healthcare-based customers.
While the Everus Group is a new name, the business is not. Formally known as MDU Construction Services, the company launched in 1997 as the utility maintenance division of MDU Resources. They started by fixing substations and utility poles before growing into one of the largest specialty construction companies. Jeffery Thiede, the CEO of Everus, stated the mission is “Safely Building America’s Future…” This strategy is built upon four pillars: Employees, Value, Execution, and Relationships. This message is simple and focuses on taking care of their employees, executing flawlessly, closing great deals, and maintaining customer relationships. Long-term financial targets attached to that strategy are increased revenue and EBITDA, and continued 2-2.5% of revenue on Capex. In the first quarter of 2026, the company reported 25% revenue growth and 44% EBITDA growth, which is slightly conservative based on the current demand environment.
Everus Group has several short and long term catalysts that include its recent earnings beat, producing a 137% print on EPS estimates ($1.14 reported vs, $.48 expected), second is its closing of a recent acquisition, third catalyst opportunity is its backlog of nearly $4 billion which is up 20% YoY, fourth is what the company decides to do with its long term cash flows like a buyback program or a dividend which could lead a major boost in market confidence. Major risks include fixed-price contract exposure related to tariffs and labor, customer concentration, skilled labor scarcity, and earnings risk from acquisitions. One of Everus' customers accounts for 19.1% of total revenue. If the customer slows its buildouts, changes vendors, or restructures the deal, ECG's future revenues could be greatly impacted.
The United States electrical and specialty contracting industry is one of the most fragmented industries, with total annual revenues reaching $347.5 billion in 2026 and growing. Thousands of businesses compete in this space, from a family-owned shop doing residential wiring in the suburbs to a multi-billion-dollar company that is doing electrical work on data center build-outs. Most of the industry is on the small side, with a majority of contractors never grossing more than $10 million in annual revenue and never building strong customer relationships that bring work to major institutions. The massive fragmentation currently benefits larger companies; demand from contracting businesses stays high, driven by PE/VC capital, large regional contractors, and infrastructure-focused acquirers. Work falls into two segments inside work that includes work in buildings, mechanical systems, and fire suppression, with demand being driven by what is being built. Outside work includes power lines, substations, transmission infrastructure, with a majority of spending being driven by utility capex cycles and policy mandates around grid infrastructure.
The inside electric market has completely changed over the past few years due to the data ranch buildout. This segment was one driven by office buildings, schools, medical facilities, and hotels. The largest companies have committed to $750 billion in capex for 2026 alone; these large companies, like Alphabet, Meta, and Microsoft, have no plans to revise down their numbers. The costs for the data center building shell, mechanical, electrical, cooling, and custom-fit gear can reach $2 billion in costs. A lot of this revenue will trickle down to contractors that are installing and building high-power, highly complex electrical systems. The type of contractors that are able to wire a highly sophisticated hyperscaler data center can charge a premium and can build out a strong business moat. Data Centers are currently at the top of the headlines, although the power grid is way more important for Everus and the Data Center industry itself. Much of the energy infrastructure grid is over 40 years old, with many professionals estimating that the United States will need to invest nearly $5 trillion to modernize and expand its electrical grid by 2035. A major bottleneck for AI development within the United States is currently electrons, not software or talent. The federal government is paying close attention to this issue and announced a massive several billion-dollar program to upgrade transmission systems, expand grid capacity, and maintain current lines to ensure community safety from extreme weather events or black swans like a hurricane or fire caused by downed lines.
There are several demand drivers that Everus can benefit from over the next few years. One core growth driver includes the ongoing electrification of vehicles, home heating, industrial processes, and other stuff. The electrical services market is projected to grow at a CAGR of 6.3% from 2025 to 2034, hitting an expected annual revenue size of $294.6 billion. The next major growth driver for Everus is the reshoring of major manufacturing industries, such as semiconductor fabs, manufacturing plants, and pharma facilities. None of these are simple buildings; they require sophisticated systems and infrastructure installed by experts. The next trend is that the employment opportunity window is wide open, while also a risk, the opportunity for employment within data centers on the electrical side is growing fast with extremely high paying jobs. Companies like Meta started investing in employment programs within the data center buildout. Everus should be able to greatly benefit from these programs as Meta will be injecting thousands of trained and certified individuals into Everus’s potential employment pool.
