Exactly five stocks.

No stock may enter while it is in the S&P 500 Top 10.

Maximum two holdings from one sector.

Initial positions are equal-weighted; afterward, weights drift. A stock only enters by replacing an incumbent.

No forced weekly trades.

Every entry requires a thesis, valuation case, principal risk and firing condition.

Trades execute at Monday’s official open following publication.

Every transaction and result remains permanently visible.

Fired companies enter Exile and continue being tracked.

Exiled companies may return - but must win a seat again.

SPY and QQQ are tracked using exactly the same dates. Personal ownership and conflicts are disclosed.

If no five stocks are attractive enough, a seat may temporarily hold cash rather than manufacture a recommendation.