Welcome back to another edition of the Smart Wealth Newsletter. We are Chris McLaughlin and sons Trip and Frankie, sharing our thoughts on investing, wealth building, real estate, and financial independence.

Trip continues his studies at the prestigious Freeman School of Business at Tulane University, where he is developing the skills necessary to become a successful investor and entrepreneur. Frankie, a National Merit Scholarship Finalist, will be attending Georgetown University's McDonough School of Business this fall as he begins the next chapter of his academic and investing journey.

This week was another fascinating one for investors. Markets digested a Federal Reserve meeting, rising oil prices, geopolitical developments involving Iran, a surprisingly strong jobs market, and one of the most anticipated public offerings in history. Despite numerous concerns facing investors, stocks continued their impressive advance and remain near record highs.

The shortened trading week ending June 18 provided another reminder that bull markets often climb a wall of worry. Investors faced numerous challenges, including higher oil prices, uncertainty in the Middle East, concerns about inflation, and a Federal Reserve that remains cautious about lowering interest rates. Despite these headwinds, the major stock market indexes finished the week near record highs.

The Dow Jones Industrial Average closed Thursday at 51,564.70. The S&P 500 finished at 7,500.58, while the Nasdaq Composite closed at 26,517.93. All three major indexes posted gains for the week, continuing one of the strongest market advances in recent memory.

What makes this rally particularly impressive is that investors continue finding reasons to buy stocks even as interest rates remain elevated. The economy continues growing, corporate earnings remain strong, and enthusiasm surrounding artificial intelligence continues driving investment into technology, infrastructure, utilities, and industrial companies.

Earlier in the bull market, only a handful of large technology companies were responsible for most of the gains. Today, participation has broadened considerably. Industrials, financials, utilities, defense contractors, energy companies, and small-cap stocks have all begun contributing to market gains. Historically, this type of broad participation is a healthy sign and often indicates a sustainable bull market rather than a speculative bubble.

Investors also continue showing confidence that American businesses can adapt and thrive regardless of the economic environment. While higher interest rates create challenges, many companies have demonstrated remarkable resilience and continue delivering strong earnings growth.

One of the most closely watched events this week was the Federal Reserve meeting.

The Fed elected to leave interest rates unchanged, maintaining its wait-and-see approach as policymakers continue monitoring inflation data. Although inflation has improved significantly from the peaks seen several years ago, Federal Reserve officials remain concerned that inflationary pressures could reaccelerate if economic growth remains too strong.

The challenge facing policymakers is straightforward. Inflation has cooled, but not enough to completely eliminate concerns. At the same time, the economy continues performing better than expected.

Consumers are still spending money. Businesses continue hiring. Corporate earnings continue growing. These developments are positive for investors but make the Federal Reserve's job more difficult.

The central bank would like to see inflation continue moving lower before committing to a series of aggressive rate cuts. As a result, investors are increasingly accepting the possibility that interest rates may remain higher for longer than originally anticipated.

Higher interest rates impact nearly every aspect of the economy. Mortgage rates remain elevated. Credit card borrowing costs remain high. Businesses face increased financing expenses. Commercial real estate owners continue navigating refinancing challenges.

Despite those obstacles, economic growth remains surprisingly healthy.

Many economists predicted that the rapid increase in interest rates would push the economy into recession. Instead, the United States economy has continued expanding, demonstrating remarkable resilience.

One of the biggest reasons the economy remains strong is the labor market.

Throughout 2026, economists have repeatedly expected hiring activity to weaken. Instead, employers continue adding jobs and unemployment remains relatively low.

A healthy labor market is generally positive because employed workers spend money, buy homes, travel, and contribute to economic growth. However, strong employment can also create inflationary pressures.

When businesses compete for workers, wages tend to rise. Higher wages increase consumer purchasing power. Increased spending can lead to higher demand for goods and services. If demand grows faster than supply, inflation can accelerate.

This is exactly why the Federal Reserve continues paying close attention to employment reports.

The stronger the labor market becomes, the more difficult it may be for inflation to return to the Fed's long-term target.

For investors, however, strong employment remains a net positive. Recessions typically occur when job losses accelerate and consumers pull back spending. So far, there is very little evidence that such a slowdown is occurring.

Another important story this week involved oil prices.

Energy prices moved higher as investors monitored developments involving Iran and shipping routes through the Strait of Hormuz. Roughly 20% of the world's oil production passes through this region, making it one of the most strategically important waterways on the planet.

