As we close out November and move into the final month of 2025, the Smart Wealth family — Chris, Trip, and Frankie — is excited to bring you another full edition of our weekly newsletter. This has truly become a family project, built from our shared belief that financial intelligence is one of the greatest gifts you can pass down from one generation to the next. Chris contributes decades of real estate, tax strategy, and macroeconomic experience. Trip brings a fresh, youthful perspective on AI, digital transformation, and high-growth asymmetric opportunities. Frankie provides disciplined long-term portfolio structure and thoughtful exploration of emerging innovation. Together, the three of us combine multiple perspectives into a single mission: to build wealth intelligently and share everything we learn with you each week.

The markets ended the week of November 28th in a cautiously optimistic posture, with investors digesting a confluence of macroeconomic data, holiday spending numbers, and corporate earnings expectations heading into the final month of 2025. With the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closing the week with moderate movement, the market remains delicately balanced between bullish momentum and macro uncertainty — a theme we’ve seen persist through much of Q4.

The Dow Jones closed the week with mild gains, supported by the industrial, manufacturing, and consumer-staples sectors that continue to benefit from ongoing strength in employment and real wage growth. Companies like UnitedHealth, Caterpillar, and Home Depot maintained stable performance, and the rotation into value continues to stabilize the Dow relative to its more volatile counterparts. The Dow’s resilience reflects confidence in steady, non-cyclical components of the economy — evidence that institutional investors still want exposure to “safer” blue-chip stocks as we approach year-end.

The S&P 500, meanwhile, saw a modest uptick as megacap tech names provided a supportive foundation. AI-linked leaders like Microsoft, Nvidia, Broadcom, and Meta remained key drivers of performance, proving once again that the AI infrastructure theme is not slowing. Meanwhile, energy stocks added a second source of strength to the index, with potential supply tightening and geopolitical risk continuing to support the oil-and-gas sector. Healthcare and consumer discretionary showed mixed performance, but the overall index still pushed higher thanks to its tech backbone.

The Nasdaq Composite showed more volatility than the other indices but ultimately closed in positive territory. Nasdaq volatility continues to be driven by speculation around AI demand, chip production cycles, and whether the market has fully priced in 2026 earnings projections for top tech companies. The semiconductor sector, in particular, remains the most watched vertical on the Nasdaq, with Nvidia still setting the tone for the broader AI chip space. Investors continue to ask whether the extraordinary gains of 2023–2025 can continue — and so far, demand for AI compute is showing no signs of slowing.

One of the biggest stories influencing markets this week was consumer spending data from the Thanksgiving–Black Friday–Cyber Monday period. Early numbers suggest another year of strong consumer engagement, with significant growth in online shopping and a notable shift toward mobile purchasing. This is supportive for companies like Amazon, Apple, Google, and PayPal, indicating sustained demand even in a higher-rate environment. It also reinforces the notion that American consumers remain resilient, even as pockets of the economy show some softening.

On the inflation front, the market reacted favorably to updated PCE data that showed inflation cooling modestly, continuing the steady downward trend from earlier this year. The Federal Reserve has maintained its cautious tone, signaling that while inflation remains above the 2% target, the path to easing appears intact. Markets are increasingly pricing in the likelihood of Fed rate cuts beginning sometime in mid-2026, though Chair Jerome Powell continues to warn against declaring premature victory.

Bond yields remained stable throughout the week, with the 10-year Treasury hovering in a range that continues to support equity multiples at their current levels. Credit markets appear healthy, and companies continue to refinance debt at a measured pace — another positive indicator heading into year-end. Market stress indicators such as the MOVE Index and VIX remain reasonably controlled, suggesting no immediate cracks beneath the surface.

Internationally, global markets showed varied performance. The eurozone continues to see sluggish growth, driven by weak manufacturing and tepid consumer activity. China remains a wildcard, with the government implementing targeted stimulus measures to support real estate and consumption. Despite longer-term structural challenges, Chinese equities showed signs of stabilization this week, which contributed modest support to global risk sentiment.

