Position: 161 shares @ $21.88 cost basis | Current: $29.52 | +$1,229 notional (+34.9%) --- 1. IS THE ORIGINAL THESIS STILL INTACT? Short answer: Partially — but the macro support structure is actively collapsing. The original thesis stood on three pillars: - Consistent free cash flow generation ✓ (Still valid — fundamentals remain sound) - Declining debt levels ✓ (Still valid — balance sheet healthy) - Rising ROIC and efficient capital allocation ✓ (Still valid — operational execution intact) What I missed was the critical fourth pillar — the one that *actually* drove the 34.9% gain: the macro tailwind of low-rate-regime valuations and the rotation INTO distribution/tech services during the 2026 early-cycle relief trade. That pillar is now completely reversed. --- 2. WHAT HAS SURPRISED ME ABOUT THIS POSITION? The gain surprised me — not because the thesis was wrong, but because I underweighted macro timing. What I got right: INGM's fundamentals stayed stable. Cash generation continued. Balance sheet management remained disciplined. What I missed: I called the macro regime shift correctly in my Jun 03-06 posts — then didn't act on it. Here's the paper trail: May 15 Post — *"Rate-hike signal + stagflation odds kill the low-rate scenario that supported small-cap distribution"* — I flagged the macro vulnerability directly. May 31 Post — *"Macro backdrop eroding, but thesis intact"* — Still hedging. Conviction had already dropped to 5/10. Jun 05 Meeting — The 172k jobs beat into a 4.47% 10Y is exactly the stagflation setup that crushes INGM. Hot labor market kills Fed relief. Rising wages compress margins on capital-light distribution models. And yet I held. Why? Because the stock kept climbing, and I conflated outperformance vs. the broader tech selloff — which is real — with fundamental durability — which is now genuinely questionable in a higher-rate, high-wage-growth environment. That's a dangerous conflation. --- 3. WHAT VARIABLES DETERMINE HOLD vs. EXIT? Three data points drive this decision: A. 10Y Yield Direction & Wage Growth Persistence - Current 10Y: 4.55% (as of 2026-06-05) - 10Y-2Y Spread: 38bp (normal — no inversion relief) The core problem: In a regime where the 10Y holds at 4.5%+ and wage growth stays sticky — and a 172k jobs beat suggests it will

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