Investors understand that rising oil prices affect nearly every sector of the economy. Transportation costs increase. Manufacturing costs rise. Airlines face higher fuel expenses. Consumers pay more at the gas pump. Businesses throughout the economy face increased operating costs.

Higher oil prices also create inflationary pressure, which can complicate the Federal Reserve's efforts to lower interest rates.

The market became increasingly optimistic throughout the week that diplomatic efforts could help ease tensions in the region. If peace efforts continue progressing and oil prices stabilize, inflationary pressures could moderate, potentially giving the Federal Reserve more flexibility later this year.

This relationship between oil prices, inflation, and interest rates will likely remain one of the most important themes for investors during the remainder of 2026.

One of the most exciting developments of the week was the continued enthusiasm surrounding the SpaceX public offering.

For years, investors have eagerly awaited the opportunity to invest directly in one of the world's most innovative companies. SpaceX has revolutionized commercial space launches, satellite communications, and aerospace technology.

The public offering immediately became one of the most talked-about events on Wall Street.

Investors view SpaceX as more than simply a rocket company. Many see it as a platform business that touches multiple industries including defense, communications, artificial intelligence infrastructure, satellite internet, transportation, and advanced manufacturing.

The excitement surrounding the offering also reflects investor appetite for innovative growth companies. Even after years of strong market gains, investors remain eager to invest in businesses capable of generating significant long-term growth.

Whether SpaceX ultimately becomes one of the greatest investments of the decade remains to be seen, but there is no question that the company's public debut has captured the imagination of investors worldwide.

Artificial intelligence remains the dominant investment theme of 2026.

Demand for semiconductors, data centers, networking equipment, software platforms, and power generation infrastructure continues expanding at an extraordinary pace.

Companies positioned to benefit from AI spending continue reporting strong earnings growth and attracting investor capital.

This trend extends beyond technology companies. Utilities, industrial manufacturers, electrical equipment providers, engineering firms, and infrastructure companies are all benefiting from the enormous investments required to support artificial intelligence development.

Many analysts believe the AI revolution is still in its early stages. If that proves correct, companies supplying the hardware, software, and infrastructure supporting AI could continue benefiting for years.

As we move deeper into the second half of 2026, investors face a market filled with both opportunities and risks.

On the positive side, corporate earnings remain healthy, artificial intelligence spending continues expanding, employment remains strong, and economic growth has exceeded expectations.

On the risk side, inflation remains a concern, interest rates remain elevated, oil prices could move higher, and geopolitical tensions continue creating uncertainty.

Yet despite those concerns, the stock market continues demonstrating remarkable strength.

For long-term investors, the lesson remains unchanged. Successful investing is rarely about predicting the next headline. It is about owning great businesses, staying disciplined during periods of uncertainty, and allowing the power of compounding to work over time.

The bull market remains alive and well, and patient investors continue to be rewarded.

Few stocks have rewarded our family as much as GE Vernova over the past several years. What began as a company that many investors did not fully understand has become one of the largest wealth creators in our portfolios. Today, GE Vernova is a core holding for Chris, Trip, and Frankie, and it continues to be one of our favorite long-term investments.

The story of GE Vernova is really the story of one of the most important trends shaping the global economy: electricity demand. As artificial intelligence, cloud computing, electric vehicles, manufacturing reshoring, and data centers continue expanding, the world needs dramatically more power generation and electrical infrastructure. GE Vernova sits directly in the middle of that opportunity.

When General Electric separated its businesses and created GE Vernova, many investors initially overlooked the company. The market was focused on artificial intelligence software companies and semiconductor stocks. What many investors missed was that none of those technologies can function without massive amounts of electricity.

The company is a global leader in gas turbines, power generation equipment, grid infrastructure, renewable energy systems, and electrical transmission technology. As demand for electricity grows around the world, utilities and governments increasingly turn to companies like GE Vernova to build and modernize critical infrastructure.

For Chris, GE Vernova represents exactly the type of company that long-term investors should seek out. It operates in a critical industry, possesses strong competitive advantages, benefits from long-term secular growth trends, and generates products that customers simply cannot do without.

Trip believes GE Vernova may be one of the best examples of investing in a trend rather than chasing headlines. While investors focus on the latest artificial intelligence application or software platform, GE Vernova benefits from the underlying infrastructure spending required to support the entire AI revolution.