Sector-wise, the strongest performers this week were AI technology, semiconductors, energy, insurance, and travel. Lagging sectors included utilities, REITs, and telecom, which continue to feel the pressure of elevated borrowing costs and slower EPS expansion. However, long-duration assets may see a rebound if rate-cut expectations strengthen in Q1.

For Smart Wealth’s model perspective, the biggest takeaway is that the market continues to reward innovation, profitability, and strong cash flow. Companies with AI exposure, cloud infrastructure, energy transition positioning, or dominant consumer ecosystems continue to outperform. Our portfolios — across Chris, Trip, and Frankie — remain well-aligned with these themes, which we believe will continue into 2026.

Investors should stay vigilant but optimistic. Seasonal tailwinds historically support markets in December, and long-term fundamentals remain intact. While geopolitical risks, inflation uncertainty, and global instability persist, the U.S. economy continues to outperform expectations. For long-term investors — especially those focused on high-quality companies — this environment continues to provide opportunity.

MicroStrategy (MSTR) has been one of the most talked-about, debated, and polarizing stocks in the market over the past two years. After several explosive runs tied directly to Bitcoin’s price appreciation — and subsequent sharp corrections — the stock has once again found itself in a materially discounted position. For Trip, this represents exactly the kind of asymmetric, high-conviction opportunity that aligns with his long-term growth strategy.

At its core, MicroStrategy is the largest publicly traded corporate holder of Bitcoin. Under the leadership of Michael Saylor, the company has transformed from a traditional enterprise-analytics software company into an institutional vehicle for Bitcoin exposure, using both corporate cash and debt financing to accumulate more than 214,000 BTC. The company’s balance-sheet strategy has effectively converted MSTR into a leveraged call option on Bitcoin — and when Bitcoin rallies, MicroStrategy tends to outperform to the upside.

Over the past several months, MicroStrategy stock experienced a meaningful decline as Bitcoin consolidated and investors weighed uncertainties around regulatory developments and digital-asset volatility. For many investors, this downturn created fear and hesitation. But for Trip — who has been studying the Bitcoin halving cycle, institutional adoption curves, and the accelerating use of cryptocurrency as a balance-sheet reserve asset — the recent pullback represents a rare opportunity.

MicroStrategy’s value proposition is simple yet powerful: unlike ETFs, which hold Bitcoin passively, MicroStrategy continues to aggressively accumulate BTC using strategies unavailable to most investors. Through convertible debt and long-term financing, the company has increased its Bitcoin position dramatically while also maintaining a profitable and cash-generating software business underneath. This dual structure gives MSTR a unique risk-return profile.

Another factor driving Trip’s conviction is the upcoming Bitcoin halving, which historically has triggered powerful bull cycles within 12–18 months. Trip believes MicroStrategy is positioned to amplify Bitcoin’s upside as scarcity increases and institutional demand — particularly from pensions, global asset managers, and sovereign wealth funds — continues to rise.

MicroStrategy has also begun executing strategic moves that prepare the company for long-term sustainability beyond Bitcoin exposure. Recent improvements in its enterprise software offerings, expansion of its AI-powered analytics, and stronger recurring revenue streams all contribute to a healthier operational base. While the company’s identity remains tied to Bitcoin, its software division provides meaningful downside protection during crypto volatility.

The stock’s recent decline has also reset valuation expectations, bringing the price-to-Bitcoin ratio closer to historical norms. For Trip, the key insight is this: MicroStrategy’s long-term value is derived not from its software revenue alone, but from the compounded effect of Bitcoin accumulation combined with strategic capital structure leverage. When MSTR trades at a discount relative to its BTC holdings and growth potential, the risk-reward profile becomes extremely attractive.

Trip is initiating and building a position here because he believes MicroStrategy’s long-run upside remains enormous — particularly in a world where Bitcoin continues its march toward mainstream adoption. He views the pullback not as a warning sign, but as an opportunity to buy a high-conviction asset at a meaningful discount. As he puts it: “If you believe Bitcoin will go much higher over the next decade, MicroStrategy is a rocket ship waiting for ignition.”

