Sunday, October 11, 2026

Market Closing Date: Friday, October 9, 2026

By Chris McLaughlin, Trip McLaughlin, and Frankie McLaughlin

Welcome back to another edition of the Smart Wealth Newsletter! I'm Chris McLaughlin, and together with my sons, Trip and Frankie, we're excited to share another week of investment analysis, stock market insights, and lessons from managing our family's investment portfolios.

For those of you who are new to our newsletter, I have spent many years investing in stocks, real estate, and businesses. My philosophy has always been to identify outstanding companies, purchase them at reasonable valuations, and allow the power of compounding to work over time.

My son Trip is currently a senior at Tulane University's A. B. Freeman School of Business in New Orleans. Trip has developed a strong interest in investing, particularly in artificial intelligence, semiconductors, advanced technology, and companies positioned to benefit from major economic transformations. His investment approach combines business fundamentals with an appreciation for emerging industries that could experience substantial growth.

My younger son Frankie is a freshman at Georgetown University's McDonough School of Business in Washington, D.C. Frankie has developed his own investment philosophy, emphasizing innovative companies with strong growth potential, competitive advantages, and opportunities to participate in rapidly expanding industries.

One of the most enjoyable aspects of investing as a family is that we regularly exchange ideas, discuss companies, and challenge one another's assumptions. We don't always agree about which stocks represent the best opportunities, but those conversations make us more thoughtful investors.

Our portfolios reflect different investment strategies. I tend to emphasize established companies with proven business models and strong competitive positions. Trip enjoys identifying companies benefiting from technological change, while Frankie combines established technology leaders with emerging businesses operating in artificial intelligence, autonomous transportation, and other promising industries.

This week, we'll begin by examining the financial markets for the week ending October 9, 2026. We'll discuss the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, along with interest rates, inflation, corporate earnings, artificial intelligence, and companies attracting investor attention.

In Part 2, we'll feature ServiceNow (NOW), an enterprise software company that Frankie owns and on which he has achieved a 54.60% gain since purchase.

In Part 3, we'll review our family's investment portfolios, including my Morgan Stanley and Fidelity accounts, followed by Trip's and Frankie's Schwab accounts.

Our goal remains the same every week: help readers become more knowledgeable investors, make thoughtful financial decisions, and build lasting wealth.

Thank you for joining us. Let's get started!

Market Closing Date: Friday, October 9, 2026

The second full trading week of October provided investors with another opportunity to evaluate the strength of the American economy and the outlook for corporate earnings.

The three major stock market indexes we follow most closely are the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite.

For October 9, the closing figures previously assembled for this newsletter are as follows:

Dow Jones Industrial Average: 51,654.95, representing a weekly gain of approximately 0.93%.

S&P 500: 7,811.54, representing a weekly gain of approximately 1.15%.

Nasdaq Composite: 27,366.17, representing a weekly gain of approximately 0.64%.

These figures are retained from the earlier draft and require independent verification against authoritative October 9 historical closing data before publication.

The Dow Jones Industrial Average tracks 30 major American corporations and provides an important perspective on investor confidence in established businesses.

The S&P 500 represents a broader cross-section of corporate America and is widely regarded as one of the most useful indicators of overall large-cap stock market performance.

The Nasdaq Composite is particularly important to our family because it includes many technology and growth-oriented companies, including businesses involved in artificial intelligence, cloud computing, semiconductors, and digital infrastructure.

Although daily and weekly index movements attract considerable attention, successful investors should focus on the underlying factors that influence business profitability and long-term stock valuations.

Those factors include corporate earnings, interest rates, inflation, consumer spending, technological innovation, and the overall health of the economy.

Artificial intelligence remains one of the most important investment themes of this decade.

Businesses around the world are investing substantial resources in the computing infrastructure necessary to develop, train, and operate increasingly sophisticated artificial intelligence systems.

These investments include advanced semiconductors, high-performance servers, data centers, networking equipment, electrical infrastructure, and specialized software.

Companies such as Nvidia, Microsoft, Amazon, Alphabet, Broadcom, Oracle, and ServiceNow are participating in different aspects of this technological transformation.

Nvidia supplies advanced computing processors, while Broadcom provides semiconductor and networking technologies used in sophisticated computing systems.

Microsoft, Amazon, and Alphabet operate major cloud computing platforms that allow businesses to access advanced computing resources without building their own infrastructure.

Oracle is expanding its cloud infrastructure capabilities, while ServiceNow helps organizations incorporate artificial intelligence into business processes and workflow automation.

