Core Insights - Rocket Lab's Q2 earnings surpassed expectations, indicating a shift from being a launch contractor to a vertically integrated orbital infrastructure business [1] - Approximately 70% of Rocket Lab's revenues now come from Space Systems, reflecting a significant change in its business model [1] Company Analysis - The company has achieved gross margins that suggest a strong financial position as it transitions into a more integrated role within the space industry [1] - The focus on multi-bagger stocks in the technology sector highlights the potential for high conviction investments with asymmetric risk-reward profiles [1] Investment Strategy - The investment approach combines financial analysis with behavioral finance and alternative metrics to identify breakout opportunities before they gain mainstream attention [1] - The strategy emphasizes understanding market sentiment and investor behavior, which can create persistent inefficiencies and mispricing [1] - The company seeks to identify disconnects between belief and reality, particularly in businesses with unconventional growth paths [1]