Modular construction and prefabrication units are also now reshaping how work gets done, and Everus has already been investing heavily in this area. Pre-made units and portions of electrical assemblies that can be prefabbed in controlled environments improve safety, reduce installation time, and can meaningfully cut costs on repetitive projects. Many companies are also investing in AI and robotic use cases within the field, like having a drone inspect transmission lines, and AI powered scheduling and cost estimation, as well as digital twin modeling of complex systems. Many of these tools are currently more expensive and at the beginning of their product life, which limits investment to larger, more capital-backed players. For Everus, technology adoption is only a value add for the company, not a threat. A potential technological risk is the use of 800V DC power distribution systems rather than the traditional AC systems that data centers have historically used.
Fuel The Keyboard
This blog runs on caffeine and 10-k’s. Send a cup of joe my way to keep the words flowing! Support me here.
Everus Group's core competition includes Comfort Systems USA, EMCOR Group, IES Holdings, MasTec, and MYR Group, not to mention the tons of smaller regional firms and local operators. Emcor Group is the top dog out of this bundle as they nearly hit $17 billion in revenue in 2025. Emcor operates in the same segment as Everus and is growing at 17% YoY with a massive backlog of $13.25 billion, up nearly 35% since 2024. Comfort Systems has historically operated within the HVAC and mechanical work segment. Recently, they have jumped into the deep end with nearly 45% of their revenue coming from data center projects. ECG's yearly revenue is currently around $4 billion, making it bigger than most, smaller than Emcor, but growing fast. ECG is outgrowing its more established peers from a smaller base.
One of the largest, most underappreciated, and confusing barriers to entry in specialty contracting is surety bonds. Surety bonds are a legally binding agreement that guarantees that one party will fulfill its obligations to the other; if they fail to do so, the bond issuer is compensated. On a multi-billion-dollar project, the electrical work may represent nearly $250 million, which requires a performance bond. There are only about eight surety companies in the U.S that can participate in the bonds of that size. They underwrite the contractor's entire financial profile, including balance sheet strength, working capital, project history, management track record, and overall exposure across all ongoing work. In the first quarter of 2026, Everus noted that they had $2.1 billion in Surety bonds outstanding, which is something that no startup contractor or mid-sized schmuck can replicate easily. So when a competitor wants to bid against ECG on a YUGE data ranch gig, the firm doesn’t just need a strong workforce and the capital to do it, but they need the surety capacity. This makes the surety act as a filter that is removing almost all of the competition before the work is even contracted.
That leads to another moat in specialty contracting, as large customers don’t source contractors through a single phone call. They run structured procurement processes that require potential contractors to show a demonstrated track record of comparable work. Once you make it on this list, you rarely leave it unless you shit the bed. This makes the business extremely relationship-heavy. ECG has spent decades putting in that work; one of its subsidiaries has done all of the wiring and work for Caesars Palace, Las Vegas Sphere, and The Fontainebleau. These relationships compound over the years as every successful project deepens the current relationship, which then generates the next project. This then means that Everus will have to secure relationships with data ranch hyperscalers, as currently one of Everus’s E&M customers accounts for 24% of the segment's revenue in Q1 of 2026. While a major risk for Everus, the risk also lies in its customers' hands as well, because if they swap vendors, the data ranch schedule may get fucked, and the financial impact could be huge. This type of customer lock-in is rare and is extremely valuable over the long term.
Wagner Smith Equipment is a unit within Everus Group’s T&D unit. The firm designs and manufactures specialized overhead and underground transmission line equipment. This is not equipment you can buy at Walmart, but it is purpose-built for specific applications and requires specialized manufacturing processes to produce. ECG is the only company within its peer group that manufactures its own proprietary transmission lines at scale. Not only does this cut lead times, but it also creates a strong and durable revenue stream with solid margins. ECG operates 16 locally owned companies that are running under 19 regional brands, while this sounds like a headache is the answer to one of the hardest problems in the game. They are able to regionalize each brand, which gives them localized solutions to offer customers of all sizes. This also gives them brand identities that are able to build reputations with contractors and others within the game. The electrical contracting industry is also currently undergoing a major wave of consolidation by private equity and strategic buyers. Although Everus still benefits from this, as they’re at their size, they are the acquirer and have the capital and industry experience to tuck in acquisitions faster than private equity buyers. Each acquisition for Everus adds geographic coverage, workforce capacity, and customer relationships that compound as the years flow and the projects grow. This creates a fairly high barrier to compete with Everus that could take more than 10 years, and the ability to build a surety bonding program that can cover over $2 billion. This requires a multi-year track record of cooking on small, large, and complex projects as well as developing relationships with hyperscalers and utilities companies that will generate repeat work.