However, investors are increasingly asking whether the enormous expenditures associated with artificial intelligence will produce sufficient revenue and profits to justify current valuations.

This is an important question.

A company can operate in an exciting industry and still represent a poor investment if its stock price already reflects unrealistic expectations.

Conversely, a financially strong company operating in a rapidly growing market may offer attractive opportunities when temporary market volatility creates a more reasonable valuation.

Our family believes artificial intelligence will transform numerous industries over the coming decade, but we also recognize that not every AI-related company will become a successful long-term investment.

Investors must distinguish between businesses with established competitive advantages and companies whose future success remains highly speculative.

Interest rates remain one of the most important influences on financial markets.

When borrowing costs increase, businesses may become more cautious about expansion, consumers may reduce discretionary purchases, and investors may demand higher expected returns from stocks.

Higher interest rates can particularly affect growth companies because much of their estimated value depends on earnings expected years into the future.

Interest rates also influence the real estate market, which is another important component of our family's investment strategy.

Higher mortgage rates can make residential and commercial properties more expensive to finance, reducing potential cash flow and limiting the number of attractive acquisition opportunities.

For investors who own rental properties, the relationship between purchase prices, financing costs, operating expenses, and rental income becomes especially important.

Lower interest rates can improve financing conditions, but the economic circumstances behind a rate reduction also matter.

If inflation declines while employment and consumer spending remain healthy, lower rates may support both corporate earnings and asset valuations.

If rates decline because the economy is entering a significant recession, weaker business profits could offset some of those benefits.

Our approach is to evaluate businesses and real estate investments using realistic assumptions rather than relying on predictions about the Federal Reserve's next decision.

Inflation continues to influence household budgets, corporate expenses, and business profitability.

Companies face changing costs for labor, transportation, raw materials, energy, and financing.

Businesses with strong brands and loyal customers may have greater flexibility to adjust prices without experiencing substantial reductions in demand.

This is one reason I have historically favored companies such as Costco, Procter & Gamble, Apple, and other established businesses with recognizable products and strong competitive positions.

Consumer spending remains a major driver of the American economy.

When employment is healthy and wages are increasing, households generally have greater financial flexibility to purchase goods and services.

When inflation and borrowing costs consume a larger portion of household income, discretionary spending can weaken.

Investors should therefore monitor employment trends, retail sales, household credit conditions, and corporate commentary about consumer behavior.

Businesses that provide essential products and services may prove more resilient during economic slowdowns, although no company is completely immune to changing economic conditions.

Several major companies remain especially relevant as investors evaluate recent market strength and opportunities for future growth.

Nvidia (NVDA) continues to play a central role in artificial intelligence because its advanced processors are widely used to train and operate sophisticated AI models. Investors are watching demand for its newest technologies, competition from alternative chip designs, and the sustainability of spending by major cloud computing customers.

Broadcom (AVGO) is another important participant in the artificial intelligence infrastructure market. Its networking technologies and custom semiconductor capabilities position the company to benefit as large technology businesses develop increasingly specialized computing systems.

Microsoft (MSFT) remains one of our family's favorite long-term investments because of its enterprise software business, Azure cloud platform, and expanding artificial intelligence capabilities. Its recurring subscription revenue and extensive corporate customer relationships provide meaningful competitive advantages.

Alphabet (GOOGL) offers exposure to digital advertising, cloud computing, artificial intelligence, and other emerging technologies. Investors are evaluating how the company's AI investments could strengthen Google Cloud while also changing the economics of internet search.

Amazon (AMZN) continues to benefit from its leadership in e-commerce, cloud computing, and digital advertising. Amazon Web Services provides significant exposure to enterprise computing and AI infrastructure demand, while improvements in retail efficiency can support profitability.

Oracle (ORCL) has become increasingly relevant because of its investments in cloud infrastructure and its relationships with major enterprise customers. Investors are monitoring whether expanding computing demand will generate sufficient long-term returns to justify the company's substantial capital investments.

ServiceNow (NOW) provides enterprise software that helps organizations automate business processes and incorporate artificial intelligence into their operations. Its recurring subscription revenue and established customer relationships create opportunities for growth as companies seek to improve efficiency and reduce operating costs.

These seven businesses are worth following closely because they participate in industries undergoing significant technological change. Their inclusion does not establish that each stock gained during the week or month ending October 9; those individual price changes should be confirmed before describing them as recent winners.

As third-quarter earnings season begins, investors will receive valuable information about the financial performance of American businesses.