Chris’s Morgan Stanley portfolio continued to show strong performance through November 28th, with several core holdings delivering substantial long-term gains. Alphabet (GOOG) closed at $320.12, leaving Chris up 86.60%. Analysts rate it a Buy/Outperform, and Chris likes GOOG because of its durable competitive advantages in search, advertising, and cloud infrastructure.

Amazon (AMZN) ended at $233.22, where Chris is up 12.12%. Analysts maintain a Strong Buy, and Chris likes Amazon for its ability to compound cash flow across AWS, e-commerce, and AI-driven logistics.

Apple (AAPL) closed at $278.85, producing an 86.14% gain. Analysts view Apple as a Buy/Hold-Buy, and Chris appreciates its reliable cash flow, strong ecosystem, and shareholder-friendly capital return strategy.

Costco (COST) finished at $913.59, giving Chris a 94.24% return. Analysts label it Hold-Buy, and Chris likes Costco for its defensive stability and inflation-resistant membership model.

Deere (DE) ended at $464.49, producing a 32.71% gain. Analysts rate it Moderate/Hold-Buy, and Chris likes DE because it adds diversification tied to agricultural and industrial cycles.

GE Aerospace (GE) closed at $298.45, showing a 199.20% gain. Analysts rate it Buy, and Chris values GE for its long-term backlog of aviation demand and solid industrial consistency.

GE Healthcare (GEHC) closed at $79.99, down 2.84%, but analysts keep it at Hold/Neutral. Chris still holds GEHC for its defensive healthcare exposure and resilience across economic cycles.

GE Vernova (GEV) closed at $599.77, posting an exceptional 491.98% gain. Analysts consider it Buy, and Chris likes GEV for its exposure to long-term energy transition themes.

Kroger (KR) ended at $67.28, where Chris is up 37.62%. Analysts maintain Hold, and Chris likes KR as a low-volatility anchor in consumer staples.

Meta Platforms (META) closed at $647.95, generating an 11.78% gain. Analysts rate it Buy/Outperform, and Chris likes META for its powerful cash flow and AI-driven advertising growth.

Microsoft (MSFT) ended at $492.01, giving Chris an extraordinary 585.08% gain — his largest winner. Analysts overwhelmingly rate MSFT a Strong Buy, and Chris views Microsoft as the core of his portfolio, driven by AI, cloud, and recurring revenue strength.

Procter & Gamble (PG) closed at $148.16, up 83.03%. Analysts mark it Hold, and Chris values PG for its defensive stability, predictable demand, and steady dividends.

Chris’s Fidelity accounts — spanning the Trust, Roth IRA, and SIMPLE IRA — include a strong mix of mega-cap technology, financial strength, and AI leadership companies.

Amazon (AMZN) trades around $233.22, and Chris is up 105.28% in this account. Analysts maintain a Strong Buy due to AWS strength and expanding retail margins. Chris likes Amazon as a long-term compounder across AI, cloud, and global retail.

American Express (AXP) trades near $365.27, where Chris holds a 119.14% gain. Analysts rate AXP a Buy, supported by strong spending trends and premium consumer demand. Chris likes AXP for its affluent client base and unique competitive positioning.

Exxon Mobil (XOM) trades around $115.92, giving Chris a 38.15% gain. Analysts maintain Buy/Positive, and Chris values Exxon for its inflation hedge properties and dependable dividends.

Tesla (TSLA) in the Roth IRA trades around $430.17, producing a 35.27% gain. Analysts range from Hold to Speculative Buy. Chris likes holding TSLA tax-free as a long-term robotics and AI play.

Apple (AAPL) trades around $278.85, with Chris up 157.05%. Analysts view AAPL as Buy/Hold-Buy. Chris values its predictable cash flow and strong brand ecosystem.

NVIDIA (NVDA) trades near $177.00, where Chris is up 79.27%. Analysts overwhelmingly rate NVDA a Strong Buy. Chris calls NVIDIA a centerpiece of the global AI infrastructure build-out.

