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It serves the industrial and other non-construction commercial (or private non-residential) construction and residential construction. INVESTMENT THESIS: United Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a limited presence in Europe, Australia, and New Zealand. The aim of NEVI is to build out a national electric vehicle charging network of high voltage chargers along designated Alternative Fuel Corridors, particularly along the Interstate Highway System. Departments of Transportation and Energy announced nearly $5 billion over the next five years that will be made available under the new National Electric Vehicle Infrastructure (NEVI) Formula Program established by President Biden's Bipartisan Infrastructure Law. Industry analysts at Guidehouse Insights forecast that a total of 120 million chargers will be needed globally by 2030, providing a meaningful opportunity for ChargePoint to expand its charging footprint.

reached a milestone this past year with its 100,000th EV charger installed in 2021. As part of ChargePoint's Networked Charging Systems, subscriptions, and other offerings, it provides an open platform that integrates with system hardware from ChargePoint and other manufacturers. INVESTMENT THESIS: ChargePoint Holdings designs, develops and markets networked electric vehicle (EV) charging system infrastructure and cloud-based services which enable consumers the ability to locate, reserve and authenticate Networked Charging Systems, and to transact EV charging sessions on those systems.

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The core driver of the company's business hinges on continued growth in options trading volume and the company expanding its recurring non-transaction revenue. We like the sticky nature and predictability of that business. Viewed from a different perspective, 28%-30% of Cboe's revenue stream is from recurring non-transaction revenue that includes proprietary market data as well as access and capacity fees.

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The two primary drivers of the company's earnings are its options and North American equities business, which combined drive around 75% of its revenue but more importantly roughly 85% of its operating income.

Those operations include the largest options exchange and the third largest stock exchange operator in the U.S., one of the largest stock exchanges by value traded in Europe, and EuroCCP, a leading pan-European equities and derivatives clearinghouse among others.

INVESTMENT THESIS: Cboe's business, which centers on market infrastructure, data solutions, and tradable products for equities, derivatives, and foreign exchange across North America, Asia Pacific, and Europe.

But let's remember, the Fed has already shared there will be some pain for businesses and consumers as it looks to return inflation back to its target level. For context the August print was 51.8, and if we get a print below 50 for September, we are likely to see renewed worries the Fed will torpedo the economy in its inflation fight. These and other regional Fed manufacturing surveys suggest we are likely to see a weaker than expected print in the September ISM Manufacturing Index next week vs. And while it received far less media attention, the Dallas Fed Manufacturing Survey for September fell to -17.2 from -12.9 in August, with new orders for September falling to -6.4 vs. A pronounced drop in the economy was depicted by the regional September Chicago PMI that fell to 45.7 from 52.2 in August and widely missing the market forecast of 51.8. With potential production cuts from OPEC+ on the table and before too long the White House no longer tapping the Strategic Petroleum Reserve, the outlook for more meaningful declines in gas prices absent a pronounced drop in the global economy is uncertain.

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