The Super Stocks Summit 2026: David Trainer’s top stocks based on fresh annual reports

Welcome everybody, glad to be with you today. I'm very excited for our Super Stock Summit. This is one of the best times of the year for new constructs. It's a very special time. It is a time when we are able to deliver insight and advantage that nobody else in the world can deliver, and it is only in these couple of weeks, couple of days where this delivery of value, where these insights are actually even possible. It is impossible at any other time during the year to do what I'm about to show you that we do today. And we're the only people that I know of that can do this work and deliver this kind of insight, which is a big part of why New Constructs is able to generate so much alpha in a variety of different places. We've got a very successful index and, and investing strategy based on live trade indices that have dramatically outperformed. No better track record than a real Live Bullets stock market track record. And the reason we can deliver insights like that that outperform is because of work like what I'm about to show you today. The Super Stock Summit 2026. These are my top stock picks based on the freshest Annual report data of the year. Let me jump right into it here. First, disclosures and disclaimers. We are not investment advisors. We are not giving tax advice, investment advice. We are simply providing and publishing information that makes you a smarter potential investor or can support more intelligent investment decision-making. As I mentioned, I want to hear from you in the chat. What kind of investor are you? Is this your first time with us in particular? And then if you want me to analyze any tickers here at the end, get them in here now so I can see them and we can start counting and taking a vote or counting the votes. So today we're here for one reason, and that reason exists now only in March of 2026 and won't exist again for another year. In the last couple of days, weeks, we've been seeing publicly traded companies file their complete 10-K annual reports. This is something that happens once a year. We're processing that data, all of it, through our best-in-class models, and we've identified a specific set of what we call super stocks based on fresh proprietary data pointing out right now as unique opportunities. Let me start by saying we're in one of the most confusing markets in the last 25 years. The takeaway is pretty clear here. I haven't really seen anything like this, like, since the dot-com bubble. And there's been a lot of comparisons, but I think the ones that matter most are the narrative bubble, right? The AI is going to disrupt everything. The same thing was being said during the internet bubble. Same pattern, different technology. Back then, companies with no earnings got bid to the moon on internet hype. And we're seeing the same thing. Companies with no real cash flow are getting bid up based on AI hype. There's also a narrative chaos that reminds me of 1999. Just everybody blah blah blah AI, right? The narrative chaos is that Monday AI is going to destroy every SaaS company. Tuesday it's coming for lawyers. Wednesday CRMs are next. Thursday healthcare is under threat, right? Friday actually AI needs all of these companies. Investors are paralyzed and nobody knows where to look. And that's the same kind of fear and unsteadiness that Wall Street wanted to instill during the tech bubble. Because when you're unsteady and you're fearful, you tend to just do what they say, and that's what they want. But here's a reframing of everything that I want you to consider. The wrong question is which industry will AI disrupt next? The right question is which companies generate real cash flow regardless of what AI does? That's the question that Wall Street never wants you asking because they don't want you thinking about cash flow. They want you to jump from narrative to narrative. Because cash flow is about truth. And in a world where narrative can disrupt anything at any moment, the only true investment strategy is verifiable, durable cash flow generation. That's a timeless idea, and the market is rediscovering it. I don't see a sector rotation going on like what a lot of the narratives are saying. The Wall Street narrative, rotate from tech to energy, industrials, financials. What our data actually shows is something different altogether. The rotation is from low cash flow stocks to high cash flow stocks. That cuts across sectors. 2 companies in the same sector might have good cash flows and one might not. One might be good, one might be bad. It is easy, it's fun, it's sexy to paint the entire sector with the same brush, but that's not really how markets work or how sectors work. Sector rotation narratives, right? Wall Street likes these. Because it avoids the focus on cash flow. Cash flow narratives, Wall Street doesn't like them. You don't hear that very often at all. You ever hear them talk about cash flow? They don't want you thinking about cash flow because when you get to cash flow, you start getting close to the truth. And when you get close to the truth, you realize just how rare really good cash flow is. They need to keep that a secret because if you knew how many bad stocks are out there, you'd realize How wrong they are when they're trying to tell you how many good stocks are out there. So I'm looking at a Tier 2 market structure for 2026. Tier 1, companies with strong, verifiable economic earnings, AI resilient, fundamentally strong, likely to outperform. Tier 2, those are the companies dependent on narrative and manufactured earnings. They're vulnerable to disruption. They need accounting tricks to boost earnings per share. And Wall Street keeps the buy ratings. The gap between these 2 tiers is widening, providing more information out there than before. People are getting smarter. They're not just willing to be bored apes. Let me put this into historical context because I think this is useful. We've seen this movie before. Dot-com bubble, internet narrative. Companies with no earnings bid to absurd valuations. When reality hit, those companies collapsed. Companies with real earnings survived and thrived. 