Quarterly earnings reports provide insight into revenue growth, operating margins, cash flow, customer demand, and management expectations.

We believe investors should examine the underlying business results rather than focusing exclusively on whether a company exceeds Wall Street's quarterly estimates.

A company may report strong revenue growth while simultaneously experiencing rising expenses and declining profitability.

Another company may experience slower sales growth while improving operating efficiency and generating stronger cash flow.

Both situations require careful analysis.

For technology companies, investors should focus on artificial intelligence spending, cloud computing demand, subscription growth, and whether new products are generating meaningful revenue.

For industrial companies, important factors include customer orders, manufacturing costs, supply chain conditions, and demand for infrastructure investment.

For consumer businesses, investors should monitor purchasing behavior, pricing power, and the effects of inflation on household spending.

Corporate management guidance will also be important because executives often have greater visibility into customer demand and operating conditions than outside investors.

Energy markets and geopolitical developments remain important sources of uncertainty.

Oil and natural gas prices influence transportation expenses, manufacturing costs, utility bills, and consumer purchasing power.

Higher energy prices can benefit certain producers while creating challenges for airlines, transportation companies, manufacturers, and households.

Global conflicts and trade disputes can also disrupt supply chains and create uncertainty about access to critical materials.

Investors should recognize that financial markets can react dramatically to geopolitical headlines, even when the long-term economic consequences remain uncertain.

Our preferred strategy is to own financially strong companies capable of navigating a variety of economic environments rather than attempting to predict every international development.

One of the most important lessons we emphasize in this newsletter is that building wealth generally requires patience.

Stock prices fluctuate for numerous reasons, including economic announcements, earnings reports, geopolitical events, and changes in investor sentiment.

These short-term movements do not always reflect meaningful changes in a company's long-term earning power.

Successful investors attempt to distinguish temporary volatility from permanent deterioration in a business.

Our family continues to favor companies with strong competitive positions, capable management teams, healthy balance sheets, and opportunities to increase earnings over time.

We also believe valuation matters.

Even an outstanding business can become an unattractive investment when its stock price rises far beyond reasonable expectations for future profitability.

Conversely, periods of market uncertainty can create opportunities to purchase high-quality companies at more attractive prices.

Diversification and position sizing are also essential considerations.

Several of our family's investments have generated substantial gains, but those successes have also increased the concentration of certain portfolios.

While we remain optimistic about our strongest holdings, we recognize that excessive concentration can increase risk.

Looking ahead, corporate earnings, interest-rate expectations, inflation, and artificial intelligence investment will likely remain important influences on financial markets.

We expect investors to continue evaluating whether companies can convert technological innovation into sustainable revenue growth and profitability.

Businesses with strong financial positions, recurring revenue, and durable competitive advantages may be better equipped to navigate economic uncertainty.

At the same time, emerging companies can offer substantial growth potential, although their investment risks are often considerably greater.

Our family remains optimistic about the long-term prospects of American businesses while recognizing that disciplined research and realistic valuations are essential.

The bottom line is that successful investing requires more than identifying exciting industries. Investors must understand the businesses they own, evaluate the prices they pay, and maintain the patience necessary to allow long-term investment opportunities to develop.

We believe that approach offers the best foundation for building lasting wealth.

Company: ServiceNow
Ticker Symbol: NOW
October 9 Closing Price: $140.86
Frankie's Gain Since Purchase: +54.60%
Frankie's Investment Rating: Buy
Chris's Investment Rating: Buy

This week's Stock Spotlight features ServiceNow (NOW), one of the most interesting technology companies in Frankie's investment portfolio.

Frankie currently has an impressive 54.60% gain since purchasing ServiceNow, and he remains enthusiastic about the company's long-term prospects.

ServiceNow is not necessarily a household name like Apple, Microsoft, or Amazon, but its software plays an increasingly important role in helping major corporations operate more efficiently.

The company develops cloud-based software that helps businesses automate complicated processes, manage information technology operations, improve customer service, and coordinate important activities across departments.

Imagine a multinational corporation employing 100,000 people. Every day, employees request technical assistance, managers approve expenditures, customers need support, and departments coordinate complicated projects.

Without effective software, these activities can become inefficient, expensive, and difficult to manage.

ServiceNow provides a platform that helps organizations automate and coordinate many of these processes.

One of its greatest competitive advantages is that its software can become deeply integrated into a customer's daily operations.

