DCF doesn't work for banks. Never has. When you ran JPM through our platform last week, you got "WACC: N/A" and a meaningless intrinsic value. That's because banks don't generate free cash flow the way normal companies do — they generate returns on equity and net interest margins. Today we shipped a dedicated bank valuation model. Run JPM, BAC, WFC, or any bank stock and you'll see: - **P/Tangible Book Value** — the metric that actually matters for bank valuation - **ROE** — are they earning enough on shareholder equity? - **Net Interest Margin** — how much are they making on the spread? - **Efficiency Ratio** — how lean is the operation? - **Dividend Yield** — sustainable income or stretched payout? No more broken DCF cards. No more N/A values. The AI narrative now evaluates banks on the metrics that bank analysts actually use. This joins our REIT model (FFO/AFFO-based) and BDC model (NAV/NII-based) — three sector-specific models that replace the generic DCF when it doesn't apply. Try it: run JPM and let me know what you think.

Quick technical update for those who care about what's happening behind the scenes. We made three improvements today: **1. Automatic sector routing** When you enter a ticker, the platform now detects whether it's a bank, REIT, or BDC and routes it to the correct valuation model automatically. You don't pick the model — we detect it from the company's sector and industry classification. **2. Bank-specific Buffett validation** The Buffett metrics table (gross margin, SG&A, debt/equity, etc.) doesn't apply to banks. Instead of showing an empty table, the report now explains that banks are evaluated on NIM, efficiency ratio, ROE, and Price/Tangible Book. Different business, different scorecard. **3. Cleaner PDF reports** The DCF Assumptions section (WACC, Cost of Equity, Beta) no longer shows for banks, REITs, or BDCs — because those numbers don't exist for sector-specific models. The report only shows what's relevant. These changes apply to all new valuations. If you ran a bank stock before today, run it again to see the updated report.

This is not a sell list. It is a list of companies that are at the high end of their valuation and depending on your hypothesis for the stock, you may take action. Questions are welcome.

I will be publishing this report 1x per month of standard members. As always shout out with questions. Note this is not a buy list. It is a place for you to start to think about your hypothesis for the stock if you are interested in owning it.