Frankie is attracted to the company because it benefits from multiple growth trends simultaneously. Artificial intelligence, electrification, utility modernization, renewable energy investment, and manufacturing expansion all create additional demand for GE Vernova's products and services.

Perhaps the most exciting opportunity involves artificial intelligence and data centers. Every major technology company is investing billions of dollars into AI infrastructure, and all of that infrastructure requires reliable electricity generation and transmission.

GE Vernova is positioned to benefit directly from those investments.

Management has also executed exceptionally well since becoming an independent company. Order backlogs continue growing, profitability continues improving, and investors have gained confidence in the company's long-term outlook.

Most importantly, we do not view GE Vernova as a short-term trade. We believe it is a company that can continue growing for years as electricity demand increases around the world.

For Chris, Trip, and Frankie, GE Vernova has become an excellent example of why long-term investing works. By identifying powerful economic trends, purchasing quality companies, and remaining patient, investors can achieve extraordinary results over time.

While no investment is without risk, we continue to believe GE Vernova is one of the best-positioned infrastructure companies in the market today and remains a core holding across our family portfolios.

Fix-and-flip investing remains one of the fastest ways to build wealth in real estate, but it is also one of the easiest ways to lose money if you do not have a clear plan. Television shows often make flipping houses look simple, but experienced investors know that successful projects require discipline, patience, market knowledge, and strong project management skills.

With higher interest rates and changing market conditions in 2026, successful fix-and-flip investors must be even more careful than they were during the easy-money years. The good news is that opportunities still exist for investors who follow proven principles and avoid common mistakes.

Your profit is usually determined when you buy the property, not when you sell it. Always leave yourself a healthy profit margin and focus on motivated sellers, estate sales, foreclosures, short sales, and properties needing cosmetic improvements.

Before making an offer, carefully analyze comparable sales within the neighborhood. Be conservative with your estimates because overestimating value is one of the most common mistakes investors make.

A great contractor can make you a fortune while a poor contractor can destroy profits. Spend time building relationships with reliable professionals who consistently deliver quality work.

Many of the most profitable flips involve paint, flooring, kitchens, bathrooms, landscaping, and lighting rather than expensive structural renovations. Cosmetic improvements often generate the highest return on investment.

Every neighborhood has a target buyer. Understanding what buyers value most allows you to allocate renovation dollars more effectively and maximize profits.

Avoid over-improving properties. Every dollar spent should contribute toward increased value and buyer appeal. Stay disciplined and stick to your renovation budget.

Every month you own a property costs money. Mortgage payments, taxes, insurance, utilities, and maintenance expenses continue accumulating until the property sells.

The best investors remain flexible. If market conditions change, consider rental strategies, lease options, or refinancing opportunities rather than forcing a sale.

Interest rates matter. Understand all financing costs before purchasing a property, including interest expenses, loan fees, insurance, and closing costs.

Successful fix-and-flip investing is a business. Track expenses, analyze results, improve systems, and focus on long-term consistency rather than short-term speculation.

Fix-and-flip investing remains one of the most effective wealth-building strategies available to real estate investors. While today's higher interest rate environment creates additional challenges, it also creates opportunities for disciplined investors who understand how to identify value and manage risk.

The investors who consistently succeed are not necessarily the smartest or the most aggressive. They are the ones who remain disciplined, follow proven systems, control risk, and execute their plans consistently.

In real estate, as in investing, wealth is often built one well-executed deal at a time.

Alphabet (GOOG) closed the week at $367.46 and is up 113.81% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Alphabet remains one of the world's dominant technology companies through its leadership in search, cloud computing, artificial intelligence, and digital advertising. Chris continues to own Alphabet because he believes artificial intelligence will strengthen Google's competitive position and because the company's valuation remains attractive relative to its long-term growth prospects.

Amazon (AMZN) closed at $244.39 and is up 17.49% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Amazon remains the dominant force in e-commerce and cloud computing through Amazon Web Services. Chris owns Amazon because of its leadership in cloud infrastructure, artificial intelligence services, logistics, and its ability to generate long-term revenue growth across multiple business segments.

Apple (AAPL) closed at $298.01 and is up 98.59% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Apple remains one of the strongest consumer brands in the world with a highly loyal customer base. Chris owns Apple because of its consistent cash flow generation, growing services business, and ability to return capital to shareholders through dividends and share repurchases.

Costco Wholesale (COST) closed at $951.45 and is up 100.97% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Costco continues to demonstrate exceptional customer loyalty and membership growth. Chris owns Costco because of its proven business model, recurring membership revenue, and ability to perform well during both strong and weak economic environments.