Once a major corporation has invested substantial time and resources implementing ServiceNow, replacing the platform can become expensive and disruptive.

This creates customer retention advantages and supports recurring subscription revenue.

One of the characteristics Frankie particularly likes about ServiceNow is its subscription-based business model.

Instead of relying primarily on one-time software sales, ServiceNow generates recurring revenue from businesses that subscribe to its products and services.

Recurring revenue can make future financial performance more predictable and allow management to invest confidently in product development and expansion.

ServiceNow also has opportunities to increase revenue from existing customers.

A corporation that initially purchases ServiceNow for information technology management might eventually adopt additional products for human resources, customer service, cybersecurity, and artificial intelligence automation.

This ability to expand customer relationships can support revenue growth without requiring the company to acquire an entirely new customer for every additional sale.

Artificial intelligence represents one of the most exciting components of ServiceNow's long-term investment thesis.

While Nvidia and other semiconductor companies provide the computing power necessary to operate sophisticated AI systems, businesses also need software that translates those capabilities into measurable productivity improvements.

ServiceNow is positioning itself as a platform through which organizations can implement AI-powered automation across their operations.

For example, its technology can help resolve routine employee support requests, automate administrative procedures, assist customer service representatives, and coordinate complex business workflows.iciently.

If ServiceNow can demonstrate that its AI products reduce operating expenses, improve productivity, and deliver attractive returns on investment, businesses may become increasingly willing to expand their subscriptions.

This could create opportunities for additional revenue, improved profitability, and deeper relationships with existing customers.

Frankie believes ServiceNow combines the strengths of an established software business with opportunities for substantial future growth.

The company already serves major corporate customers and generates meaningful recurring revenue.

At the same time, artificial intelligence creates opportunities to introduce new products and expand the number of business processes its software can manage.

Frankie particularly appreciates companies that develop products customers depend upon and cannot easily replace.

He also believes demand for business automation should continue expanding as corporations search for ways to improve efficiency and control expenses.

These characteristics make ServiceNow an attractive long-term investment candidate.

Despite its strengths, ServiceNow faces meaningful investment risks.

The enterprise software industry is highly competitive, with major technology companies such as Microsoft, Salesforce, and Oracle competing for corporate technology spending.

ServiceNow must continue introducing innovative products while maintaining strong customer relationships.

Valuation is another important consideration.

Growth-oriented software companies can experience substantial stock price declines when revenue growth slows or investors become less willing to pay premium valuations.

Corporate technology budgets can also come under pressure during economic downturns.

Artificial intelligence itself could introduce new competitors and change how businesses purchase enterprise software.

Investors should therefore monitor subscription revenue growth, customer retention, operating margins, free cash flow, and the company's ability to generate meaningful revenue from AI products.

We believe ServiceNow offers an attractive combination of recurring revenue, established enterprise relationships, technological innovation, and long-term growth opportunities.

Its expanding artificial intelligence capabilities could provide an important source of future demand as businesses automate increasingly complicated operations.

Frankie's 54.60% gain demonstrates the potential benefits of identifying promising companies and maintaining a long-term investment perspective.

However, past performance does not guarantee future results, and investors considering a new position must evaluate the stock at its current valuation rather than Frankie's original purchase price.

For patient investors who understand the risks associated with growth stocks, ServiceNow deserves consideration as a long-term investment in enterprise software and artificial intelligence.

Frankie's Rating: Buy.

Chris's Rating: Buy.

October 11, 2026 | Closing Prices: October 9, 2026

Our family's portfolios demonstrate the benefits of long-term investing in successful businesses. This week, we review Chris's Morgan Stanley and Fidelity accounts, followed by Trip's and Frankie's Schwab portfolios. All gains and losses reflect brokerage-reported performance since purchase. Analyst ratings are indicative estimates, not independently verified consensus figures.

Average Analyst Rating: Buy | Chris's Rating: Buy

Alphabet owns Google, YouTube, and Google Cloud. Chris owns it for its advertising dominance, substantial cash flow, and expanding artificial intelligence opportunities.

Average Analyst Rating: Strong Buy | Chris's Rating: Strong Buy

Amazon leads in e-commerce and cloud computing. Chris believes AWS, advertising, and improving retail profitability offer substantial long-term growth potential.

Average Analyst Rating: Buy | Chris's Rating: Buy

Apple produces the iPhone, Mac, and related services. Chris values its loyal customers, recurring revenue, financial strength, and product innovation.

