Happy Easter! Welcome back to the Smart Wealth Newsletter.

We’re Chris, Trip, and Frankie—and as always, we’re excited to walk you through what we’re seeing in the markets, what we’re investing in, and how we’re thinking about building long-term wealth as a family.

Trip continues to sharpen his investing lens down at the Freeman School of Business at Tulane University, where he’s actively applying real-world market insights into his studies and portfolio decisions. Meanwhile, Frankie is preparing for his next chapter as he heads to the McDonough School of Business at Georgetown University this Fall, and we couldn’t be more proud of the work he’s put in to get there.

This newsletter is our way of documenting the journey—not just the wins, but the lessons, discipline, and strategies that go into long-term wealth building.

It was a dramatic and emotional week in the financial markets, shaped by escalating geopolitical tensions, a sharp move in energy prices, and continued uncertainty around interest rates. With markets closed on Friday in observance of Good Friday, Thursday marked the final trading day—and investors were left navigating one of the most complex environments we’ve seen so far this year.

By Thursday’s close, the Dow Jones Industrial Average finished at 46,504.67, the S&P 500 closed at 6,582.69, and the Nasdaq Composite ended at 21,879.18. Despite the volatility throughout the week, the broader market showed resilience into the close, with buyers stepping in after early-session weakness.

The dominant story this week was the growing conflict involving Iran. As tensions escalated and the U.S. signaled a more aggressive stance, markets reacted quickly. The initial response was exactly what you would expect—risk-off behavior, with investors pulling back from higher-beta assets and moving toward sectors that benefit from geopolitical instability.

Energy was the clearest winner.

Oil prices surged aggressively, with U.S. crude pushing above $110 per barrel and Brent crude not far behind. This wasn’t just a small move—it was a meaningful repricing of global risk. Iran plays a critical role in global oil supply, and any threat to that supply immediately forces markets to adjust expectations. Higher oil prices ripple through the entire economy, impacting everything from inflation expectations to transportation costs to corporate margins.

As a result, energy stocks saw strong inflows. Companies with direct exposure to oil production and refining stand to benefit significantly from sustained higher prices, and investors moved quickly to position themselves accordingly.

Defense and aerospace stocks also saw renewed interest. Historically, periods of geopolitical tension lead to increased military spending, and this situation is no different. Governments tend to accelerate defense budgets during uncertain times, creating multi-year tailwinds for companies tied to national security, weapons systems, and advanced defense technologies.

At the same time, we saw pressure on certain parts of the market—particularly high-growth technology names. This wasn’t driven by a change in fundamentals, but rather by positioning. When uncertainty rises, investors often reduce exposure to stocks with higher valuations, even if the long-term story remains intact.

That’s exactly what played out this week.

But here’s what really matters—and what many investors miss.

The market didn’t collapse.

In fact, after sharp intraday declines, stocks recovered into the close on Thursday. That kind of price action is important. It tells us that while fear is present, there is still strong underlying demand for equities. Buyers are not disappearing—they are simply being more selective.

Another key dynamic this week was the continued influence of interest rates.

The Federal Reserve remains in a difficult position. Inflation has cooled from its peak, but energy prices moving higher complicates the picture. If oil remains elevated, it could delay the Fed’s ability to cut rates, which in turn impacts valuations—especially for growth stocks.

However, we are also seeing signs of stabilization in longer-term rates. Mortgage rates have drifted back toward the mid-6% range, which is a positive development for housing and broader economic sentiment. Lower borrowing costs—even modestly lower—can act as a tailwind for both consumers and businesses.

This creates an interesting tension in the market.

On one hand, geopolitical risk is pushing investors toward defensive positioning.

On the other hand, improving financial conditions are quietly supporting the broader economy.

That’s why we’re seeing rotation instead of collapse.

Money is not leaving the market—it’s moving within it.

Energy, defense, and cash-flow-heavy companies are attracting capital, while more speculative or rate-sensitive names are experiencing temporary pressure. This kind of rotation is healthy, even if it feels uncomfortable in the moment.

Now let’s talk about what tends to happen next.

Historically, markets react quickly to geopolitical shocks—but they also recover faster than most people expect once there is clarity. The initial phase of conflict is always the most volatile because investors are trying to price in unknown outcomes. Will the conflict expand? Will supply chains be disrupted? Will inflation spike?

