- Information Hierarchy
- The set of concentric disclosure layers a public company produces, ordered by how forward-looking and lightly rehearsed each is: mandatory filings at the backward-looking edge, then material-event filings, then the earnings call, then the investor day at the most forward-looking core. Intentions flow from the inner layers outward over time, so reading the inner layers means meeting a signal early.
- Maintenance vs. Growth Capital
- The essential split within a capex figure. Maintenance capital sustains existing assets and is largely bookkeeping; growth capital adds new capacity and is the true forward signal. Total capex can rise while growth capital falls, so the number must be unbundled before it is interpreted.
- Power-Constrained
- A state, revealed in disclosure language, in which an operator's demand exceeds the electricity it can physically energize, so securing power rather than winning customers becomes the gating variable. A shift from demand-constrained to power-constrained language is a high-value signal that interconnection and power commitments are now the key thing to track.
- Pre-Registration
- The discipline of writing down, before reading a call, the specific questions to answer and the evidence that would confirm or break a thesis. It guards against confirmation bias by forcing the reader to look for disconfirming readings and to give them real weight, converting an ambiguous quarter into a genuine test rather than another chance to confirm prior belief.
- Purchase-Obligation Schedule
- The footnote table in a company's filings listing contractual future payments for equipment, services, and capacity, laid out by year. Read year over year, a jump in obligations due two or three years out reveals that long-lead orders have been placed and future capacity is coming on a schedule the reader can anticipate.
- Take-or-Pay
- A contract obligating a buyer to pay for a minimum quantity of power, transport, or capacity whether or not it is used, guaranteeing a supplier's investment. Because it puts the buyer's cash at risk against its own forecast, its size and duration are a clean, hard-to-fake measure of management's genuine confidence in demand.
- Triangulation
- The core analytical practice of treating disclosure language, hiring composition and geography, and network or power signals as independent witnesses to one underlying intention. Because the channels fail independently and each is costly to fake, their convergence sharply raises confidence, while any single channel alone is treated as a hypothesis.