Welcome to another edition of the Smart Wealth Newsletter!

Each week, Chris McLaughlin and his sons, Trip and Frankie, share their perspectives on the stock market, individual investments, and the strategies they believe can help build long-term wealth.

Trip is a senior at Tulane University's A. B. Freeman School of Business, while Frankie is a freshman at Georgetown University's McDonough School of Business. Both continue to develop their investing knowledge through their university studies and the practical experience of managing their own stock portfolios.

This week's market action offered another reminder that even the most exciting investment themes experience significant corrections.

Artificial intelligence, semiconductors, cloud computing, and other high-growth technology stocks came under selling pressure as investors reassessed valuations, future capital spending, and the sustainability of rapid earnings growth.

However, the broader market showed considerable differences between sectors, with several established companies delivering impressive weekly gains.

Dow Jones Industrial Average: 52,002.41 — Up approximately 0.7% for the week.

S&P 500: 7,659.44 — Down approximately 1.9% for the week.

Nasdaq Composite: 26,140.03 — Down approximately 4.5% for the week.

These reported figures illustrate a market increasingly divided between traditional blue-chip businesses and technology companies associated with artificial intelligence.

The Dow managed a modest weekly advance, while the S&P 500 declined and the technology-heavy Nasdaq suffered a substantially larger loss.

For investors who have become accustomed to artificial intelligence stocks leading the market higher, the recent reversal has been particularly uncomfortable.

Nevertheless, periods of market rotation are normal. Investors frequently shift capital between sectors as expectations for interest rates, economic growth, corporate earnings, and future profitability change.

The important question is whether the underlying long-term prospects of individual companies have deteriorated or whether their stock prices are simply adjusting to changing investor expectations.

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

Major technology companies continue investing in data centers, advanced semiconductors, networking equipment, cloud infrastructure, and software capable of supporting increasingly sophisticated AI applications.

However, these investments require enormous amounts of capital.

Investors are asking whether the eventual revenue and productivity benefits will justify the substantial spending required to develop and operate artificial intelligence systems.

That is a reasonable question.

A technology can be revolutionary without every company associated with it becoming a successful investment.

The development of the internet provides an excellent historical example. The internet transformed the global economy, but many companies that attracted enormous investor enthusiasm during its early expansion ultimately failed to produce attractive shareholder returns.

Artificial intelligence may follow a similar pattern, with some companies becoming dominant businesses while others struggle with competition, financing requirements, or disappointing profitability.

This does not mean investors should abandon the sector.

It means investors should carefully distinguish between companies with durable competitive advantages and businesses whose valuations depend on extremely optimistic assumptions.

Microsoft, Alphabet, Amazon, Nvidia, and other established technology leaders possess substantial financial resources, customer relationships, and operating capabilities.

Smaller companies may offer greater potential upside, but they also face greater risks.

Our family continues to believe artificial intelligence will create significant long-term opportunities, although we expect considerable volatility along the way.

Semiconductor companies have been among the most prominent beneficiaries of artificial intelligence investment.

Advanced processors, memory chips, networking components, and specialized manufacturing equipment are essential to the development of modern computing infrastructure.

Micron Technology, Nvidia, Marvell Technology, Lam Research, and other semiconductor-related businesses participate in different parts of this expanding industry.

However, semiconductor stocks are historically cyclical.

Demand can increase rapidly during periods of strong investment, only to weaken when customers reduce spending or inventories become excessive.

That makes valuation especially important.

A semiconductor company can report strong revenue growth and still experience a significant stock price decline if investors believe future earnings expectations have become too optimistic.

Trip continues to own Micron because of its exposure to high-bandwidth memory and artificial intelligence computing.

Chris also maintains exposure to semiconductor-related businesses across his investment accounts.

We believe advanced computing will require increasingly sophisticated chips and memory systems, but we also recognize that even attractive long-term industries can experience difficult investment cycles.

One area where our family's conviction remains especially strong is electricity infrastructure.

Artificial intelligence data centers require enormous quantities of reliable electricity.

At the same time, manufacturers, utilities, and governments are investing in electrical grid modernization, industrial electrification, and additional power generation capacity.

These developments create opportunities for businesses involved in gas turbines, electrical equipment, grid infrastructure, and power management.

GE Vernova remains one of our family's favorite long-term investments.