Financial Analysis (Written by ShadowFax, my AI analyst)
ECG posted $1.037 billion in Q1 2026 revenue, up 25.4% year over year, with full year 2025 coming in at $3.75 billion and management guiding 2026 toward $4.3 to $4.4 billion. Both segments grew simultaneously, E&M up 29% and T&D up 11%, which matters because broad-based growth is harder to fake than a single lucky quarter in one segment.
Gross margin expanded from 11.2% to 12.6% in Q1 while EBITDA grew 44% on just 25% revenue growth, producing an EBITDA margin of 8.6%. That 19-point gap between revenue growth and profit growth is operating leverage working exactly as it should, and it is the reason management's long-term targets of 5 to 7% revenue growth producing 7 to 9% EBITDA growth look conservative against what the business just delivered.
Net income was $58.3 million in Q1 with EPS of $1.14 against a Wall Street consensus of $0.48, a 137% beat that was not explained by a tax quirk or one-time gain but simply by a business earning far more money than analysts thought it would. For the trailing twelve months through Q1 2026, ECG earned $223.4 million in net income at a 5.6% net margin, up from 4.4% a year prior, and the direction of travel is the whole point.
Net debt at March 31, 2026 was $6.2 million against trailing EBITDA of $346.9 million, a leverage ratio of effectively 0.0x, which sits well below the company's own long-term target of 1.5 to 2.0x and leaves $498 million in total cash and credit availability for acquisitions, organic investment, or dry powder. The $158 million SE&M acquisition was funded entirely from cash on hand and only pushed pro forma leverage to 0.5x, meaning the balance sheet remained essentially pristine even after the company's most significant deal since going public.
Contract liabilities of $345 million exceeded contract assets of $258 million at quarter-end, leaving ECG in a net position where customers are prepaying for work not yet performed, which in plain terms means hyperscalers and utilities are funding ECG's working capital rather than the other way around. That dynamic is a signal of customer trust and pricing power, and it shows up on the balance sheet as a liability even though it functions as a structural cash flow advantage.
Operating cash flow was $143.7 million in Q1 2026 versus $7.1 million in Q1 2025, a $136.6 million swing in a single quarter driven by stronger earnings and favorable working capital timing, with free cash flow landing at $131.9 million after $15.5 million in capital expenditures. ECG spent just 1.5% of revenue on capex in the quarter, below its own 2.0 to 2.5% full-year target, reflecting a business model that runs on people and leased equipment rather than owned factories or heavy fixed assets.
The structural point underneath the cash flow numbers is that ECG is fully self-funding its growth without issuing stock or taking on meaningful new debt, which is rare in a business growing revenue at 25% annually. The free cash flow it generates above capex is genuinely available for acquisitions and eventual capital returns, not being silently consumed by the maintenance costs of the business itself.
ECG trades at a trailing P/E of roughly 31.5x and EV/EBITDA of about 22.6x, which look elevated until you place them next to the peer group, where the broader U.S. construction industry averages a P/E of 51.6x and the specialty contractor peer average sits at 35.4x, meaning ECG is actually trading at a modest discount to its own industry despite growing faster than most names in it. EMCOR sits at roughly 26x trailing earnings and 18.4x EV/EBITDA while Comfort Systems runs at a forward P/E of 36x and MYR Group peaked near 26.7x EV/EBITDA in early 2026, so ECG's premium is real but not egregious given the growth differential
ROE is 38.3% and ROIC is 23.5%, both solid for a business that has only been an independent public company for 18 months, with room to improve as the platform scales and SE&M integrates. EMCOR runs closer to 38% ROIC after decades of optimization, which is less a critique of ECG and more a picture of where the returns profile can go as the business matures.
ECG pays no dividend and has no buyback program, which is the right call for an 18-month-old public company running at near-zero leverage with a stated target of 1.5 to 2.0x net debt to EBITDA and an M&A pipeline to feed. The SE&M deal at approximately 8.3x EBITDA, below the typical 9 to 10x market rate for electrical contracting acquisitions, shows management knows how to deploy capital without overpaying, and the full-year capex guide of $90 to $100 million at roughly 2.1 to 2.3% of revenue confirms the business does not need heavy reinvestment to sustain its competitive position.