Right now, those questions are still unanswered.

But they won’t stay that way forever.

And when clarity begins to emerge—whether through stabilization, de-escalation, or simply better understanding—the market typically begins to recover before the headlines improve.

That’s the part that trips people up.

By the time the news “feels better,” stocks have often already moved higher.

So what stocks are positioned well in this environment?

First, energy companies remain clear beneficiaries as long as oil prices stay elevated. Strong pricing power translates directly into higher cash flow and improved earnings visibility.

Second, defense and aerospace companies are positioned to benefit from increased government spending. This is not just a short-term trade—defense budgets tend to remain elevated long after conflicts begin.

Third, high-quality companies with strong cash flow tend to outperform during uncertain periods. Investors value stability and predictability when volatility increases.

And finally, select technology companies—particularly those tied to long-term structural trends like artificial intelligence—may present some of the best opportunities on pullbacks. These are the names that often get sold for macro reasons, even when their fundamentals remain strong.

That’s where we’re focusing a lot of our attention.

Our view as a family is simple:

This is not a time to panic.

This is a time to stay disciplined.

Volatility is part of investing. It’s uncomfortable, but it also creates opportunity. The key is separating short-term noise from long-term value.

We believe the market will rebound once the situation involving Iran becomes more defined. That doesn’t mean volatility is over—it likely isn’t. But the underlying drivers of long-term growth—innovation, earnings expansion, and capital investment—are still very much intact.

The investors who stay patient through periods like this are usually the ones who come out ahead.

And more often than not, the best opportunities show up when the headlines feel the worst.

One of the most important principles that has guided nearly every real estate purchase we’ve made as a family is something simple, practical, and incredibly powerful:

The 1% Rule.

At its core, the rule is straightforward:

👉 The monthly rent of a property should be at least 1% of the purchase price.

So if you buy a property for $300,000, you should be targeting at least $3,000 per month in rent.

Simple.

But don’t let the simplicity fool you—this rule has been one of the most effective filters we’ve used to build cash-flowing real estate.

Real estate investing is full of noise.

You’ll hear people talk about appreciation, tax benefits, leverage, short-term rental upside, and all kinds of strategies. And while those things matter, none of them can save a bad deal.

Cash flow is what keeps you in the game.

The 1% rule forces discipline. It ensures that you are buying properties that generate strong income relative to their cost—meaning the deal works from day one, not just in some hopeful future.

For us, this has been critical.

Nearly every property Chris has purchased has followed the 1% rule.

That’s not by accident.

That’s by design.

Let’s be honest—real estate can get emotional.

It’s easy to fall in love with a property, a neighborhood, or a “story” about future growth. But the 1% rule doesn’t care about emotions.

It forces you to ask one question:

👉 Does this deal produce enough income to justify the price?

If the answer is no, we move on.

That discipline protects you from overpaying, from buying into hype, and from getting stuck in properties that drain your cash instead of building it.

The biggest advantage of the 1% rule is something Warren Buffett talks about all the time:

Margin of safety.

When you buy a property that hits the 1% threshold, you are building in a buffer.

That buffer helps cover:

And here’s the key—if your deal only works under “perfect conditions,” it’s not a good deal.

The 1% rule helps ensure your investment can withstand real-world conditions.

This is the question we get all the time.

And the honest answer is:

👉 It’s harder—but it’s absolutely still possible.

In today’s market, especially in high-priced areas, many properties do not meet the 1% threshold. Prices have risen faster than rents in some regions, and interest rates have added pressure.

But that doesn’t mean the rule is broken.

It just means you have to be more strategic.

We’ve found opportunities by:

Most investors get into trouble because they force deals.

We don’t.

If a deal doesn’t meet our criteria, we pass.

Let’s walk through a simple framework.

If you’re looking at a $250,000 property:

That extra $500/month is what creates:

Small differences upfront create massive differences over time.

For us, the 1% rule is not the only rule—but it’s the first filter.

If a property doesn’t come close, we don’t spend time on it.

If it does, then we evaluate:

But it all starts with cash flow.

Because cash flow creates freedom.

