Welcome to Memphis. The FedEx Playoffs are underway, the field is 69 players deep, and TPC Southwind is doing what it always does — separating the people who can truly control a golf ball from the people who are pretending to. This is a parkland track that punishes imprecision and rewards the kind of ball-striking that looks boring on a highlight reel and gorgeous on a leaderboard.
The model has opinions about who wins here. Some of those opinions overlap heavily with the market. One of them overlaps so much, and so correctly, that we actually staked real units on it. We'll get to that. But the broader story of this week's playbook is the classic tension in a small-field event: the guy you need is the guy everyone else has, and the guys who can make you money in GPP are names that require some genuine conviction to roster at sub-1% ownership. That tension is where this framework lives.