2021 to '22, meme stock collapse. Same pattern, same crash. '25 to '26, AI narrative. Companies with no real cash flow bid up on hype. History doesn't repeat exactly, But it does rhyme, and the underlying dynamic is the same here. I want to make one more important point about this AI environment because I think it's the single most important framing for today's summit. The only defense in an AI-disrupted world— AI can disrupt any industry, can take any job, it can eliminate any product, but AI cannot manufacture cash flow. For a company that doesn't have it. We call that pro forma earnings. That's where the cash flows get manufactured. Adjusted earnings or adjusted EBITDA. AI can't make that stuff up. It can't make something out of nothing. The one metric that transcends every narrative, that's the one we focus on— economic earnings. And right now, as most investors are confused by all the AI-driven headlines, we're excited. Very excited. Do the goldmine of data we now have on the market and in our hands. Confusion is opportunity when you've done your homework. And speaking of homework, 10-K reports. This is our annual gold every year. Just so you know, companies are required to file complete annual 10-K reports with the SEC. That's not going away anytime soon. We might get fewer quarterly reports, but quarterly reports are unaudited. They're missing data all the time. They're not that reliable. The Ks are where the gold is. Every accounting decision, every footnote, every disclosure, they're in the K. That data just arrived. And we're the only firm that's built technology over the last 20 years to read these things at a depth that no one else even attempts. I'm talking about the AI large language model firms that are out there dime a dozen. Doing deals, giving away their data for free. You know why they give it away for free? Because it's a commodity. And it's the integration cost. They want you to embed with them and move on. And I've done meetings and panels about AI with these guys. And they admit, oh, we don't even want to do analytics because our clients, they don't like it at the end of the day. They don't really want it. And that's true. A lot of investors just want to do the work on their own. But what if I told you no one does it as well as we do? Does it still make sense to do it on your own? Does it at least make sense to take a look at something that's proven? So every year with these 10-Ks, there's a small window between when annual 10-K filings are released and when the market has processed all the data in those filings, right? I'm not here to say the market never gets it, but it takes weeks, even months before the market gets through the footnotes in the way that we do instantly. This window opens once a year. The 10-K filing window. It's in March. It's when we have the freshest, most complete economic earnings data. And in this window is when we can find the most major risk mispricings before they close. It's important. This setup won't exist again until 2027. This is the most in-depth view of economic earnings we'll have all year. And our data has proven to drive alpha throughout the year, not just in March. Let's talk about Oracle for a second. Our system saw this at least a month before everyone else. We published a report, you can look it up on our website, November 10th, 2025, highlighting our AI losers story. Not everyone's going to win the AI race. We flagged real-world issues with Oracle's cash flow. The rest of the market was bullish on it. 30 days later, investors questioned their debt load, especially the off-balance sheet debt. What's happened? The stock's down 35% since the report while the market's down just 2%. And of course, we're also flagging good stocks. We're not here to say the sky is falling. We're here to say, do your diligence. And that's where you find alpha, is in diligence, reliable diligence. Case study, Photronics. A few months before we flagged Oracle as a loser, we identified Photronics as one of the few AI winners that we are willing to put a bet on. Because we were saying at the time, even before we found the Oracle hidden debt thing, we pointed out all these AI stocks are expensive. We can do better. And we did some digging. We highlighted Photronics. It's up 70% since we highlighted it. While the S&P is up just 5%. This is what identifying genuine economic earnings looks like on both the good side and the bad side. In short, our analysis runs ahead of the market. And by the way, the only way to get an edge is to be ahead, not behind, and not just a follower. Here's why we're ahead. The market relies on GAAP earnings, analyst estimates, press releases. We rely on true economic earnings from complete filings. The market has to wait for headlines to confirm what the complete filings show. By the time the news breaks, the fundamental signal was there for a long time. Our edge? We measure the fundamental reality before the market prices it in and open the window for our clients. With this preamble in mind, I'd like to dive into the main topic of the day. The Super Stocks. In 2024, we launched a special project called the Super Stock Bundle. This was a brand new concept based on a discovery our analyst team made. We identified stocks with a very specific set of criteria that went beyond our proven superior rating system. These stocks were remarkably undervalued relative to their current price and had the potential for abnormal returns in a relatively short amount of time. Why is this such a big deal? Because the results from the last year are in and they are proven. Super Stock Bundle 1.0, the results— huge winners, including gains of 106% for this financial services company. A technology company that we picked up 53%. An asset management company up 50— up 76%. Since we made it a Super Stock. Super Stock Bundle 2.0, the outperformance continues with winning stock picks showing gains of 54% for a basic materials company that made it on the Super Stocks list, 31% for an industrials company that made it onto the Super Stocks list. And then Super Stock Bundle 3.0. The outperformance continues, up 33% for an industrials Super Stock pick, up 24% for a healthcare