Here’s what we want readers to understand:

Real estate is not about chasing the hottest market.

It’s about buying smart, consistent, income-producing assets over time.

The 1% rule helps you do that.

It keeps you grounded.

It keeps you disciplined.

And most importantly—it keeps your portfolio working for you, not against you.

If you take nothing else from this section, take this:

👉 You make your money when you buy.

Not when you sell.

Not when the market goes up.

When you buy right.

And for us, the 1% rule has been one of the most reliable ways to make sure we do exactly that.

Chris’s Morgan Stanley account continues to reflect a disciplined, long-term strategy focused on dominant companies with strong cash flow, durable competitive advantages, and exposure to major secular trends like artificial intelligence, infrastructure, and consumer strength. The portfolio has produced exceptional results, with several positions showing outsized gains driven by patience and conviction.

Alphabet (GOOG) closed at $294.46 and is currently up +71.46% since inception. Analyst sentiment remains a Strong Buy, with price targets generally ranging between $320 and $360. Chris rates GOOG a Strong Buy. He owns Alphabet because it remains one of the most dominant platforms in digital advertising and search, with massive cash flow and continued growth in AI. He also believes the company’s integration of AI into search and cloud services will drive the next leg of long-term expansion.

Amazon (AMZN) closed at $209.77 and is up +0.84% since purchase. Analysts currently rate Amazon a Strong Buy, with price targets typically between $230 and $260. Chris rates AMZN a Buy. He owns Amazon for its unmatched dominance in e-commerce and its highly profitable AWS cloud business. Over time, he expects margin expansion and AI integration within AWS to significantly enhance profitability.

Apple (AAPL) closed at $255.92 and is up +70.69% since inception. Analyst consensus is a Buy, with price targets ranging from $260 to $300. Chris rates AAPL a Buy. He owns Apple because of its ecosystem strength, brand loyalty, and consistent free cash flow generation. He also sees continued upside through services revenue and incremental innovation across devices.

Costco (COST) closed at $1,014.96 and is up +115.48% since purchase. Analysts maintain a Buy rating, with targets generally between $1,050 and $1,150. Chris rates COST a Buy. He owns Costco because of its best-in-class membership model and pricing power, which creates extremely loyal customers. He also values its ability to perform well in both strong and uncertain economic environments.

Deere & Company (DE) closed at $575.71 and is up +64.22% since purchase. Analysts currently rate Deere a Buy, with price targets between $600 and $675. Chris rates DE a Buy. He owns Deere for its exposure to global agriculture and infrastructure, both of which are long-term growth sectors. He also believes Deere’s technology integration in farming equipment will continue to drive efficiency and margins.

GE Vernova (GEV) closed at $898.57 and is up an extraordinary +783.15% since inception. Analyst sentiment is a Strong Buy, with price targets ranging from $950 to $1,100. Chris rates GEV a Strong Buy. He owns GE Vernova because it sits at the center of the global energy transition and power infrastructure buildout. He also believes the explosion in AI-driven energy demand will significantly benefit companies tied to grid modernization and power generation.

General Electric (GE) closed at $281.16 and is up +185.15% since purchase. Analysts rate GE a Strong Buy, with price targets between $300 and $340. Chris rates GE a Strong Buy. He owns GE because of its successful transformation into a more focused aerospace and industrial company. He believes continued operational improvements and strong demand in aviation will drive further upside.

Kroger (KR) closed at $72.35 and is up +47.42% since purchase. Analysts generally rate Kroger a Hold, with price targets between $70 and $80. Chris rates KR a Hold. He owns Kroger as a defensive position that provides stability and dividend income. He also values its consistent performance in uncertain economic environments where consumers prioritize essentials.

Meta Platforms (META) closed at $574.46 and is down -0.91% since purchase. Analyst sentiment remains a Strong Buy, with price targets between $600 and $700. Chris rates META a Buy. He owns Meta because of its dominance in digital advertising and its improving cost discipline. He also sees long-term upside in AI-driven ad optimization and potential monetization of new platforms.