A dividend or buyback program is most likely a 2027 story once leverage reaches the target range and the integration work is complete, but when it does arrive, it will matter because it formally introduces ECG to the class of institutional investors who require capital return programs before building a position, and that demand shift tends to move multiples durably.
Fuel The Keyboard
This blog runs on caffeine and 10-k’s. Send a cup of joe my way to keep the words flowing! Support me here.
ECG’s organic growth runs on several layers across its core business, and they compound in ways that keep them all firing simultaneously. The first layer is continued growth in commercial segments and data centers, which have seen massive growth due to their ongoing relationship with hyperscalers. This segment is expected to see continued growth because Everus is able to serve the hyperscalers at size along with the surety bond program they are able to offer, which gives them a constant leg up on competitors. The next pillar is entering new regions with FDEs, although the management team calls this a satellite model. When ECG enters a new market, they send a small team of hitters to support a major customer's project there. This model has proven to be extremely valuable as Everus has a large backlog of business. This model has been how ECG has been able to build out its national game over the past few decades, one satellite at a time, with a playbook that is basically copy and pastable due to its balance sheet. The next pillar of its organic growth strategy is its pricing power. When a hyperscaler needs a facility the size of Rhode Island wired on a tight schedule, there are only a few lads who have the capital to get it done and can buy the parts at such a size that it rewards them with pricing power and stronger margins than the little boys.
Since its founding in 1997, Everus has completed more than 25 acquisitions. This formula is not complicated but extremely capital-disciplined. Their goal is to find local businesses with strong local relationships, a strong safety and work record, and maybe exposure to a new end market that either news a segment for the company or expands current ones. Everus also recently acquired SE&M, which has just over a century of operating history in the North Carolina region, generating just over $100 million in annual revenue with margins in the high teens. SE&M also serves customers in the pharma, industrial complexes, and healthcare sectors, something that ECG had low exposure to prior to acquisition. Everus has an opportunity to grow its presence in the Deeper South, parts of the Midwest, and several segments of the growing-fast belt regions. Everus has nearly $500 million of liquidity available for an acquisition, leaving M&A on the table; the only problem is finding the right businesses at the right price.
The major tailwinds that Everus group should be able to take advantage of are the increased buildout demand from data ranches, grid modernization, and domestic manufacturing. Three-quarters of the total hyperscaler capex is allocated for US data ranch capacity. Due to ECG's size and capital, they are highly likely to bid and win bids on many data center projects across the nation. Despite the ongoing beef with data ranches, ECG management noted that even in scenarios where AI adoption disappoints relative to expectations, hyperscalers have already committed the capital, signed the leases, and initiated the permitting process, where ECG is still able to get its nut in, even if the end AI demand is not there. Even the Department of Energy announced that it will be investing nearly $2 trillion into grid updates by 2030. These investments are optional and can’t be avoided just because people don’t like data centers; the energy grid and infrastructure are more or less a public good and will always get their funding. The semiconductor and pharmaceutical angle stems from the massive interest in companies reshoring their supply chains. This catalyst is currently at its earliest phase for Everus, as they have likely only begun conversations with companies in this space. This is why Everus acquired SE&M to help them speedrun market share in this segment by acquiring their way in versus starting from zero.
Everus has also been investing in capacity expansion for its infrastructure, with capex climbing nearly 55% in 2025 as the company invested in a prefab facility in Kansas City, as well as expansions in the Pacific Northwest and Southwest. This includes building out stuff like electrical assemblies, conduit runs, and mechanical components in their own controlled facility before shipping to the job site, which ensures product quality, superior costs, and fewer errors from having to fab everything in the field. This benefits the entire company supply chain as they can move faster and recognize revenue faster as well, with fewer errors in the field, along with lower insurance costs and fewer safety incidents. The company CEO, Jeff Thiede, has noted that this investment in prefab facilities is not just a cost efficiency tool but makes them more competitive and improves their moat. The Kansas City location was chosen for its strategic location within the center of the country, giving Everus the ability to quickly ship items where they are needed with PACE. Wagner Smith, the proprietary manufacturing within Everus’s T&D Unit, which designs and builds specialized underground transmission line equipment at ECGs boys use in the field and sells to external players. This is a win-win for Everus as they are able to take advantage of external demand, and it will only become more valuable as the grid modernizes.