Super Stock pick. We recognize that some investors would rather know the best stocks to pick right now. Now, if you're unaware of what a Super Stock is, do not worry. I'll be going into detail in this training to give you full context on what a Super Stock is and how we validated it. And if you're one of our new members and wondering why you should trust our research and our stock picks, let me provide a little bit of an intro. First, David Trainer. I've been doing forensic accounting and valuation work for close to 30 years now. I'm author of Modern Tools for Valuation and The Valuation Handbook. Now, Track record: our stock picking has beaten 16,000 buy-side professionals to be the number one rated picker in multiple categories for 57 straight months according to SumZero. Again, the number one stock picker out of 16,000+ buy-side real stock pickers in multiple categories. Including consumer discretionary and industrials. That's not bad. And again, I like to point out that's sub-zero. These are 16,000 people who are professional stock pickers, not a bunch of individuals throwing spaghetti at a wall and hoping to get lucky on a penny stock. These are professionals. And we've consistently— it's 57 straight months. It's unbelievable. Now, this next fact is even better. We've been vetted and validated by prestigious institutions. And I've been asking my audience for years, name another research firm who's had papers from MIT Sloan, Harvard Business School, Ernst Young, and Journal of Financial Economics published proving the superiority of their data, their ratings, and their models. Name another firm. Doesn't exist. And then we can even do better than that. How about outperformance of actively traded indices based on our research? Let's start with the Core Earnings Leaders Index. Beat the S&P 500 by 28% over the last 5 years. Last year, this portfolio was up 27% while the market was only up 18%. That's amazing outperformance. I've got another concept for you, even more interesting for today's presentation, and that's our Very Attractive Stocks Index. This is an index of just the very attractive stocks. A very select group of stocks. Only those stocks that get our best rating beat the S&P by 23% over the last 5 years. And probably even my favorite, they're all my favorite. I love all my children equally. But this index is interesting because it's an enhanced S&P 500. It just says, instead of weighting all the same stocks based on market cap, we want to weight stocks based on Guess what? You get alpha, 22% of it over the last 5 years versus the S&P 500. So I like this. I like to say, even if we don't pick the stocks, we can still outperform because we'll weight them more intelligently. And today I'm going to show you how to get my latest super stock picks, which could rival the performance of any RIAA fund. Our previous picks. So with that backdrop— why you should trust us, who we are— we hope you're as excited as we are about these new Super Stock Picks. Now, these picks are based on a combination of 2 extremely stringent criteria: a golden metric that we've studied, backtested, and validated, and our proven superior stock reading system. These picks should not be taken lightly because our track record speaks for itself and because our team is constantly analyzing our proprietary and proven superior data to find new, better ways to pick stocks. We have the best fundamental data in the world. It's proven. We're constantly figuring out how to leverage that data to generate alpha. Sure, Bloomberg and some of the biggest issuers in the world have already taken advantage of that and published in indices and ETFs. That's awesome. But there's always new ways on the margin because we have a treasure trove of data. And after researching and completing backtests on stocks, the results we found are astounding. Plus, the outperformance of the actual picks further confirms that our theories on our data are true. Now, our golden metric Find stocks that almost no one else can find because no one else has our data. And I put almost in parentheses because I don't know everybody in the world. I don't know anyone else that can do what we do or even comes close. Look, I think the reason we're emphasizing how different our stuff is, because I think there's only 2 kinds of research. One matters and one doesn't. There's the stuff that everyone else can do, and there's the stuff that only great investors can do that gives them an edge. To make money. It's as simple as that. It's what everyone else can do, and there's what only the few and the special can do. This is how you become great, right? It's the top 2% of athletes that do the best. It's the top 2% of investors that do the best. But you got to do something different, folks, if you want to win. And today we're going to give you that edge that we've created, and as far as we know, no one else has ever had. It's based on a discovery we made and indicates an excellent long-term future with potential triple digit gains. Stocks such as Accenture had this criteria. AutoZone had this criteria. And both of those— when this criteria came into place, Accenture went on to gain 935%. AutoZone went on to gain 830%. These great stock picks led us to do more research into the golden metric that these hidden gem stocks all had in common. A friend of mine pointed out, hey, what about this company? Amazing. What about that? And I was like, oh, but had this in place. And he's like, maybe you should find more stocks like that. I said, you know what? I don't think it exists. It's just like super rare. You never know, David, you have a big database. And we went in and we found that it was more than just 1 or 2 stocks. And so we thought we could put a bundle around this. So what is this golden metric I've been hinting at? Simple. When economic earnings are greater than GAAP earnings. Simple concept, very difficult to execute. How do we calculate economic earnings? This is our proprietary adjusted formula. I'm going to show you some stuff on ChatGPT in a second where they talk about economic earnings, but you'll see they don't really have a clue. Why are economic earnings better? When you go back and read