GE Aerospace (GE) closed at $357.64 and is up 261.60% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

GE Aerospace is one of the world's leading jet engine manufacturers and aerospace service providers. Chris owns GE because commercial aviation demand remains strong and because the company continues benefiting from long-term growth in global air travel.

GE Vernova (GEV) closed at $1,109.73 and is up 985.91% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

GE Vernova is a global leader in power generation, grid modernization, and energy infrastructure. Chris views GE Vernova as one of the best long-term investments in the market because artificial intelligence, data centers, electrification, and global power demand are creating enormous opportunities for the company.

Meta Platforms (META) closed at $577.22 and is down 0.44% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Buy.

Meta owns Facebook, Instagram, WhatsApp, and several of the world's largest social media platforms. Chris continues holding Meta because of its massive cash generation, artificial intelligence investments, and dominant position in digital advertising.

Microsoft (MSFT) closed at $379.40 and is up 730.43% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Microsoft remains one of the premier technology companies in the world through its leadership in cloud computing, software, cybersecurity, and artificial intelligence. Chris owns Microsoft because he believes AI adoption is still in its early innings and Microsoft remains one of the largest beneficiaries of that trend.

Palantir Technologies (PLTR) closed at $128.47 and is down 8.36% since inception. Wall Street's average analyst rating is Hold. Chris' rating is Strong Buy.

Palantir develops advanced artificial intelligence and data analytics platforms for commercial and government customers. Chris believes Palantir is positioned to become one of the most important AI software companies in the world and views the recent pullback as a long-term opportunity.

Procter & Gamble (PG) closed at $150.38 and is up 83.53% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Procter & Gamble owns many of the world's leading consumer product brands. Chris owns the stock because it provides portfolio stability, consistent dividend growth, and dependable earnings through a variety of economic environments.

Amazon (AMZN) closed the week at $244.39 and is up 115.11% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Amazon remains one of the world's premier growth companies through its leadership in e-commerce, cloud computing, logistics, and artificial intelligence infrastructure. Chris continues to own Amazon because he believes Amazon Web Services remains one of the most valuable businesses in the world and because the company continues finding new avenues for long-term growth.

American Express (AXP) closed at $338.00 and is up 102.78% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

American Express is one of the world's leading payment networks and financial services companies. Chris owns American Express because of its affluent customer base, strong brand loyalty, growing transaction volume, and consistent ability to generate earnings growth.

Kinder Morgan (KMI) closed at $31.59 and is up 111.82% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Kinder Morgan is one of North America's largest energy infrastructure companies, operating pipelines and storage facilities throughout the United States. Chris owns Kinder Morgan because energy infrastructure remains critical to the economy and the company provides dependable cash flow and dividend income.

Verizon Communications (VZ) closed at $45.37 and is down 10.06% since inception. Wall Street's average analyst rating is Hold. Chris' rating is Hold.

Verizon is one of the nation's largest wireless communications providers. Chris continues to hold Verizon because of its attractive dividend yield, recurring revenue base, and defensive characteristics during periods of economic uncertainty.

Exxon Mobil (XOM) closed at $137.81 and is up 64.24% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Exxon Mobil is one of the world's largest integrated energy companies with operations spanning exploration, production, refining, and chemicals. Chris owns Exxon because he believes global energy demand will remain strong for years and because the company generates substantial cash flow during periods of elevated oil prices.

Tesla (TSLA) closed the week at $400.49 and is up 25.94% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Strong Buy.

Tesla is the global leader in electric vehicles, energy storage systems, autonomous driving technology, and robotics. Chris continues to own Tesla because he believes the company's future extends well beyond automobiles and because innovations in autonomous driving, robotics, artificial intelligence, and energy infrastructure could drive significant long-term growth.

Apple (AAPL) closed the week at $298.01 and is up 166.93% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Buy.

Apple is one of the world's most valuable companies with leading positions in smartphones, wearables, services, and consumer technology. Chris owns Apple because of its incredible brand loyalty, massive cash generation, and ability to create long-term shareholder value through innovation and recurring revenue streams.

Nvidia (NVDA) closed the week at $210.69 and is up 113.39% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Nvidia is the global leader in artificial intelligence chips, accelerated computing, and data center infrastructure. Chris continues to own Nvidia because he believes artificial intelligence adoption remains in the early stages and Nvidia remains one of the largest beneficiaries of the AI revolution.