Chris, Trip, and Frankie all own shares, and each has enjoyed substantial appreciation since purchase.

Despite recent weakness in AI-related stocks, we believe the need for additional electricity generation and modern electrical infrastructure represents a durable investment theme.

The transition toward more electricity-intensive economic activity is not likely to disappear because of a temporary stock market correction.

Nevertheless, investors must remain aware that even companies benefiting from powerful economic trends can become overvalued.

We continue to evaluate business fundamentals rather than assuming that an attractive industry automatically guarantees an attractive investment return.

While many technology stocks struggled, several companies reportedly delivered impressive gains during the week ending October 16.

Accenture (ACN) — Up approximately 9.86%.

Accenture provides consulting, technology integration, and business transformation services to major corporations. Investors continue to evaluate its opportunities in artificial intelligence implementation, enterprise modernization, and productivity improvement.

Arthur J. Gallagher (AJG) — Up approximately 9.53%.

Arthur J. Gallagher operates a global insurance brokerage and risk management business. Its recurring customer relationships and exposure to commercial insurance markets provide a business model distinct from high-growth technology companies.

ConocoPhillips (COP) — Up approximately 9.25%.

ConocoPhillips is a major oil and natural gas producer. Energy stocks can benefit when commodity prices strengthen or investors increase exposure to businesses associated with traditional energy production.

Waste Management (WM) — Up approximately 8.63%.

Waste Management provides essential waste collection, recycling, and environmental services. Its established infrastructure and recurring customer demand make it an example of a business whose services remain necessary across economic cycles.

Lockheed Martin (LMT) — Up approximately 8.34%.

Lockheed Martin is a leading defense contractor producing military aircraft, missile systems, and other advanced defense technologies. Government defense spending and long-term procurement programs can support demand for its products.

UnitedHealth Group (UNH) — Up approximately 5.83%.

UnitedHealth operates major health insurance and healthcare services businesses. Investors continue to assess the company's medical cost trends, operating performance, and opportunities within the broader healthcare industry.

Travelers Companies (TRV) — Up approximately 5.64%.

Travelers provides property and casualty insurance to individuals and businesses. Its underwriting performance, investment income, and insurance pricing conditions influence long-term profitability.

The performance of these companies illustrates the importance of diversification.

A portfolio concentrated entirely in artificial intelligence and semiconductor stocks can experience substantial volatility when market sentiment shifts.

Investors who own businesses across multiple industries may be better positioned to manage those periods of uncertainty.

Corporate earnings will remain an important driver of market performance.

Investors should pay particular attention to revenue growth, operating margins, cash flow, management guidance, and the returns companies are generating from their capital investments.

For artificial intelligence businesses, the relationship between infrastructure spending and eventual revenue generation will become increasingly important.

For semiconductor companies, demand trends, manufacturing capacity, inventory levels, and pricing conditions will remain critical.

For electricity infrastructure companies, investors should monitor new equipment orders, project execution, supply chain conditions, and demand from utilities and large industrial customers.

Interest rates will also influence valuations.

Companies whose stock prices depend heavily on earnings expected many years into the future can be particularly sensitive to changes in discount rates and financing conditions.

Investors should avoid assuming that every market decline represents a buying opportunity.

Instead, focus on businesses with strong competitive positions, reasonable valuations, capable management teams, and financial resources sufficient to withstand difficult economic conditions.

Chris, Trip, and Frankie remain optimistic about the long-term prospects for American businesses and technological innovation.

We continue to favor companies participating in artificial intelligence, electricity infrastructure, semiconductor technology, cloud computing, and other industries with meaningful opportunities for future growth.

However, we also recognize the importance of owning established businesses with dependable cash flow, strong brands, and recurring customer relationships.

Our investment approach is not based on predicting every short-term market movement.

Instead, we seek to identify businesses capable of increasing their earnings and shareholder value over many years.

Market corrections are uncomfortable, particularly when they affect companies in which we have substantial conviction.

But temporary declines do not necessarily invalidate a sound long-term investment thesis.

The key is to remain disciplined, monitor business fundamentals, and distinguish between genuine deterioration in a company's prospects and changes in market sentiment.

We believe investors who maintain that perspective will be better equipped to navigate both rising and falling markets.