all the history of the stock market and you go back to even Adam Smith and Charlie Munger and Ben Graham and Warren Buffett, they'll talk about economic earnings all the time. This is not a new concept. It's just not one that's popular because if people talk about economic earnings too much, guess what? All those Wall Street buy-rated stocks, the illusion disappears. So specifically, economic earnings are better because they are based on the complete set of financial information: income statement, balance sheet, cash flow statement, and the footnotes. So you're taking into account the entire body of financial information. GAAP earnings, it's like going to the doctor saying, I'm sick. The doctor looks in your ear and makes a diagnosis. You're like, how are you making a diagnosis just based on my ears? And he's, I don't know, that's what Wall Street told me to do. Economic earnings, like going to a doctor and they do a full blood panel, total body exam, look at everything, and then they give you a diagnosis. That's the difference. Economic earnings are also standardized and normalized across all companies. They're a more accurate representation of true underlying cash flows, and they're better for finding hidden gems in the stock market. So here's some examples on how to calculate economic earnings. We did this work back in 2021 on Bumble. And the math is net operating profit after tax minus weighted average cost of capital times invested capital. These are maybe some complex financial terms you might not be familiar with. Look them up. They're well known. A lot of people talk about these terms. No one executes them as well as we do. Ernst Young wrote a paper published based on exactly that topic, how we do these complicated financial metrics better than anybody else. And you can see here, huge difference. Economic earnings were negative $383 million when GAAP earnings were a positive $318 million. Bottom line, If a company is not generating positive economic earnings, it is not creating shareholder value. Now let me show you how this has worked in the past and have a look at the stocks we mentioned before to see the hidden metric in place. I mentioned Accenture back in November of 2002 after analyzing its 10-K. Economic earnings were greater than GAAP earnings. Stock was up 935% while the S&P was up just 612%. You can see a page straight out of our models identifying the difference between economic and GAAP earnings. Similar story with AutoZone. 2012, we saw economic earnings greater than GAAP earnings. Stock went on to more than double the S&P 500 over the next few years. Now, it's important to realize how rare this metric is. More on that later. But also how large the true difference between economic earnings and the reported GAAP earnings can be. Over the last 25 years, I found more than 30 GAAP loopholes that can distort a company's earnings. What does this mean? There are flaws in the current accounting system that allow companies to overstate GAAP earnings. Folks, I know this as well or better than anybody else. I spent 5 years on the Financial Accounting Standards Board as an advisor to the Investor Advisory Committee. We did nothing but talk about this kind of stuff, largely talk about trying to fix it. And we did make some improvements to the off-balance sheet debt. Sometimes these distortions occur by chance, but more often than not, they are deliberate. And you're talking to somebody who's been looking at annual reports since 1996, my friends. 30 years is when I started doing this work. I was at an accounting firm you may have heard of. It was called Arthur Andersen. It is no more. I left before it blew up. So I first started looking at annual reports and learning that the flexibility in GAAP rules creates loopholes that companies can exploit to manipulate their reported earnings. That's why they told me to go look at footnotes back in the days at Arthur Andersen. In other words, The numbers can be manipulated. The reported numbers can be manipulated to make earnings and profitability appear more impressive than they truly are. Guess who loves this? Corporate America, Wall Street. Why? Because it helps them sell more stock. That's the tough truth of today's stock market, my friends. You cannot trust GAAP earnings or any earnings from companies or Wall Street. They're in the business of selling stock, not making you rich. They're in the business of making themselves rich. Thankfully, over the past 20-plus years, we've trained our system to identify and close these loopholes and uncover the true distortions between economic and GAAP earnings. These distortions help warn investors about bad stocks in the market, such as Beyond Meat. We called out for the IPO. Since then, 99%. Groupon down 91%. Allbirds 79%. You ever heard of our zombie stock list? It's a good list. So we're looking for the bad and the good. And the good is what we're talking about today because we're talking triple-digit gains. Bath and Body Works. When we discovered that our proprietary adjusted economic earnings were greater than accounting earnings, stock went on over the next year to rise 430%. Same with the Natural Resource Partners. Over the next year, rise 260% after we saw that economic earnings were greater than accounting earnings. DXP Enterprises. When we saw that economic earnings are greater than GAAP earnings, over the next year, it rose 160%. These picks are not like a great new crazy concept. It's just that we can execute them with precision in a way that no one else can. Warren Buffett has been talking about this philosophy for years, noting the difference between a good company and a good investment. Look, investors making purchases in an overheated market need to recognize that it can take an extended period of time for the value of even an outstanding company to catch up with the price paid. What we're talking about is getting ahead of that. The price has not caught up to the value yet. We are doing it the way that Warren Buffett said to do, but But with better precision and AI that never existed before. It's an investor superpower. It's an investor superpower to find companies earning more than what the market perceives. That's