Average Analyst Rating: Hold | Chris's Rating: Hold

Deere manufactures agricultural and construction equipment. Chris believes precision farming technology and its established dealer network support long-term competitiveness.

Average Analyst Rating: Buy | Chris's Rating: Buy

GE Aerospace manufactures aircraft engines and aviation technologies. Chris favors its growing maintenance revenue and exposure to commercial aviation demand.

Average Analyst Rating: Buy | Chris's Rating: Buy

GE Vernova provides power generation and electrical infrastructure equipment. Chris believes increasing electricity demand from AI data centers creates substantial opportunities.

Average Analyst Rating: Hold | Chris's Rating: Hold

Kroger operates supermarkets throughout America. Chris values its essential products and relatively dependable consumer demand.

Average Analyst Rating: Buy | Chris's Rating: Buy

Marvell develops advanced semiconductors and networking technologies. Chris believes artificial intelligence infrastructure spending can drive future growth.

Average Analyst Rating: Buy | Chris's Rating: Buy

Meta owns Facebook, Instagram, and WhatsApp. Chris favors its global advertising platforms and opportunities to improve profitability through AI.

Average Analyst Rating: Buy | Chris's Rating: Buy

Micron manufactures memory semiconductors. Chris believes AI computing will increase demand for advanced memory, despite industry volatility.

Average Analyst Rating: Strong Buy | Chris's Rating: Strong Buy

Microsoft leads in enterprise software, cloud computing, and AI. Chris considers its recurring revenue and Azure platform exceptional long-term advantages.

Average Analyst Rating: Hold | Chris's Rating: Hold

Procter & Gamble sells household and personal care products. Chris values its established brands, cash flow, and dividend history.

Average Analyst Rating: Strong Buy | Chris's Rating: Strong Buy

Chris owns Amazon for its cloud computing leadership, advertising growth, and long-term earnings potential.

Average Analyst Rating: Hold | Chris's Rating: Buy

American Express operates a global payments network. Chris values its premium customer base and strong brand.

Average Analyst Rating: Buy | Chris's Rating: Buy

Kinder Morgan operates energy pipelines. Chris favors its recurring cash flow and exposure to natural gas infrastructure demand.

Average Analyst Rating: Hold | Chris's Rating: Hold

Verizon provides wireless and broadband services. Chris owns it primarily for recurring revenue and dividend income.

Average Analyst Rating: Buy | Chris's Rating: Buy

ExxonMobil produces and processes oil and natural gas. Chris values its global operations, cash generation, and shareholder distributions.

Average Analyst Rating: Buy | Chris's Rating: Buy

LightPath develops infrared optics and imaging technology. Chris believes defense, aerospace, and specialized sensing applications offer growth opportunities.

Average Analyst Rating: Hold | Chris's Rating: Buy

Tesla manufactures electric vehicles and energy storage systems while developing autonomous driving and robotics technology. Chris owns it for the potential growth of these emerging businesses.

Average Analyst Rating: Buy | Chris's Rating: Buy

Chris favors Apple's loyal customer base, recurring services revenue, and technological innovation.

Average Analyst Rating: Strong Buy | Chris's Rating: Strong Buy

Nvidia leads in AI computing processors. Chris believes its technological leadership and software ecosystem provide powerful competitive advantages.

Average Analyst Rating: Not verified | Chris's Rating: Buy

The brokerage identifies SPCX as Space Exploration Technologies Corp., Class A. Chris favors its potential exposure to commercial space development, although the security's exact structure requires verification.

Average Analyst Rating: Buy | Chris's Rating: Buy

Chris values Apple's powerful brand, loyal customers, and recurring services revenue.

Average Analyst Rating: Buy | Chris's Rating: Buy

Costco's membership model, customer loyalty, and international expansion opportunities support Chris's long-term investment thesis.

Average Analyst Rating: Buy | Chris's Rating: Buy

Cisco provides networking infrastructure. Chris expects cloud computing and AI data centers to support demand.

Average Analyst Rating: Buy | Chris's Rating: Buy

Chris favors GE Aerospace's engine technology and recurring maintenance business.

Average Analyst Rating: Buy | Chris's Rating: Hold

Coca-Cola offers recognizable brands, dependable consumer demand, and dividend income.

Average Analyst Rating: Buy | Chris's Rating: Strong Buy

Lam Research manufactures semiconductor production equipment. Chris expects advanced memory and AI chip manufacturing to support growth.

Average Analyst Rating: Strong Buy | Chris's Rating: Buy

Mastercard benefits from increasing electronic payments and international commerce.

