The Cara 100, September 20, 2025

Excerpts from the Navigator 37 Report

In these notes, I explain the following key elements of our investment strategy:

• The Cara 100 Selection Criteria: The process for identifying top-tier investment candidates.

• The Barbell Approach: Our strategy for balancing high-risk and low-risk assets.

• The INSTAT System: Our proprietary tool for rating market performance and portfolio candidacy.

• Fair Value…