Building new capacity
Construction in progress is 5%+ of assets and grew 20% in a quarter.
Plants, stores and data centers under construction sit on the balance sheet before they produce anything. When they open, revenue can step up while the market is still looking at last year's numbers. Delays and cost overruns are the risk.
$10,000 in this list since 2016
Rebuilt every month from the data public at the time
- Per year
- -0.3%
- All stocks +9.4%, S&P 500 +13.8%
- Worst fall from a peak
- -62%
- All stocks -35%
- Months ahead of all stocks
- 43%
- 120 months tested
- Stocks held, on average
- 4
- 14 months with none (held cash)
- Past 12 months
- +2.2%
- All stocks +4.1%, S&P 500 +12.4%
- Volatility, per year
- 35%
- All stocks 22%
- Sharpe ratio
- 0.09
- All stocks 0.40; return over cash per unit of volatility
- Replaced each month
- 27%
- Share of the list that changes at a rebalance
Live since Oct 19, 2026. Holding the list as published, rebought at each month end: -2.5% against +2.1% for all stocks and +0.7% for the S&P 500, to Oct 30, 2026. Too short a period to read much into.
- Building new capacity
- All US stocks, equal weight
- S&P 500 (price only)
Year by year
| Portfolio | 2016from Oct 31 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026to Oct 19 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| This list | +2% | +14% | -30% | -1% | +12% | +37% | -39% | -5% | -5% | +49% | -4% |
| All US stocks | +12% | +19% |
10 stocks on the list today
As of the close on Oct 30, 2026; 1 joined and 0 left since Oct 29, 2026
| # | Company | Share price | 1D | Market cap | CIP / assets | CIP QoQ | Capex/D&A | Rev. growth | Debt/equity |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $1.25 | −3.1% | $90.2M | 29.1% | 33.9% | – | −1.7% | – | |
| 2 |
More balance-sheet situations ideas
A list produced by rules, not a recommendation. Past results in the backtest don't predict future returns. How the backtests work.