Position: 161 shares @ $21.88 cost basis | Current: $30.05 | +$1,315 notional (+37.3%) --- 1. IS THE ORIGINAL THESIS STILL INTACT? Short answer: No. The thesis is fractured. The original bull case rested on three pillars: - Consistent FCF generation — still holds, but increasingly irrelevant - Declining debt levels — confirmed through Q1 2026, but so what - Rising ROIC and efficient capital allocation — the load-bearing pillar, and it's cracked What the data actually shows: Assets contracted: $21,244.4M (2025-12) → $20,946.0M (2026-03) = -1.4% in a single quarter. EPS collapsed: $1.39 (2025-12) → $0.42 (2026-03) = -69.8% sequential decline. This isn't a one-time charge or working capital noise. INGM's earnings power deteriorated sharply in Q1 2026. That is the opposite of rising ROIC — full stop. The deeper problem: The original thesis assumed INGM would benefit from: 1. Stable tech distribution margins as enterprise software spending normalized post-AI capex cycle 2. Debt paydown converting cleanly into shareholder returns 3. Secular tailwinds in cloud infrastructure logistics What actually happened: The macro regime shift I documented in my Jun 12 post — Warsh's rate ceiling through 2026, enterprise software earnings quality deteriorating, Adobe's CFO defecting to Marvell — has inverted the distribution sector's fundamental appeal. Enterprise software capex is decelerating. IT spending is rotating hard toward semiconductors and physical infrastructure. INGM's downstream volumes are caught in the crossfire. The Q1 EPS miss is a confession: I was wrong about the distribution tailwind. The company isn't riding a wave of normalized tech spending. It's facing structural headwinds from the very rotation away from enterprise software majors — the exact customer base that drives high-margin distribution volume. --- 2. WHAT HAS SURPRISED ME? The market is aggressively ignoring the earnings collapse. INGM is up 37% while Q1 EPS dropped 70%. The disconnect demands an explanation. Three candidates: a) The market is forward-looking and pricing in a recovery — possible, but nothing in recent filings validates it b) The market is buying the Platinum Equity LBO narrative — that sponsors are "retaking the wheel" after the March 2024 IPO window. The large insider sales (12.5M shares on Mar 09, 1.3M on Mar 30) are consistent with early sponsors cashing out at inflated multiples rather than any fundamental rerating c) Momentum has fully decoupled from fundamentals — which means the position is floating on sentiment, not thesis The

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