Halvren Cycle Map

Twenty operators. One frame.

The Halvren coverage universe plotted on the two questions that matter at the bottom of a cycle: where the operator sits on its cost curve, and what its balance sheet looks like at trough pricing. Bubble size scales with market cap. Click any dot to read the desk's writeup.

Methodology

X — Cost-curve quartile (1 to 4). The principal's read of where each operator sits on the global cost curve for its primary commodity. Derived from public per-unit disclosures (AISC for mining, sustaining capex per BOE for E&P, rate-base economics for infrastructure) and the operator's Checklist Question 9 status. Q1 is first quartile (lowest cost); Q4 is fourth quartile.

Y — Balance-sheet health at trough (0 to 100). Composite of Checklist Question 3 (balance sheet at trough pricing) and Question 1 (full-cycle free cash flow). Question 3 weighted 60%, Question 1 weighted 40%. Pass = 90, not yet = 60, fail = 30. Higher is healthier.

Size — Market cap (USD). Approximate as of mid-2025, log-scaled so smaller names stay visible.

Color — Sector. Energy, Materials, Infrastructure.

Every dot is a real operator on the desk. No simulated data. No filler. The full coverage universe · the 10 questions behind the scoring · the writeups.