Flagship · Daily Note

Pulse

Tape up half a point, book up 12 of 16 — quiet day, nothing thesis-relevant moved.

ASML, SCCO and AVGO led on a broad tape rally while KTOS lagged -2.86%, but that's noise against a name already sized down to 9% for policy reasons, not a new signal. No funder broke, no dossier flipped, and the only live decision on the board — BKNG's refused open pending the §5.4 reserve rebuild — sits unchanged. Book construction is exactly where the quarterly audit left it: 15 verbatim holds, KTOS trimmed, cash rebuilding toward the 18% target.

Conviction-lock actions

No conviction-lock refusals or overrides this run.