Microsoft (MSFT) closed at $373.46 and is up an incredible +732.11% since inception. Analysts maintain a Strong Buy rating, with price targets between $400 and $475. Chris rates MSFT a Strong Buy. He owns Microsoft because it is one of the most important companies in the AI ecosystem, with leadership across cloud, enterprise software, and productivity tools. He also believes its partnership with OpenAI and integration of AI into its products will continue to drive long-term growth.

Procter & Gamble (PG) closed at $143.12 and is up +75.67% since purchase. Analysts rate PG a Buy, with price targets between $150 and $170. Chris rates PG a Buy. He owns Procter & Gamble because of its consistent dividend, strong brand portfolio, and defensive characteristics. He also values its ability to generate steady returns regardless of economic cycles.

Chris’s Fidelity Trust account is structured with a mix of core holdings and smaller legacy positions, producing strong overall gains while maintaining exposure to both growth and income-oriented names.

Amazon (AMZN) is currently priced at approximately $209.77 and is up +84.64% since inception. Analyst sentiment remains a Strong Buy, with price targets generally ranging between $230 and $260. Chris rates AMZN a Buy. He continues to hold Amazon because of its dominance in e-commerce and cloud computing. He also believes long-term margin expansion and AI integration will drive further growth.

American Express (AXP) is currently trading around $300.18 and is up +80.09% since purchase. Analysts rate AXP a Buy, with price targets between $310 and $350. Chris rates AXP a Buy. He owns American Express for its premium customer base and strong spending trends. He also values its consistent earnings growth and long-term expansion in consumer credit.

Kinder Morgan (KMI) is currently priced near $32.97 and is up +121.07% since purchase. Analyst sentiment is generally a Hold, with price targets between $30 and $35. Chris rates KMI a Hold. He holds Kinder Morgan primarily for income and dividend stability. He views it as a legacy holding rather than a high-growth opportunity.

Verizon (VZ) is currently trading around $49.40 and is down -2.07% since purchase. Analysts rate Verizon a Hold, with price targets between $45 and $55. Chris rates VZ a Hold. He owns Verizon for its dividend yield and defensive profile. However, limited growth keeps this as a lower-conviction position.

Exxon Mobil (XOM) is currently priced around $160.69 and is up +91.51% since purchase. Analysts rate XOM a Buy, with price targets between $165 and $200. Chris rates XOM a Buy. He owns Exxon because of its strong leverage to oil prices and cash flow generation. In the current geopolitical environment, he sees continued upside tied to energy demand.

Chris’s Roth IRA is highly concentrated, reflecting a high-conviction approach focused on long-term innovation.

Tesla (TSLA) is currently priced at $360.59 and is up +13.39% since inception. Analyst sentiment leans Buy, with price targets ranging from $350 to $500+. Chris rates TSLA a Strong Buy. He owns Tesla because it is a leader in electric vehicles, AI, and autonomous driving. He believes the company has the potential to transform multiple industries over time.

This account focuses on two dominant technology leaders with strong exposure to long-term innovation trends.

Apple (AAPL) is currently priced at $255.92 and is up +135.91% since inception. Analysts rate AAPL a Buy, with price targets between $260 and $300. Chris rates AAPL a Buy. He owns Apple because of its unmatched ecosystem and consistent cash flow. He also sees continued growth in services and product expansion.

NVIDIA (NVDA) is currently priced at $177.39 and is up +79.67% since purchase. Analyst sentiment is a Strong Buy, with price targets between $200 and $260. Chris rates NVDA a Strong Buy. He owns NVIDIA because it is at the center of the AI revolution. He believes demand for AI infrastructure will continue to drive long-term growth.

Palantir (PLTR) is currently priced at $148.46 and is down -2.55% since purchase. Analyst sentiment is generally a Buy, with price targets between $150 and $200+. Chris rates PLTR a Strong Buy. He owns Palantir because of its unique positioning in AI, government, and enterprise data platforms. He believes the company is still early in a long-term growth cycle driven by AI adoption.

Trip’s Schwab account reflects a balanced mix of high-growth names and core technology leaders.

GE Vernova (GEV) closed at $898.57 and is up +796.39%. Analysts rate it a Strong Buy. Trip rates GEV a Strong Buy. He owns it for its role in energy infrastructure and AI-driven electricity demand. He believes long-term growth remains significant.