how you get an edge like the greats. But you can only do that if you have the right research and the data to see where economic earnings are greater than GAAP earnings. Heads up: Google ChatGPT will not give you an accurate list of companies where economic earnings are greater than gap earnings. And you know what? I decided I wanted to share a little bit on this front. I went into ChatGPT, and I asked it, show me the difference between gap earnings and economic earnings for Domino's Pizza. Let's see here. Gap earnings, what most investors see; economic earnings, what actually creates value. That's true. That's the right formula. I don't get any numbers here, do I? If you go into our AI, you will get a very specific formula. How about how many stocks in the S&P 500 have economic earnings greater than GAAP earnings right now? Here's what the answer from ChatGPT is, my friends. The best available data on this comes from New Constructs. S&P 500 GAAP versus core economic earnings, which is the closest Apples-to-apples measure of economic earnings greater than GAAP earnings. And by the way, this is incorrect. This report they're talking about was based on core earnings, which is not the same as economic earnings. Core earnings are bigger than GAAP earnings way more often than economic earnings. And so this answer, 60% to 70% of the index, wrong. And they— I like that they reference our reports here. This is great, but it is wrong. Wrong. Clean framing. Economic greater than gap, 67%. Gap greater than economic, not true. So, friends, try this on any AI you want. You won't get a good answer. Their numbers, everyone else's numbers are based on faulty data. And they're not gonna give you a good read on what's really happening. And this is true about all AI. You guys will hear me talk about this even more later. Almost all the AIs out there, it's like they pretend that they just continue to recycle the same old internet data over and over again. It's gonna somehow get better. It's like washing the same clothes over and expecting them to be brand new. No, sorry. Here's what it looks like visually using our research platform. Economic earnings versus accounting earnings drawn out specifically. We designed systems over 20 years ago to analyze just this fact. Here are multiple examples of companies where economic earnings are greater than reported earnings, but it is rare. So when this metric is in place, eventually those profits, those accounting earnings, they catch up to the economic earnings and it boosts the stock price. The key is getting your money in ahead of the crowd. It's too late when everyone else has figured it out. Now, I should be transparent with you. Although our hidden metric of economic earnings greater than GAAP earnings is extremely powerful and rare for stocks to have, It is not the be-all end-all to find a quality stock pick. It's still important to find a stock with this metric in place that also has a cheap valuation that's poised to explode. And that's what our proven stock rating system is exactly designed to do. Our ratings are powered by our proven robo-analyst AI. Harvard Business School wrote a paper about our robo-analyst AI. being a better stock picker than humans. It's based on these 5 criteria. An RAI has the ability to comb through thousands of pages of financial filings with precision, unrivaled precision, analyzing every line and footnote. No wonder some of the top executives from some of the biggest and most successful firms in the world have been or are clients of ours for this research. Our technology superpower is finding these earnings distortions across thousands of publicly traded companies. And our rating system is based on 5 key metrics: economic earnings versus reported earnings— it's front and center, it's the number one metric— return on invested capital, Warren Buffett's favorite metric, 2-year average free cash flow, price-to-economic book value, and the market implied growth appreciation period. You'll notice there's 2 buckets here. Quality of earnings and valuation. Valuation gets 3/5 of the average. These all get averaged up into the overall rating. Valuation matters. That's the point Buffett made before. It doesn't matter how good the company is. If it's all priced in, it's going to take you years to ever make any money in that stock, if ever. So you need to know whether or not a good company is a good stock. That's what our valuation metrics do. And this market implied growth appreciation period is is a really special metric as well. Nobody else in the world has that. It's based on our best-in-class reverse DCF model, reverse discounted cash flow model. Now, it's important for you to know that our system makes it simple for you. Green means good, red means bad. We're not here to overplay the complexity here. We do the work so you don't have to. All 5 metrics play a critical role, and these metrics help us gauge the quality of a company's earnings and determine if the stock is priced correctly in relation to the true earnings. As I mentioned before, this rating system is so good, Harvard Business School published a 60-page paper on it. It's the only stock rating system that has an official US patent behind it. Our roboanalysts process and structure data from over 200,000 filings. That number is really closer to 500,000 when you take into account all of the scenarios we're able to actually get the roboanalysts to run against itself. We say, hey, roboanalyst, go parse this filing and then grade yourself against what the human experts have said. And it's those human expert marked up filings that are really our data moat, our biggest advantage. 