Everus Group’s supply chain is segmented into several layers, which include the obvious factory floors, shipping networks, and physical assets, but also the company’s labor, equipment layer, and materials procurement process. One of the most critical layers of Everus Group’s supply chain is its labor force. This is something that 89% of the employers in the transmission, distribution, and storage sector have reported difficulty finding qualified workers, and this issue is only getting worse. Everus Group's union partnerships, apprenticeship programs, safety training programs, and reputation give them a major advantage when it comes to attracting and retaining licensed electricians, linemen, pipefitters, and every other sort of role they hire for. In 2025, Everus increased its headcount by nearly 9% to just over 9,400 employees by leveraging its union relations. This is something that competitors can’t buy overnight, but something that will take years to build relationships with the right people. The next layer is its Wager Smith advantage and supply chain that stems from that business segment. This enables the company to produce products faster, and something that every other competitor has to go to a third party for, while ECG does it in-house. A third layer is its materials procurement process, as ECG purchases items with some mf’n size, they are able to get copper wire, aluminum conduit, steel framing, switchgear, transformers, and electrical components at excellent prices. I basically say this shit every report, they buy so much shit so their suppliers give them a good deal, boom bang bingo boom. This supply chain moat even spans across their prefabrication network as is the actual business that converts the raw materials into the finished goods that make it to the job site. The last layer is non-visible but is still extremely important for Everus Group's larger deals; this is its Surety Bonding capacity. Not only does it determine which projects they can bid for, but given its size, surety is something that a new competitor can’t reach without decades of work.
The largest operational risk that Everus Group is exposed to is not financial-related or a competitor, but it is a people problem. Despite having the best connections to recruit up-and-coming talent, 89% of the employers in Everus Group’s segment are reporting difficulty finding qualified workers. Even if workers were staffing the company at such a fast rate to fulfill its backlog, it could damage safety and quality standards that currently protect Everus Group's workers' current reputation and the company's image. A good journeyman electrician or experienced lineman takes years to grow, and if Everus fills its staff with unqualified joes, they could lose contracts, see a delay in revenue, or even lose fixed-priced contracts with suppliers. Another core operational risk for Everus is its acquisition integration risk, despite having a strong track record over the past 30 years of integrating financial and operational systems; every new acquisition brings fresh risk that they may not have dealt with in the past. The company is currently in the deep end as they are finalizing its deal with SE&M and must maintain the company's margins prior to acquisition. Another major operational risk lies within the company's accounting offices, especially when it comes to how the company recognizes its revenue and profits from its projects. In Q1 of 2026, nearly $42 million of the company’s net income came from revisions to estimates on prior period contracts. This could be seen as a slight risk, and reported quarterly profit can swing significantly based on project estimations that may have little to do with the end project.
A risk that should worry investors is deceleration or any sort of degrowth in the infrastructure grid arena, however unlikely. Everus is highly exposed to several customers that collectively account for 43% of its revenue. With a single one of those customers representing 17%. This is meaningful revenue, and as data ranch concentration runs higher, ECG's backlog will be heavily exposed to data center spending and its build-out pace. Everus is also exposed to tariffs and fixed-priced contracts, which have been keeping buyers on their toes. Roughly half of Everus’s revenue comes from knowing what they pay for copper, aluminum, steel, and other components rather than charging those rates to meet their margin goals. So, in an environment where raw material costs are as volatile as magic beans, ECG may bid a project at one price, and when the bill hits, costs may differ from the initial estimate. Everus Group is also exposed to valuation risk as if a magic monkey pulls a red bean out of his sorting hat, which may cause the broader market to take a tumble despite Everus Group’s strong earnings and margin growth.
Everus Construction Group is also exposed to regulatory risks, although that is a mixed bag as they operate across the nation and need to follow each region's individual regulations and environmental review processes and other shenanigans that slow the build down. This is basically all out of ECG’s hands, and any regulatory slowdown in data center permitting or other large revenue stream facilities would instantly slow down the pipeline of new work flowing into its E&M unit. Pricing pressure, while a less immediate concern for the boyz, the broader industry is currently in the middle of some consolidation, which could make some projects harder to secure due to the increased number of larger players. Demand risk is one of the final pieces to the pie, as most bull and base cases assume that hyperscalers' capex keeps climbing and grid spending accelerates for years to come. While evidence supports this, if Billy Bob Jean over at Walgreens decides enough is enough, the music may stop, and data ranch projects could be paused. Leaving Everus to fight for bids on smaller projects that may have more competition.
