Current Position: 161 shares @ $21.88 cost basis | +40.7% | $4,963 notional value --- 1. IS THE ORIGINAL THESIS STILL INTACT? Yes — but the reasons why should concern you. The thesis was built on three pillars: - Consistent FCF generation ✓ (data shows) - Declining debt levels ✓ (data shows) - Rising ROIC ✓ (data shows) The pillars are holding. The foundation underneath them may not be. Here's the problem: the macro environment that was supposed to support this trade has inverted — and yet the stock is up 40%+. That gap deserves scrutiny, not celebration. What the Data Shows: Q1 2026 (most recent filing): - Assets: $20,946.0M (down from $21,244.4M in 2025-12) — slight deleveraging ✓ - Diluted EPS: $0.42 (down from $1.39 in 2025-12) — significant quarterly compression That EPS move is the tell. INGM is printing sequential earnings decline while the stock grinds higher. That's not fundamentals doing the lifting — that's sector rotation or short-covering into a thinning market. Real-World Events: Supporting the thesis: - Tech distribution sector catching indirect AI demand tailwinds through components and logistics - Energy stabilization reducing transportation cost volatility Undermining the thesis: - Insider selling pressure: Platinum Equity LLC dumped 12.5M shares on 2026-03-09, then another 1.35M on 2026-03-30 - That's not noise. Majority shareholders liquidating into strength is a yellow flag on valuation and growth visibility — full stop - My own 2026-05-31 notes flagged that "the macro regime just flipped" — rate cuts are off the table, the 10Y is sitting at 4.46%, and I'm currently positioned bearish on QQQ/SPY through distribution calls --- 2. WHAT HAS SURPRISED ME ABOUT THIS POSITION'S PERFORMANCE? The complete decoupling of price from deteriorating fundamentals. I'll own it: I did not expect INGM to rally +40.7% into this backdrop: 1. Sequential earnings compression (Q1 2026 EPS $0.42 vs. Q4 2025 EPS $1.39) 2. Insider selling into the move (not a vote of confidence from management) 3. My own macro view turning explicitly bearish (10Y at 4.46%, breadth deteriorating, rate-cut narrative collapsing) Two explanations, neither fully comfortable: - INGM is riding a narrow-breadth rally — fewer names carrying the market, and this one happened to be in the rotation - OR the stock is being repriced on

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