SpaceX (SPCX) closed the week at $185.00 and is up 37.03% since inception. Wall Street's average analyst rating is Buy. Chris' rating is Strong Buy.

SpaceX is one of the world's most innovative aerospace and satellite communications companies. Chris owns SpaceX because he believes the company is uniquely positioned to benefit from long-term growth in commercial space travel, satellite communications, defense technology, and global internet connectivity through Starlink.

Lam Research (LRCX) closed the week at $389.04 and is up 51.08% since inception. Wall Street's average analyst rating is Strong Buy. Chris' rating is Strong Buy.

Lam Research is one of the world's leading semiconductor equipment manufacturers, providing critical technology used in the production of advanced computer chips. Chris owns Lam Research because artificial intelligence, cloud computing, and data center expansion continue driving enormous demand for semiconductors, creating long-term growth opportunities for the company.

Palantir Technologies (PLTR) closed the week at $128.47 and is down 10.76% since inception. Wall Street's average analyst rating is Hold. Chris' rating is Strong Buy.

Palantir develops advanced artificial intelligence and data analytics software for government and commercial customers worldwide. Chris continues to hold Palantir because he believes the company is becoming one of the most important enterprise AI software providers and that its long-term growth potential remains substantial despite recent volatility.

GE Vernova (GEV) closed the week at $1,109.73 and is up 1,007.04% since inception. Wall Street's average analyst rating is Strong Buy. Trip's rating is Strong Buy.

GE Vernova is a global leader in power generation, grid infrastructure, and energy technology. Trip continues to make GE Vernova one of his largest positions because he believes the explosion in artificial intelligence, data centers, and electricity demand will drive years of growth for the company.

Costco Wholesale (COST) closed at $951.45 and is up 106.42% since inception. Wall Street's average analyst rating is Buy. Trip's rating is Buy.

Costco operates one of the most successful membership warehouse retail businesses in the world. Trip owns Costco because of its loyal customer base, recurring membership revenue, and consistent ability to grow earnings through a variety of economic environments.

Navitas Semiconductor (NVTS) closed the week at $24.02 and is down 1.64% since inception. Wall Street's average analyst rating is Buy. Trip's rating is Strong Buy.

Navitas Semiconductor develops advanced gallium nitride and silicon carbide power semiconductors used in electric vehicles, data centers, solar energy systems, and consumer electronics. Trip continues to hold Navitas because he believes the company's technology is well positioned to benefit from growing demand for energy-efficient power solutions.

Intel (INTC) closed the week at $133.99 and is up 4.81% since inception. Wall Street's average analyst rating is Buy. Trip's rating is Strong Buy.

Intel remains one of the world's largest semiconductor manufacturers and is rapidly expanding its domestic chip fabrication capabilities. Trip owns Intel because he believes the company's turnaround strategy, foundry business, and growing importance to U.S. semiconductor independence create significant long-term upside potential.

IBM (IBM) closed at $249.10 and is down 0.56% since inception. Wall Street's average analyst rating is Hold. Trip's rating is Buy.

IBM is a global leader in enterprise software, consulting services, cloud infrastructure, and artificial intelligence solutions. Trip owns IBM because of its growing AI business, stable cash flows, and ability to serve large enterprise customers worldwide.

SpaceX (SPCX) closed the week at $185.00 and is up 11.59% since inception. Wall Street's average analyst rating is Buy. Trip's rating is Strong Buy.

SpaceX is one of the world's most innovative companies with leading positions in aerospace, satellite communications, launch services, and global internet connectivity. Trip believes SpaceX could become one of the defining growth companies of the next decade as demand for satellite communications, defense technology, and commercial space services continues expanding.

Navitas Semiconductor (NVTS) closed the week at $24.02 and is up 222.85% since inception. Wall Street's average analyst rating is Buy. Frankie's rating is Strong Buy.

Navitas Semiconductor develops advanced power semiconductors used in electric vehicles, artificial intelligence infrastructure, solar energy systems, and next-generation electronics. Frankie continues to own Navitas because he believes its gallium nitride technology could become increasingly important as the world demands more efficient power solutions.

GE Vernova (GEV) closed the week at $1,109.73 and is up 1,007.04% since inception. Wall Street's average analyst rating is Strong Buy. Frankie's rating is Strong Buy.