20 years of optimizing AI for financial statements analysis, and we've fed our AI 43 billion data points in order to inform it how to Automatically parse the majority of data in order to inform our proprietary ontology that's proven to generate alpha in order to inform it how to navigate footnotes in the MDNA. And by the way, XBRL doesn't work on the MDNA. It doesn't work well in the footnotes either. And this is why I got $400K here, because the number of filings that the machines actually worked with It's multiples of what the $200,000 is, what our experts over the years have perfectly marked up to be sure 100% correct. Those are the answer key that we feed our proprietary engine and our AI. So when you look at it like this, New Constructs has actually analyzed 4 times as many financial statements than what people believe Warren Buffett analyzed over his lifetime. That's how much work we've done. That's the value of machines. When they are fed good data, you can trust them to do great things, but only if they are fed really good data. Our AI is built on proprietary technology to standardize complex financial disclosures into accurate measures of economic earnings and core earnings. These metrics are proven vital for assessing a company's true financial health. Take that in for a second. Built on proprietary technology to standardize complex financial disclosures into accurate measures of economic earnings and core earnings. Roboanalyst technology delivers alpha from the footnotes, which Harvard Business School proves the market is missing. The market is missing footnotes. Most investors and professionals don't have the time to find and read footnotes. As Tom Brady says, to win in this world, you have to be willing to do things other people will not do. It's what I said before. You have to have an edge. You can't just do the same thing as everyone else and win. You got to be something better than somebody else. And that's what the footnotes are for us. Footnotes are hard to analyze because they are buried in 200-plus page filings. But that's what's required to do proper diligence, to get an edge. And to win, that's why we're so psyched about the Super Stock Bundle. And by the way, even if you're doing it, the process costs millions of dollars per quarter to get this stuff right. And that's why almost nobody does it. It's much simpler to get somebody entertaining on CNBC to shout buy buy buy from the mountaintop. And the sad truth is. That's all they're doing. Buy, buy, buy from the mountaintop. 96% of stocks that Wall Street covers get a buy or a hold rating. Makes no sense. You should own 96% of all stocks. That sort of sounds more like a used car lot. 96% of these cars are good to buy. That's because Wall Street analysts' paychecks depend on you buying stocks. That's how they make their money. They don't make their money giving out good advice. They make their money suckering you in to buy stocks. So that the bankers can make money. So while Wall Street wants you to buy or hold 96% of stocks and new constructs, less than 13% get an attractive rating, better. Only about 3.5% of the stocks we cover get our best rating of very attractive. By the way, that number is very close to the percentage of stocks that have created all the value in the stock market since 1927. No coincidence there. Meanwhile, according to more recent data, 50% of Wall Street ratings are listed as buy compared to our 13%. There you go. So I've said this before and I'll continue to say it. Trusting Wall Street is like trusting tobacco companies saying that cigarettes are not harmful or addictive. So why is our research different? Diligence. We've done the homework, analyzing thousands and thousands of pages of SEC filings, building up a proprietary database of over 43 billion data points to uncover critical data that is often legally buried in the footnotes. You may also be wondering, sure, your stock ratings and new constructs are different from Wall Street, but how do we know they are better? How about 57 straight months as number 1 on SumZero? How about some of the biggest and most respected institutions vetting our work? Not only does our research protect you from false buy ratings, it shows you the true buys, those stocks that are attractive and very attractive based on superior research. We're not just here to tout one side or the other. When you have a better mousetrap, it works on both ends of the spectrum. Remember, less than 13% get a good rating from us. So when you have a stock that gets both an attractive rating and economic earnings greater than GAAP earnings, you'll be able to find stock plays that can demolish the S&P 500 in the next few years, such as Capri Holdings. When we discovered that economic earnings were greater than GAAP earnings, the stock went on to rise 220% in the next year. Fundco. When we saw that economic earnings were greater than GAAP earnings, the stock was up 110% in the next year. Argonne. When economic earnings were greater than GAAP earnings, stock was up over 90% within a year. Now you notice we're going back in time on these. We don't have a bunch of these to pull from. 2020, 2016. When we delivered this Super Stock Pick to our clients back in September of '24, The stock went up 106%. This asset management company was up 76% after we delivered it as a Super Stock Pick. And this industrials company up 33% after we delivered as a Super Stock Pick, right? This one a year ago, Super Stock Pick up 76%. Based on our current data, only a small handful of companies have this hidden metric, economic earnings greater than GAAP earnings. in place, and even less have an attractive or very attractive rating from our rating system. When we scan thousands of stocks, there are precious few stocks meet these special criteria. Plus, we've just analyzed the 10-K filings, which only happens once per year. So it's super rare, and we just got the freshest data, huge amount. Gold data, probably close to 3,000 annual reports just in the last couple weeks. That's how we know this opportunity is extremely rare today. It's important to note these picks go above and beyond our typical rating system. This is special, like R&D secret stuff. They're considered outliers even amongst the attractive rated stocks in our system. We've not curated these stocks into a model portfolio. To be honest, there's not enough of them. They are special picks that receive a super rating. Why? Because not only are they rated attractive or better, they also have the hidden gold metric in place that no one else is able to see but us. We've been building and refining our data for over 2 decades now. Our data gets updated daily with new stock prices and any new filings from the SEC. And