Every name in the book plotted by how narrow its position is (horizontal) against how much the market has already
repriced it (vertical). The interesting quadrant is bottom-right: a strong chokepoint that has
not been bid up. Colour encodes the theme's central polarity — whether a company bears the capacity capex or
collects it.
Vertical axisView
Receives the capex — sells into others' expansion
Both — spending on its own plant while supplying others
Spends the capex — bears the FCF drag
How to read it. Horizontal position is the five-question chokepoint score (breakage, alternatives, qualification, share of
customer COGS, capacity constraint) — analyst judgement, with the raw inputs kept in
chokepoint_scores.tsv so they can be argued with. Vertical position is
Bloomberg market data at the close shown above. Only names in the strong-chokepoint band are labelled directly, to keep the plot
readable; everything is in the table view and every point has a tooltip.