MNDY: right thesis, wrong price

The operational story is intact. The entry is not, after a move that already discounts two years of the plan. The position: hold with a defined invalidation level, sized to the catalyst rather than to conviction. Entry is locked at publication and the exit is dated. What would change my mind is written into the kill-switch card rather than left implicit. If the conditions there trigger, the call closes early and takes the mark. Risk: a macro shock large enough to overwhelm the single-name view. That risk is not hedged here and it is the main reason to size this smaller than the conviction implies.