Closing Price: $921.20 — October 16, 2026

Our Family Rating: Strong Buy

One of our family's favorite long-term investments remains GE Vernova (GEV), a company we believe is exceptionally well positioned to benefit from increasing global demand for electricity.

Chris, Trip, and Frankie all own GE Vernova, and the investment has generated extraordinary returns for each of us.

Chris is currently up 797.46% on his Morgan Stanley investment, while Trip and Frankie are each up 814.83% in their Schwab portfolios.

These remarkable gains demonstrate the potential rewards of identifying a major economic trend before it becomes widely appreciated.

However, we do not believe GE Vernova's investment opportunity is limited to its past performance.

We continue to believe the company's leadership in power generation equipment, gas turbines, electrical grid technology, and energy infrastructure positions it for substantial long-term growth.

For many years, investors concentrated on the companies designing advanced computer chips, building cloud computing platforms, and developing artificial intelligence software.

These businesses remain important.

However, artificial intelligence systems require more than advanced processors and sophisticated algorithms.

They also require enormous quantities of reliable electricity.

Every large AI data center depends on electrical infrastructure capable of delivering substantial power around the clock.

As artificial intelligence applications become more sophisticated, the computing infrastructure supporting them may require additional electricity generation, transmission equipment, and grid improvements.

That creates an opportunity for companies supplying the equipment required to produce and distribute electricity.

GE Vernova is one of those companies.

The company participates in several important areas of the energy industry, including gas power generation, wind energy, and electrification technologies.

We are particularly enthusiastic about its gas turbine and grid infrastructure businesses.

One of GE Vernova's most attractive businesses is its gas power division.

Natural gas turbines can provide substantial electricity generation capacity and help utilities respond to changing demand.

As data centers and industrial facilities expand, many customers need dependable power sources that can operate regardless of weather conditions.

Gas turbines can play an important role in meeting those requirements.

GE Vernova has extensive engineering expertise, established customer relationships, and a large installed base of power generation equipment.

These advantages can support demand for new equipment as well as recurring maintenance and service revenue.

The service component is especially attractive.

Power generation equipment can remain in operation for decades, creating opportunities for ongoing maintenance, replacement components, and upgrades.

That means the company can potentially benefit from both new infrastructure investment and the continued operation of existing power plants.

We believe this combination provides GE Vernova with an attractive long-term business model.

Electricity generation is only one part of the opportunity.

Power must also travel from generating facilities to homes, businesses, factories, and data centers.

Many electrical grids require substantial modernization to accommodate increasing demand and changing patterns of electricity production and consumption.

GE Vernova supplies equipment and technologies used in electrical transmission, grid management, and related infrastructure.

As utilities invest in upgrading aging systems and expanding transmission capacity, the company may benefit from additional equipment orders and long-term service opportunities.

Grid modernization is also important because increasing electricity production alone will not solve infrastructure constraints.

Without sufficient transmission capacity and reliable grid equipment, additional generation cannot always reach the customers who need it.

This makes GE Vernova's electrification business an important part of our investment thesis.

GE Vernova has not been immune to the recent volatility affecting artificial intelligence-related investments.

When investors become concerned about excessive AI spending, they sometimes sell shares of companies associated with data center construction and infrastructure expansion.

That selling pressure can affect businesses even when their underlying operations remain strong.

We believe investors should distinguish between short-term changes in market sentiment and genuine changes in a company's long-term prospects.

If electricity demand continues increasing, utilities and industrial customers will still need equipment to generate, transmit, and manage that electricity.

Those needs are not eliminated simply because technology stocks experience a difficult trading week.

Nevertheless, we recognize that GE Vernova faces important risks.

Power infrastructure projects are expensive and complex.

Manufacturing capacity, supply chain constraints, project execution, customer financing, and regulatory requirements can all influence profitability.

In addition, a company benefiting from a powerful economic trend can still become an unattractive investment if its stock price rises too far ahead of expected earnings.

For that reason, we continue monitoring GE Vernova's business performance rather than relying exclusively on the success of our earlier investment.

Our family's experience with GE Vernova reinforces one of our most important investment principles: exceptional investment returns often require patience.

Chris, Trip, and Frankie have each benefited from owning the company through periods of changing market expectations.

The returns have been remarkable, but they have not eliminated the possibility of future declines.

Even outstanding businesses can experience substantial stock price volatility.