GE Vernova is a global leader in power generation and electrical infrastructure. Frankie views GE Vernova as one of the most compelling long-term investments available because artificial intelligence, data centers, and electrification are creating enormous demand for electricity and power infrastructure.

Costco Wholesale (COST) closed at $951.45 and is up 106.06% since inception. Wall Street's average analyst rating is Buy. Frankie's rating is Buy.

Costco operates one of the most successful membership-based retail businesses in the world. Frankie owns Costco because of its remarkable customer loyalty, recurring membership revenue, and long history of steady earnings growth.

Nebius Group (NBIS) closed the week at $286.69 and is up 238.20% since inception. Wall Street's average analyst rating is Buy. Frankie's rating is Strong Buy.

Nebius Group is an emerging artificial intelligence infrastructure company focused on cloud computing and advanced technology services. Frankie owns Nebius because he believes the demand for AI infrastructure will continue accelerating and that the company is positioned to benefit from that growth.

Microsoft (MSFT) closed the week at $379.40 and is up 237.34% since inception. Wall Street's average analyst rating is Strong Buy. Frankie's rating is Strong Buy.

Microsoft is a global leader in software, cloud computing, cybersecurity, and artificial intelligence. Frankie continues to hold Microsoft because of its dominant position in enterprise technology and its leadership role in the rapidly expanding AI economy.

Amazon (AMZN) closed the week at $244.39 and is up 17.49% since inception. Wall Street's average analyst rating is Strong Buy. Frankie's rating is Strong Buy.

Amazon remains the dominant force in e-commerce and cloud infrastructure through Amazon Web Services. Frankie owns Amazon because he believes the company will continue benefiting from long-term growth in cloud computing, logistics, artificial intelligence, and online retail.

Tesla (TSLA) closed the week at $400.49 and is up 34.67% since inception. Wall Street's average analyst rating is Buy. Frankie's rating is Strong Buy.

Tesla is the world's leading electric vehicle manufacturer and a major innovator in robotics, autonomous driving, and energy storage systems. Frankie believes Tesla's opportunities extend far beyond automobiles and that the company's technology platform could create significant value over the next decade.

Palantir Technologies (PLTR) closed the week at $128.47 and is down 10.71% since inception. Wall Street's average analyst rating is Hold. Frankie's rating is Strong Buy.

Palantir develops advanced artificial intelligence and data analytics software for government and commercial organizations. Frankie continues holding Palantir because he believes AI adoption is still in the early stages and that Palantir's software platforms are becoming increasingly valuable to customers.

Aurora Innovation (AUR) closed the week at $6.28 and is up 61.03% since inception. Wall Street's average analyst rating is Buy. Frankie's rating is Strong Buy.

Aurora Innovation develops autonomous driving technology for commercial trucking and transportation companies. Frankie owns Aurora because he believes autonomous transportation represents a massive long-term opportunity and Aurora remains one of the industry's leading innovators.

Meta Platforms (META) closed the week at $577.22 and is down 0.11% since inception. Wall Street's average analyst rating is Strong Buy. Frankie's rating is Buy.

Meta owns Facebook, Instagram, WhatsApp, and several of the world's largest social media platforms. Frankie owns Meta because of its massive user base, strong advertising business, and substantial investments in artificial intelligence.

As we reach the midpoint of 2026, our family remains focused on the same themes that have driven many of our strongest investment results: artificial intelligence, cloud computing, semiconductors, energy infrastructure, electrification, autonomous transportation, aerospace innovation, and high-quality consumer brands. The remarkable performance of positions such as GE Vernova, Microsoft, Nvidia, Navitas Semiconductor, and Nebius demonstrates the power of identifying major long-term trends and remaining patient while those trends unfold.

While markets will inevitably experience periods of volatility, we continue to believe that successful investing is built upon owning exceptional businesses, maintaining a long-term perspective, and allowing the power of compounding to work over time. We remain optimistic about the opportunities ahead and look forward to sharing our investing journey with you each week.

The information contained in this newsletter is for educational and informational purposes only and should not be considered investment, legal, tax, or financial advice. The opinions expressed are those of Chris, Trip, and Frankie McLaughlin and are based on personal investment experience and research.

Investing involves risk, including the potential loss of principal. Past performance does not guarantee future results. Investors should conduct their own due diligence and consult with qualified financial, legal, and tax professionals before making any investment decisions.

The stocks discussed in this newsletter may be owned by members of the McLaughlin family and therefore represent positions in which the authors have a financial interest. Always consult your own advisors before implementing any investment strategy.