I own Solstice because the market is pricing a confusing spin-off, not the multi-tailwind compounder underneath it: the only U.S. uranium-conversion business (~$2.2B backlog), a regulation-forced refrigerant replacement cycle, and pick-and-shovel AI exposure via electronic materials. A ~1.4x-levered balance sheet (~$1.6B liquidity) funds growth and a dividend, so the near-term risk is margin compression, not solvency. Fair price for quality — and I keep owning it while margins hold near 25%.