QUALITY × MOMENTUM × VALUATION · 8 STYLES

The Bridge Style Map

How we classify crypto-adjacent equities. Every stock in our coverage universe gets a three-letter style code each week. Built from the disciplines of accounting-adjusted valuation, translated into plain language for equity investors.

THIS WEEK'S MAP · ISSUE OF NOV 08, 2026

Where our coverage sits now

Each name ranked against the others on quality and momentum, with its style code. Valuation decides the rest of the code.

Weak momentum →
Strong momentum →
High quality
GLXY CNTR
HOOD QAPNVDA QAPRIOT QAP
Mixed quality
COIN NEUTMSTR NEUT
Low quality
CLSK VTRAPIREN NEUTMARA VTRAP
BMNR NEUT

Source: The Bridge style classifications, as published. Names update every Sunday. The definitions for each code are below.

The three factors

Each stock is ranked against its peers on three dimensions. Every dimension gets a High or Low label based on where the stock sits relative to the cohort. The combination determines the style.

Quality
Peer-relative ranking on ROE, operating margin, and revenue growth (TTM)
“Is this a good business, comparatively?”
Momentum
Peer-relative ranking on 3-month and 6-month price returns
“Is the market rewarding this stock right now?”
Valuation
Peer-relative ranking on P/E and P/S ratios
“Am I paying up relative to the cohort?”

The nine classifications

Eight styles map every combination of High/Low across the three factors. A ninth label, Style Neutral, applies when factors don’t cluster cleanly.

Best in Class
BIC
High Quality · Strong Momentum · Cheap
High-quality fundamentals, positive price momentum, attractive valuation. The rarest classification: when all three factors align, the stock is undervalued relative to what the business is delivering.
Playbook: Strongest returns at entry. Fade with extended streaks.
Contrarian
CNTR
High Quality · Weak Momentum · Cheap
Strong fundamentals and cheap valuation, but price is drifting or declining. The market is missing something. Patient capital gets paid when the fundamentals eventually reassert.
Playbook: Improves with patience. Best after streak > 3 weeks.
Quality at Any Price
QAP
High Quality · Strong Momentum · Expensive
The expensive name everyone wants to own. Valuation is rich but the underlying business is compounding. Works until it doesn't: margin compression or growth deceleration ends the run.
Playbook: Sustainable if quality persists. Watch for margin compression.
Quality Trap
QTRAP
High Quality · Weak Momentum · Expensive
Good business, bad setup. The fundamentals look strong but the market has already priced them in and is now losing interest. Expensive without the momentum to justify the premium.
Playbook: Avoid. High quality with weak momentum and rich valuation.
Momentum Trap
MTRAP
Low Quality · Strong Momentum · Expensive
Price is up, but fundamentals don't support it. The move is story-driven, not earnings-driven. Fragile: it reverses sharply when the narrative cracks.
Playbook: Fragile. Momentum masking weak fundamentals at premium price.
Value Trap
VTRAP
Low Quality · Weak Momentum · Cheap
Cheap for a reason. Weak fundamentals and weak price action. Looks like a bargain screen hit, but without a specific catalyst for change, the stock continues to underperform.
Playbook: Improves with patience. Confirm catalyst before entry.
Restructuring
RSTR
Low Quality · Strong Momentum · Cheap
The early turnaround. Fundamentals are still weak but the market is starting to reward signs of operational improvement. Becomes Best in Class if quality actually inflects.
Playbook: Early turnaround signal. Monitor for quality inflection.
Worst in Class
WIC
Low Quality · Weak Momentum · Expensive
All three factors flashing red. Weak fundamentals, weak momentum, and somehow still expensive. Short candidates or avoid-list.
Playbook: Avoid. Weak across all dimensions.
Style Neutral
NEUT
Mixed signals across factors
The stock's factor scores don't cluster cleanly into one of the eight styles. Usually a transitional state. Re-check next week as the picture sharpens.
Playbook: Mixed signals. Wait for clearer classification.

How to read the weekly Style Map

Every Sunday in The Bridge, we publish a scatter plot with Quality on the vertical axis and Momentum on the horizontal axis. Each crypto-adjacent stock in our coverage universe is plotted by its factor scores and color-coded by style.

A stock’s position on the map is not a prediction. It is a snapshot of where the market and the fundamentals intersected at the most recent weekly close. Style transitions (a stock moving from Quality Trap to Best in Class over a few weeks, for example) are often more informative than the static classification.

We track streaks for each style. A stock that has printed Best in Class for six consecutive weeks is in a different situation than one that just arrived there for the first time. The timing playbook notes address that context.

Style classifications are proprietary to The Bridge and are published for informational purposes only. Fundamentals data is sourced from yfinance on a trailing-twelve-month basis. Douglas Borthwick and Steve Kraus are not registered investment advisors. Nothing on this page constitutes investment advice or a recommendation to buy or sell any security. Past performance is not indicative of future results. Do your own research.

See this week’s Style Map

Published every Sunday in The Bridge with the weekly Style Delta Tracker showing which stocks just transitioned between classifications.

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