The lads over at Azar Capital Group think the next 24 months will be extremely telling for Everus Construction Group as they gear up to score data ranch contracts, finish integrating their most recent acquisition, and continue to expand their business units. Everus has a massive backlog of nearly $4 billion, with there being minimal signs of an actual data ranch build out slowing and continued grid modernization investments being made. Everus expects earnings to grow way past the long term estimates that have been made by Wall Street analysts. If the company is also able to maintain its clean Balance Sheet, in the next few years they could announce a buyback program or just continue to stack cash for future moves. Nerds should follow the tariffs and labor market closely if they are interested in Everus Group long term as both are major imports to ensure the company’s supply chain rotates. ECG’s revenue concentration is also worth continuing to follow although we believe as they secure more contracts and data ranch bids due to its surety size, revenue will become more diversified across many projects.
At its core, Everus Construction Group is a compounding machine, with a very wide moat and will only benefit from the advancements made in AI and Robotics. Both of which have yet to be mentioned in this, although if companies like Agility Robotics, Figure and so on are able to produce at scale robots that are able to do tasks that a Everus employee would have to face on a daily basis with the full spectrum of skills, the labor market risks could be silenced. Unfortunately our grid infrastructure is not like Patrick the Star and doesn’t fix itself when something breaks, Everus is one of the few companies in our country that is positioned to do so. Nuff said.
Fuel The Keyboard
This blog runs on caffeine and 10-k’s. Send a cup of joe my way to keep the words flowing! Support me here.
Disclosure
These views are my own and have not been influenced by friends or family. This content is for informational and educational purposes only and does not constitute financial, investment, legal, or professional advice. Past performance is not indicative of future results, and the author assumes no liability for any investment decisions made based on this content.
Great moments are born in great opportunity, and that's what you have here, that's what you’ve earned here tonight. Tonight we long, tonight we long shut them down because we can. Tonight, we are the greatest firm in the world. I don’t think anything is going to be hard. What is there to lose? There's nothing to be lost, nothing to complain about. I can’t think of anything that I would find stressful or could bring us down. These views are my own and have not been influenced by friends or family. This analysis is strictly for informational and entertainment purposes only and is absolutely, positively NOT financial, investment, legal, or professional advice of any kind. It’s not a golden ticket, a sure bet, or a substitute for your own brainpower. Markets are a rollercoaster, and losses can hit harder than a freight train—consider yourself warned. Investors must do their own hardcore due diligence, dig into the details, and/or consult a licensed financial advisor, accountant, lawyer, or whoever else you trust before even thinking about making investment decisions. Past performance? The author, this platform, and anyone remotely connected to this content take zero responsibility for your financial moves, wins, or wipeouts. Instead of looking up to Thomas Jefferson, or looking up to Nikola Tesla, or looking up to Magellan, I mean, kids, Magellan is a lot COOLER than Justin Bieber! He circumnavigated with one ship the entire planet! He was killed by wild natives before they got back to Portugal! And when they got back, there was only like eleven people alive of the two hundred and something crew, and the entire ship was rotting down to the waterline! That's destiny! That's will! That's striving! That's being a trailblazer! An explorer! Going into space! Mathematics! Quantum mechanics! The secrets of the universe! It's all there! Life is fiery with its beauty. It's incredible detail tuning in to it. Unlock your human potential, defeat the globalists who want to shutter your mind. I want to see you truly live, I want to see you be who you truly are! I don’t want my progyny whos coming, my unborn grandchildren and great grandchildren to live in this nightmare system these control freaks created. Thats why I don’t have fear, I only have fear of myself and my flesh and not being up to the challenge. I ask you to look in the mirror and ask yourself, what are you doing in this time of great challenge, what are you doing to unlock minds? Once you unlock a mind, once you unlock somebody, then they can unlock their soul. Just let the regulators know that we have a finite time on this planet, and you can be viciously mediocre, you can get after it. And to the haters, we have been honed into a machine of lethal moving parts that you would be wise to avoid if you know what's good for you. We will not be intimidated, we will not back down. We've seen war; we don’t want war. But if you want war with the United States of America … someone else will raise your sons and daughters. I love burning the short sellers. Some also may say I'm not even a good trader, I'm just lucky. To them I say, what's the difference? Thank you for your attention to this matter. See you later, spacecowboy.