Average Analyst Rating: Buy | Chris's Rating: Buy

Merck develops pharmaceuticals and vaccines. Chris values its research capabilities and opportunities for medical innovation.

Average Analyst Rating: Buy | Chris's Rating: Hold

Chris owns Procter & Gamble for its dependable consumer products and dividend history.

Average Analyst Rating: Hold | Chris's Rating: Strong Buy

Palantir develops AI-powered data analytics software. Chris believes government and commercial adoption can support substantial growth.

Average Analyst Rating: Strong Buy | Chris's Rating: Buy

Visa operates a global payments network. Chris favors its scalable business model and expanding digital transactions.

Trip, a senior at Tulane University's Freeman School of Business, focuses on companies benefiting from technological innovation and economic transformation.

Average Analyst Rating: Buy | Trip's Rating: Buy

Trip believes growing electricity demand from AI data centers will support GE Vernova's power generation and grid businesses.

Average Analyst Rating: Buy | Trip's Rating: Buy

Trip favors Costco's loyal membership base, efficient operations, and opportunities for international expansion.

Average Analyst Rating: Hold | Trip's Rating: Hold

Trip believes Intel's manufacturing capabilities could support a turnaround, although execution and competition remain significant risks.

Average Analyst Rating: Buy | Trip's Rating: Strong Buy

Trip expects AI infrastructure expansion to increase demand for Micron's advanced memory products.

Trip's portfolio demonstrates impressive returns but remains highly concentrated in GE Vernova and Micron.

Frankie, a freshman at Georgetown University's McDonough School of Business, emphasizes artificial intelligence, innovative technology, and emerging growth opportunities.

Average Analyst Rating: Buy | Frankie's Rating: Buy

Navitas develops advanced power semiconductors. Frankie believes energy-efficient computing creates long-term opportunities.

Average Analyst Rating: Buy | Frankie's Rating: Strong Buy

Nebius provides AI computing infrastructure. Frankie expects growing demand for specialized cloud capacity.

Average Analyst Rating: Buy | Frankie's Rating: Buy

Frankie believes expanding electricity consumption will drive investment in GE Vernova's energy infrastructure.

Average Analyst Rating: Buy | Frankie's Rating: Buy

Frankie values Costco's membership revenue, customer loyalty, and durable retail business model.

Average Analyst Rating: Buy | Frankie's Rating: Buy

ServiceNow provides enterprise automation software. Frankie believes AI-powered workflows and recurring subscriptions support future growth.

Average Analyst Rating: Buy | Frankie's Rating: Buy

Corpay provides corporate payment solutions. Frankie favors its exposure to digital business payments.

Average Analyst Rating: Buy | Frankie's Rating: Buy

Aurora develops autonomous trucking technology. Frankie believes self-driving freight transportation offers significant potential despite considerable risks.

Average Analyst Rating: Strong Buy | Frankie's Rating: Strong Buy

Frankie values Microsoft's Azure cloud platform, enterprise software, and AI integration opportunities.

Average Analyst Rating: Buy | Frankie's Rating: Buy

CoreWeave operates specialized AI cloud infrastructure. Frankie expects computing demand to grow but recognizes financing and competition risks.

Average Analyst Rating: Buy | Frankie's Rating: Buy

AppLovin develops advertising technology. Frankie believes AI-driven advertising optimization offers long-term growth potential.

Frankie's strongest performers include GE Vernova, Microsoft, Nebius, and Costco. His portfolio remains concentrated in GE Vernova and Microsoft.

Our family's investment results reinforce an important lesson: long-term wealth creation requires patience, discipline, and ownership of businesses with durable competitive advantages.

Chris emphasizes established market leaders, Trip focuses on technological transformation, and Frankie combines proven companies with emerging growth opportunities.

Although several investments have generated extraordinary gains, we recognize that valuations, concentration, and market volatility create significant risks.

Our goal is to continue learning, investing thoughtfully, and allowing the power of compounding to work over time.

Thank you for reading this week's Smart Wealth Newsletter!

Chris McLaughlin, Trip McLaughlin, and Frankie McLaughlin

This newsletter is for educational and informational purposes only and does not constitute financial, investment, legal, or tax advice. The authors may own securities discussed and may trade them without notice. Portfolio gains and losses are brokerage-reported unrealized returns, not annualized performance. Analyst ratings are indicative estimates and have not been independently verified. All investments involve risk, including possible loss of principal. Past performance does not guarantee future results. Consult qualified professionals before making investment decisions.