TRG | The Bottom Line – 7/28

Capitol Hill was literally “Out of this World” this week. Testimony from a former U.S. Air Force intelligence officer claimed the government has known about Unidentified Ariel Phenomena (UAP) since the 1930s and is even in possession of “intact and partially intact” UAPs. But that wasn’t even the headline.  According to the whistleblower, the U.S. government is in possession of “non-human biologics” – alien life forms! When asked if the government has been in contact with non-human intelligence, his response, “I cannot discuss that answer in public.” Fortunately (and maybe a little less threatening), TRG’s coverage universe has also been “out of this world”. Specifically, 66% of our coverage universe hit 52-week highs in the past 30 days with an additional 15% hitting highs slightly earlier this year. We have been steadfast in our reporting on the strength of both the industrial and construction end-markets and the performance in our coverage universe is reflecting that view.   We continue to believe the U.S. is in a construction Golden Era.