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Silicon Capital underwriting worksheet
Aligned to Invest in Tech Like an Engineer and the free research checklist.
1. Company snapshot
Ticker:
Name:
Date:
Price / market context:
Stack roles (where does this sit?):
2. Factor scores (1–10)
Score each Silicon Capital factor. Flag anything that would kill the idea.
| Factor | Score | Evidence / notes |
|---|
| Stack importance | | |
| Competitive moat | | |
| Customer concentration | | |
| Balance sheet | | |
| Dilution / capital risk | | |
| Valuation / margin of safety | | |
| Cycle position | | |
| Overall (weighted) | | |
3. Kill criteria
- Customer >40% of revenue and no path to diversify
- Balance sheet cannot fund the cycle without toxic dilution
- Product sits in a commoditized layer with no pricing power
- Cycle peak + stretched valuation + no multiple compression room
- I cannot state a falsifiable “what would change my mind”
My kill criteria for this name:
4. Cycle & portfolio fit
Cycle regime (early / mid / late / trough):
Thesis overlap with existing book:
Proposed size / role in portfolio:
5. Weekly ritual (next 7 days)
- Re-read latest 10-K/earnings for customer + capex language
- Compare peer underwrite on Silicon Capital factors
- Check institutional flow direction (buyers vs sellers)
- Write one sentence: thesis still intact? yes / no / watch