in this short window we have right now, early March, we've updated our models on over 3,000 stocks with the freshest financial data. Remember, we get very few stocks with these criteria in place, and when we do find these special stocks, we pay extra close attention because most of the time these stocks will have us shouting, it's time to back up the truck. And I'll be honest, when I was on Wall Street, I only heard that phrase maybe, maybe 3 or 4 times. You'd think you'd hear it all the time. Now, by the way, when I was on Wall Street, these were the internal institutional salespeople-only calls. This is when the analysts talked internally, not what they said to the world. This was the internal conversations. Only heard it a handful of times over 5 years. Now, with my number 1 stock pick report, you're going to see, get the same detailed information that's normally available only to professional members. The Pro members get access to these reports on all the companies we cover for $12,000 a year. That's a crazy good deal. But each one of these reports by itself, standalone, probably cost you $25,000 to pay a Wall Street person to recreate with anywhere close to the integrity of our reports. And also, to ensure you get off to a swift and successful start, I'll be throwing in a bonus exclusive member-only call— members-only call with me. You can ask me anything you want. I'll make sure that you understand how everything works, including explaining all these picks and what makes them special. Now, with this type of potential on the table, it's easy to see why some of our clients pay us $12,000 a year, $150,000 a year for access to our research. The comprehensive nature of our research entails countless pages of data documentation, including information from the balance sheets, Income statements, cash flow statements, footnotes. Producing and maintaining this level of detailed research would set you back millions of dollars each quarter. How do I know that? My clients tell me every year. They're like, David, I'll be honest with you. This is a really good deal. $150,000. It's a really good deal. It would cost me millions if I tried to do this on my own. We've got some great clients. It's great to have clients that will be honest with you about that. And they know I'm not trying to gouge them either. $150,000 is an amazing deal. Our memberships at New Constructs give them access to a level of depth of financial research that's a gold mine to financial advisors and hedge fund managers. You could say this deal that we're giving you, though, is even better because we've done the screening for you to find the stocks that meet not the most strict criteria, but also the most intelligent criteria. And we're delivering all this to you on a silver platter. No need to go to a website. No need to pull anything. We're coming to you with the best stock picks that we can pull from our system available. How about a few notes from our clients? Nancy, along with your integrity, we appreciate your commitment to maintaining high standards and your courage for saying so. I want you guys to let me know if you have any other research firms who have clients that say the same things. Simply and instantly, you can see how your stocks or funds are rated. I highly endorse the New Constructs system as one must-have tool in any stock or fund selection system. Going from marked-up footnotes and filings to reliable, easy-to-understand indicators of a company's performance is a huge undertaking, and you deserve my utmost respect. And I expect to continue using New Constructs throughout my life. To avoid ever running out of money. When I say you're going to be a customer for life, this is why I say things like that. As a business owner, I know how financials can be manipulated to put forward best-case scenarios, thus hiding critical information. Your research digs that out for me, provides a high level of confidence in my selection process. That aligns with our mission from the beginning. The title of my business plan, And I wrote this business plan back in May of 2002. Title of my business plan, Improving the Integrity of the Capital Markets. And that's our mission. And that means that we're not just here to help out the big firms. And by the way, they are our clients too. We're here for everybody because we want the market to be more efficient because I think that's what drives standards of living. And ultimately, that's what keeps us as good stewards of our resources. And to me, Stewardship of our resources is probably the single most important economic thing we do as humans. Waste not, want not. Be a good steward. So, quick questions. What if I already have access to the previous Super Stock Bundles? Will they all be the same stocks? No, these are brand new picks. This is a special time. Once a year we get the new 10-Ks, and this is the time. This is the one. This is a brand new bundle. There will be no overlap from previous Super Stock bundles. You will receive brand new stock picks based on our strict criteria. Question number 2, how many stocks will I be receiving? Well, that depends on what you buy. You can do 3, 5, or 7 stocks total. No matter which tier you select, you will immediately receive the first Super Stock pick delivered to your inbox upon signing up. Are the super stocks released in, in the new bundle guaranteed to have a double or triple-digit gain in the next year? No, we don't make guarantees. No stock writing system can ever promise a specific return. We're highly selective, but we cannot guarantee. And if people start saying guarantees, that's borderline illegal, I think, and not inappropriate. So look, I can't predict the future. You never know what's going to happen. How do we know New Construct stock picks outperform? How about our live traded indices? What better performance than live traded real stock market bullets? Proven outperformance. The Core Earnings Leaders Index beats the S&P by 28% over the last 5 years. The Very Attractive Stock— the Very Attractive Stocks Index beats the S&P by 23% over the last 5 years. Core Earnings Weighted S&P 500 Index. Beats the S&P by 22% over the last 5 years. All right. Live demo