Palantir (PLTR) in the SIMPLE IRA trades around $168.45, showing a 10.57% gain. Analysts classify PLTR as a High-Conviction AI Software Leader. Chris believes Palantir will become the “AI operating system” for governments and Fortune 500 enterprises.

Trip’s Schwab portfolio is a focused mix of high-growth technology leaders, emerging AI platforms, and several asymmetric opportunities he believes have the potential to deliver long-term exponential returns. His strategy prioritizes innovation, disruption, and early positioning in transformative technologies that are still in the early innings of adoption.

Alibaba (BABA) recently traded around $157.30, where Trip holds a 102.97% gain across 2 shares. Analysts maintain a Hold to Buy rating due to mixed macro sentiment in China but also emphasize the deep underlying value in Alibaba’s cloud, logistics, and e-commerce franchises. Trip likes BABA because it remains significantly undervalued relative to global tech peers and he believes any normalization in the Chinese economy will create a powerful rebound opportunity.

CrowdStrike (CRWD) traded around $509.16, delivering a 129.67% gain. Analysts rate CRWD a Strong Buy, supported by its superior ARR growth, global cybersecurity leadership, and best-in-class detection tools. Trip likes CrowdStrike because cybersecurity spending is non-negotiable for enterprises, making CRWD a durable long-term winner in a world defined by digital threats.

Broadcom (AVGO) recently traded near $402.96, showing a 184.49% gain. Analysts overwhelmingly rate AVGO a Strong Buy due to its dominance in semiconductors, AI networking chips, and enterprise software. Trip likes Broadcom because it sits at the intersection of hardware and software powering the AI revolution, making it an ideal compounder.

MicroStrategy (MSTR) traded around $177.18, reflecting a 2.06% gain since he began building his position. Analysts remain mixed due to the stock’s volatility and Bitcoin sensitivity. Trip likes MSTR because he views it as a leveraged play on Bitcoin adoption and believes its aggressive balance sheet strategy will amplify future upside.

GE Vernova (GEV) traded at $599.77, giving Trip an extraordinary 498.31% gain. Analysts rate GEV a Buy, noting its powerful position in grid modernization, wind energy, and broader energy transition initiatives. Trip likes GEV because he sees energy transition spending as one of the defining investment themes of the next decade.

Microsoft (MSFT) traded around $492.01, producing a dominant 457.23% gain. Analysts maintain MSFT as a Strong Buy, citing unmatched leadership in cloud, AI platforms, and enterprise software. Trip likes Microsoft because it is arguably the single best-positioned company for AI monetization across every major sector.

Apple (AAPL) traded around $278.85, showing a strong 143.36% gain. Analysts view AAPL as a Buy/Hold-Buy due to the strength of its services ecosystem and device base. Trip likes Apple for its global brand strength and continued AI-driven upgrade cycle.

NVIDIA (NVDA) traded near $177.00, where Trip holds a 61.71% gain. Analysts rate NVDA a Strong Buy thanks to its dominance in AI chips and accelerated computing. Trip likes NVIDIA because it remains the purest and strongest beneficiary of global AI infrastructure spending.

Meta Platforms (META) traded at $647.95, producing a 12.13% gain. Analysts maintain a Buy/Outperform rating driven by strong advertising demand and accelerating AI capabilities. Trip likes META because of its unmatched global platform reach and optionality through VR, AR, social AI, and monetization expansion.

Frankie’s Schwab portfolio reflects his disciplined, long-term approach to investing. He focuses on companies positioned at the forefront of major technological shifts: AI infrastructure, electrification, cloud transformation, and autonomy. His strategy mixes high-upside growth with strong thematic conviction.

Navitas Semiconductor (NVTS) most recently traded at $8.74, where Frankie holds a 17.47% gain across 110 shares. Analysts view NVTS as a speculative but promising Buy/Hold, emphasizing its leadership in gallium nitride (GaN) and silicon carbide (SiC) technologies. Frankie likes NVTS because next-generation semiconductors are essential for EVs, fast chargers, renewable energy systems, and advanced power electronics.

