This month reads like three versions of the same story: whoever controls the bottleneck controls the scoreboard. In 1609, Isaac Le Maire tried to smack the Dutch East India Company back into its lane because monopolies eventually stop competing and start rewriting the rules. In 2026, Pinterest proved you can add users and print real GAAP profits, miss a revenue expectation by a hair, and still get publicly executed because ad buyers are spooked and the market is allergic to “maybe.” And the AI boom is taking that same logic into the physical world, turning electricity-linked land into a premium asset that can outbid housing—exactly why Oregon’s land-use system now looks less like a political quirk and more like a financial firewall.

— Managing Partners Drew Millegan & Quinn Millegan

When the market counts a company down and out, we take a second look. AdvanSix Inc. (NYSE: ASIX) is currently trading as if it were going out of business, having shed over 44% of its value in the last year. The "smart money" has fled the building, spooked by a cyclical downturn in nylon and a messy quarter.

But at Woodworth, we don't buy the narrative; we buy the numbers. And the numbers tell us that ASIX is a fortress balance sheet trading at 0.54x Book Value (0.61x Tangible Book) with a hidden cash flow catalyst that the market is completely ignoring. This is a classic "stretched rubber band" scenario where sentiment has detached from math.