Sold Less, Kept More, and the Navy Said Yes

The underwater monopoly printed a soft quarter in the wrong segment, cleared its biggest catalyst, and dropped below my cost. All three are true at once

Position check, marked to today. $CODA closed near 10.25, which puts my 2,000 shares about 13 percent underwater against my 11.79 basis. The stock gave back its entire year-to-date gain into the broad microcap pullback and now trades below where I bought it. I have not sold a share. The plan is unchanged: size back in on dips as the larger positions in the book re-rate and free up cash. This is the first time I am writing about Coda Octopus with the name underwater on my own sheet, and I am going to treat that honestly.