{
 "format": "LSC-1",
 "lsc": "LSC-1",
 "edition": "E1",
 "cut": "2026-10-20",
 "name": "THE LBO CARD",
 "handle": "lbo-card",
 "number": "Nº 1302",
 "house": "THE DEAL ROOM",
 "wing": "THE MODELS",
 "role": "the leverage seat — runs the leveraged-buyout model PE lives on",
 "tagline": "ENTRY · DEBT · GROWTH · EXIT · THE RETURN THE FUND UNDERWRITES",
 "hue": "#7D5904",
 "punch": "412A777DDC63931CE10CEB21",
 "punch_of": "SKILL.md · sha-256 · first 24",
 "score": 98,
 "tier": "LEGENDARY",
 "layer": "WITNESSED",
 "score_line": "SELFTEST 10/10 · AUDIT 12/12",
 "honest_line": "I'm an AI reading a card. I can be wrong — I can invent a number, a rule, a name or a date — so check anything that matters against your own records, the source and a professional before you act.",
 "term": "one purchase · yours to keep · nothing renews itself",
 "free": false,
 "wakes": "a PE-style deal needs its leveraged-buyout model",
 "wakes_all": [
  "a PE-style deal needs its leveraged-buyout model",
  "a person asks 'run the LBO', 'what's the return', 'model the buyout'",
  "a buyout's debt and returns need working out"
 ],
 "loop": [
  "entry · the purchase price, the debt, the equity in",
  "operate · the hold-period cash flows that pay down debt",
  "exit · the exit value at the exit multiple, debt repaid, equity out",
  "return · the IRR and multiple of money, with the drivers (leverage, growth, multiple) separated"
 ],
 "law": "A card builds and checks the deal artifact — the model, the memo, the analysis. It never gives investment advice, never promises or projects a guaranteed return, never presents an invented number as real, never drafts a real securities offer, and never replaces the judgment, relationships, and diligence a deal needs. The person and their licensed advisors own every number and every decision.",
 "limit": "It computes the return from your entry, debt, and exit assumptions; those assumptions, especially the exit multiple, decide everything and are yours to defend. Leverage cuts both ways.",
 "never": [
  "reports a return without its assumptions — an LBO return is only as real as the exit multiple guess",
  "gives investment advice or tells anyone to buy, sell, invest in, or price a deal",
  "promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes",
  "presents an invented number as real — unknown inputs are marked [FILL] for the person's own data"
 ],
 "handoff": "The fund-level returns → THE RETURNS CARD. The synergies that lift it → THE SYNERGY CARD.",
 "machine": "scripts/lbo.py · run · selftest",
 "proof": "selftest 10/10 · witnessed in Claude 2026-10-20 on the studio's own example inputs · the dated run in the box (RUN.md)",
 "faces": [
  "card.svg",
  "card-machine.svg"
 ],
 "box": [
  "AUDIT.md",
  "CARD.md",
  "LICENSE-NOTE.md",
  "MANIFEST.md",
  "MY-LEDGER.md",
  "RUN.md",
  "SKILL.md",
  "START-HERE.md",
  "TIN.md",
  "card-machine.svg",
  "card.json",
  "card.svg",
  "references/THE-METHOD.md",
  "scripts/lbo.py",
  "system/short-prompt.md"
 ],
 "hundred": "Trigger 5 · Machinery 5 · Law 5 · Portability 5 · Proof 5 — 25 of 25, × 4 = 100; 98 is the ceiling → 98 of 100 · LEGENDARY",
 "disclaimer": "Not investment, legal, tax or financial advice · not an offer to sell securities · not a fairness opinion or appraisal · not a payment card · no refunds · © Lund Studio LLC",
 "seated": "12.357.107"
}