Rocket Lab (RKLB) closed at $67.73 and is down -21.89%. Analysts rate it a Buy. Trip rates RKLB a Buy. He owns it for exposure to the space economy. He believes long-term growth will come from satellite and defense demand.

Apple (AAPL) closed at $255.92 and is up +120.49%. Analysts rate it a Buy. Trip rates AAPL a Buy. He owns it for ecosystem strength and consistent growth. He sees long-term upside through services expansion.

Bitmine (BMNR) closed at $19.45 and is down -25.19%. Trip rates BMNR a Hold. He owns it as a speculative position tied to emerging technologies. He understands the volatility but sees upside potential.

Microsoft (MSFT) closed at $373.46 and is up +0.05%. Analysts rate it a Strong Buy. Trip rates MSFT a Strong Buy. He owns it for its leadership in AI and cloud. He expects continued long-term growth.

Uber (UBER) closed at $71.84 and is up +3.06%. Analysts rate it a Strong Buy. Trip rates UBER a Buy. He owns it for improving profitability. He believes margin expansion will drive future gains.

Tesla (TSLA) closed at $360.59 and is down -2.75%. Analysts rate it a Buy. Trip rates TSLA a Buy. He owns it for AI and autonomy upside. He believes long-term potential outweighs volatility.

NVIDIA (NVDA) closed at $177.39 and is up +0.21%. Analysts rate it a Strong Buy. Trip rates NVDA a Strong Buy. He recently added shares on weakness. He believes AI demand will drive long-term growth.

Alphabet (GOOGL) closed at $295.77 and is up +6.88%. Analysts rate it a Strong Buy. Trip rates GOOGL a Strong Buy. He owns it for its dominance in search and AI. He sees continued innovation driving value.

Frankie’s portfolio continues to be one of the strongest performers, driven by high-conviction positions in AI, infrastructure, and next-generation technologies.

Navitas Semiconductor (NVTS) closed at $8.80 and is up +18.28%. Analysts rate it a Buy. Frankie rates NVTS a Buy. He owns it for exposure to next-generation power semiconductors. He believes efficiency demand will drive growth.

GE Vernova (GEV) closed at $898.57 and is up +796.39%. Analysts rate it a Strong Buy. Frankie rates GEV a Strong Buy. He owns it for energy infrastructure and AI-driven power demand. He believes long-term upside remains strong.

Nebius (NBIS) closed at $108.82 and is up +28.37%. Analysts lean Buy. Frankie rates NBIS a Buy. He owns it for AI and cloud infrastructure exposure. He sees strong long-term growth potential.

Microsoft (MSFT) closed at $373.46 and is up +233.98%. Analysts rate it a Strong Buy. Frankie rates MSFT a Strong Buy. He owns it for its leadership in AI and cloud. He believes continued innovation will drive growth.

Tesla (TSLA) closed at $360.59 and is up +21.25%. Analysts rate it a Buy. Frankie rates TSLA a Buy. He owns it for EV and AI leadership. He believes long-term upside remains strong.

Palantir (PLTR) closed at $148.46 and is up +3.19%. Analysts rate it a Buy. Frankie rates PLTR a Strong Buy. He owns it for its leadership in AI and data platforms. He believes it has a long runway for growth.

Aurora (AUR) closed at $4.15 and is up +6.41%. Analysts rate it a Buy. Frankie rates AUR a Buy. He owns it as a speculative autonomous driving play. He believes success could lead to significant upside.

Meta (META) closed at $574.46 and is down -0.59%. Analysts rate it a Strong Buy. Frankie rates META a Buy. He owns it for digital advertising dominance and AI monetization. He sees long-term platform growth.

This week reinforced something we’ve said many times—volatility creates opportunity for disciplined investors.

Across all three portfolios, the theme is clear: we are focused on owning high-quality companies tied to long-term growth trends like artificial intelligence, energy infrastructure, and innovation. While markets may react to short-term headlines, the long-term story remains intact.

We’re staying patient, staying invested, and continuing to build positions when opportunities present themselves.

That’s how wealth is built.

This newsletter is for educational purposes only and should not be considered financial, investment, or legal advice. We are not financial advisors, and all investments carry risk, including the potential loss of principal. Always conduct your own research and consult with a qualified financial professional before making any investment decisions.