time. Here's that report we told you about Oracle and a summary of what we did there. Kyle, let's get started here. And if you would let me know which stocks have been the most popular today. Yeah, I think the first stock pick that we had multiple requests was for TSMC. All right, let's go to the ratings page in our system. This is our professional/institutional membership, and here's how it works. Type in TSMC, get an answer: Taiwan Semiconductor Manufacturing Company. So good company, bad stock. You got to have both, folks, right? Now we've got strong quality of earnings, and notice gets our best ratings for quality of earnings. But it's not super stock material. Economic earnings are less than accounting earnings. Doesn't mean the quality of earnings isn't really good. Still really good, but not super stock material. And the valuation is expensive. Credit rating, really good. Typically, we see credit ratings that are really strong whenever the economics of the business, the quality of earnings are strong. We could do a further breakdown. You can see accounting earnings, right? Reported earnings above economic earnings. Shares outstanding. Interesting difference between diluted and basic shares there. Return on invested capital. It's pretty solid. We look at margins and capital turns, free cash flow. Solid free cash flow, folks. Very solid free cash flow. Huge free cash flow. It's all priced in. Price to economic book value. You can see big divergence here between price and no growth value. It's expensive, right? Good news is already priced in. All right, Kyle, what's our next one? All right, I threw the next ones into a randomizer. So we got CTSH. Cognizant Technology Solutions. Ah, good job on this one, folks. We got it. We got a live one. We got a very attractive rating. Not a super stock, but a very attractive rating. Looking pretty good. Let's see how accounting earnings compare to our NOPAT. So here's how we show you all of our adjustments. NOPAT is our adjusted or fixed income statement. Now notice that with a professional membership, we'll show you all the adjustments we're making on the income statement. We'll show you all the adjustments we make on the balance sheet. We'll show you all the adjustments we make on valuation. We even will show you where Where these adjustments come from. This is an institutional client product, but you can see here a one-time non-cash expense of $390 million right there in the 2025 10-K. I told you good stuff in the footnotes. What page is this? Page 29. Yeah, deep in the filing. And we do this for all the filings going back to 1998, folks. Any footnote stuff here? Income statement adjustment, acquisition-related charge. buried in the footnotes. This is what makes us better than everyone else. This is why Harvard Business School, this is why Bloomberg, this is why Google all pay us or have paid us huge money for access to our data and our taxonomies. Okay, Kyle, we got time for one more. Last one, Microsoft, MSFT. Good company, not such a good stock. Trust me, Love this business. You got really high economic earnings. Not super stock material. Obviously not super stock material because it gets a neutral rating. But yeah, it's gosh, what a great business. And some of our clients, it's been a great holding for them. David, I don't like that you don't have an attractive rating. Like, hey, but you know what? You like how it's performed so well. So look, you can't have your cake and eat it too. A lot of our corporate clients are like get upset. Oh, why don't you have an attractive rating? Like, you don't want your stock to have an attractive rating. If you're a company, you want the stock to give you an expensive valuation. You want the stock to respect what you've done. You shouldn't be undervalued if the market understands you. That's why stocks like super stocks are so special. The market's missing something. You don't want the market missing something if it's your company. So anyway, Microsoft, good company, bad stock. All right, I believe that's all we have for today. Remember, click that link in the chat. And Kyle, were there any questions that you think I should touch on? The only question about how many stocks you would expect to see over the next month or so. I think that goes back to the different tier options. Yep, we maxed out at 7, folks. We think that's the best we're going to be able to do based on these 3,000 new 10-Ks. We think we're gonna— at best, we're gonna be able to find 7. We're committed to that. We've done our research and we've been able to see over past years, like, what's a real number? What's the right— what's the right optimal? And that's it. Good question. If you're a full member, about how many super stocks could one expect to see released over the next month or so? This is a special super stock bundle. So if you're a pro member, this is not included. This is special research on top of what you get as a professional member. This is not included as part of the model portfolio. Now, as a professional member, can you maybe figure this out? I think so. I think if you might be able to get it from the screener, it's going to not be straightforward, but we have sent added things to the screeners in our professional membership, um, that will make it easier. So for example, with our screeners, as a professional member, you can do a lot of really cool stuff. You can actually go in and see quickly— and I'm going to go the opposite end so I'm not giving away all the good stuff— but if you choose the best ratings and the best economic earnings direction, you'll get a list of stocks that gets close to Super Stocks. You won't get the exact list, but you'll get close. You're close. All right, folks, thanks so much for your time. I look forward to seeing you in the future. Hope to be there. Hope to meet you during our one-on-one members-only session. Those are a lot of fun. Last night we did our Long Ideas Dinner. Amazing opportunity. A lot of great insights. Great community. I think it's the most sophisticated and one of the nicest investor communities in the world, and it's the only one. That gets the benefit of footnotes. Thanks and have a great rest of your day.