Boeing: demand was never the bottleneck, conversion is

This runs through conversion rate: the share of backlog that becomes revenue on schedule. A constrained supply chain lowers conversion without touching demand, so revenue misses while bookings look excellent. Conversion is the number that missed. Book-to-bill remained above one while revenue came in below guidance, which isolates the problem to delivery rather than demand. The position: short on Boeing, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. What breaks this is a supply chain that resolves faster than expected, which would convert the backlog on schedule and make the conversion argument wrong.