GE Vernova (GEV) traded at $599.77, resulting in a 498.31% gain. Analysts consider it a Buy, noting that energy transition and grid modernization will generate massive global investment flows. Frankie likes GEV because he sees electrification as one of the most important structural themes of the next two decades.

Nebius Group (NBIS) traded around $94.87, where Frankie holds an 11.91% gain. Analysts consider NBIS a Hold/Bullish Emerging Tech investment due to its growing footprint in next-generation cloud and AI-driven platform solutions. Frankie likes NBIS because he believes it will emerge as a competitive player in global cloud architecture.

Microsoft (MSFT) traded at $492.01, delivering an impressive 340% gain. Analysts overwhelmingly rate MSFT a Strong Buy thanks to industry-leading AI models, cloud infrastructure, and enterprise solutions. Frankie likes Microsoft because it provides both stability and enormous long-term AI upside.

Tesla (TSLA) traded around $430.17, showing a 44.65% gain. Analysts label TSLA Hold to Speculative Buy, citing volatility but massive long-term potential through autonomy, robotics, and energy storage. Frankie likes Tesla because he sees it transforming beyond autos into AI-driven robotics and global energy optimization.

Palantir (PLTR) traded at $168.45, producing a 17.08% gain. Analysts classify PLTR as a High-Conviction AI Software Leader, with accelerating adoption across government and Fortune 500 companies. Frankie likes Palantir because its AIP platform is becoming mission-critical infrastructure for advanced AI operations.

Aurora Innovation (AUR) traded around $4.19, producing a 7.44% gain. Analysts rate AUR a Speculative Buy tied to the autonomous trucking revolution. Frankie likes Aurora because he believes self-driving logistics will transform global supply chains.

Meta Platforms (META) traded at $647.95, generating a 12.13% gain. Analysts maintain a Buy/Outperform rating. Frankie likes META for its exceptional cash flow, large user base, and long-term upside in VR, AR, and AI-driven social technology.

#1:
As the year winds down, real estate investors have a unique opportunity to significantly reduce their 2025 taxable income through proactive planning. The final six weeks of the year offer powerful tools that are easy to overlook but can create substantial savings.

#2:
One of the most effective year-end strategies is accelerating expenses. If you have upcoming repairs, maintenance, landscaping, insurance renewals, or professional fees, prepaying them before December 31 can shift the deduction into the 2025 tax year.

#3:
Next, consider executing a cost segregation study on any properties acquired or renovated this year. With bonus depreciation returning to 100% under the new “Big Beautiful Bill,” the tax savings can be enormous.

#4:
Another end-of-year tactic is conducting a property condition review. This ensures any deferred maintenance is addressed — creating both tax deductions and improved property value.

#5:
Real estate professionals should evaluate their material participation hours to ensure they qualify. Meeting these requirements unlocks the ability to offset W2 income with real estate losses.

#6:
Investors considering 1031 exchanges should begin the process now. Even if the closing occurs in early 2026, preparing early ensures timelines are met.

#7:
If you have high equity in any rental, consider a cash-out refinance before year-end. The proceeds are tax-free, and the interest becomes deductible.

#8:
Landlords can donate appreciated property or land interests to charity, taking the fair market value as a deduction. This is powerful for those facing unusually high income.

#9:
Short-term rental owners should review the “7-day rule” and “material participation tests” to ensure they qualify for full income offset treatment.

#10:
Finally, keep immaculate records. Receipts, mileage logs, contractor invoices, and property management statements must be organized by year-end. Proper documentation protects deductions and strengthens audit defense.

As we head into December, we remain committed to disciplined long-term investing, proactive tax planning, and the ongoing pursuit of financial growth as a family. This is a season of planning and opportunity, and we are grateful to have you following along with us each week.

This newsletter reflects our personal opinions and our family investment approach. It does not constitute financial, legal, or tax advice. Always consult with a licensed professional. All investing involves risks, including the possible loss of principal.