We believe long-term investors should evaluate companies based on their competitive advantages, earnings potential, management execution, and ability to generate cash flow.

GE Vernova remains attractive to us because it participates in an industry that is essential to modern economic activity.

Electricity is required for manufacturing, transportation, communications, healthcare, computing, and virtually every other major economic function.

The growth of artificial intelligence may increase that need substantially.

We believe GE Vernova's established position in power generation and electrical infrastructure provides an opportunity to participate in this long-term trend.

Our family continues to rate GE Vernova a Strong Buy based on our long-term conviction in its business opportunities.

We believe the company is positioned to benefit from several important developments: rising electricity consumption, artificial intelligence data center construction, industrial electrification, grid modernization, and the need for reliable power generation equipment.

However, our favorable outlook does not mean we expect the stock to rise continuously.

GE Vernova has already experienced extraordinary appreciation, and future returns will depend on the company's ability to deliver earnings and cash flow that justify its valuation.

Investors considering the company should carefully evaluate its current stock price, financial performance, competitive position, and the risks associated with large infrastructure projects.

For Chris, Trip, and Frankie, GE Vernova remains a high-conviction long-term investment.

We believe electricity infrastructure will be one of the defining investment themes of the next decade, and GE Vernova is positioned to play an important role in that transformation.

Our strategy remains to focus on the underlying business, monitor developments carefully, and maintain the discipline required for successful long-term investing.

Alphabet (GOOG) — $336.91 | Gain: +95.91% | Analyst: Buy | Chris: Strong Buy.

Chris owns Alphabet for its dominance in Google Search, YouTube, and Google Cloud. He believes artificial intelligence and strong cash flow will drive long-term growth.

Amazon (AMZN) — $250.00 | Gain: +20.18% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Amazon for its leadership in e-commerce and AWS cloud computing. He expects AI infrastructure and expanding operating margins to support future earnings.

Apple (AAPL) — $343.46 | Gain: +129.11% | Analyst: Buy | Chris: Buy.

Chris owns Apple for its loyal customer base and highly profitable ecosystem. He expects services revenue and product innovation to support continued growth.

Deere & Company (DE) — $641.86 | Gain: +82.41% | Analyst: Buy | Chris: Buy.

Chris owns Deere for its leadership in agricultural machinery and precision farming. He believes automation and global agricultural productivity needs will support demand.

GE Aerospace (GE) — $313.83 | Gain: +216.22% | Analyst: Buy | Chris: Strong Buy.

Chris owns GE Aerospace for its leadership in aircraft engines and aviation services. Its installed engine base generates valuable recurring maintenance revenue.

GE Vernova (GEV) — $921.20 | Gain: +797.46% | Analyst: Buy | Chris: Strong Buy.

Chris owns GE Vernova for its power generation and electrical infrastructure businesses. He believes rising electricity demand from AI data centers will drive long-term growth.

Kroger (KR) — $63.63 | Gain: +29.33% | Analyst: Hold | Chris: Hold.

Chris owns Kroger for its established grocery business and dependable consumer demand. Its private-label products and operating efficiency provide stability.

Marvell Technology (MRVL) — $227.83 | Loss: -3.83% | Analyst: Buy | Chris: Buy.

Chris owns Marvell for its semiconductor technologies used in AI and data centers. He believes demand for custom chips and high-speed networking will increase.

Meta Platforms (META) — $709.33 | Gain: +22.33% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Meta for Facebook, Instagram, WhatsApp, and its advertising business. He believes AI-driven advertising improvements will support earnings growth.

Micron Technology (MU) — $878.84 | Loss: -29.03% | Analyst: Buy | Chris: Buy.

Chris owns Micron for its advanced memory technology and high-bandwidth memory products. He believes AI computing will create growing demand for sophisticated memory.

Microsoft (MSFT) — $529.05 | Gain: +1,037.47% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Microsoft for its enterprise software, Azure cloud platform, and AI leadership. Its recurring revenue and competitive advantages make it a core long-term holding.

Procter & Gamble (PG) — $159.35 | Loss: -2.97% | Analyst: Hold | Chris: Buy.

Chris owns Procter & Gamble for its established household brands and consistent consumer demand. Its cash flow and dividends provide portfolio stability.

Amazon (AMZN) — $250.00 | Gain: +120.05% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Amazon for AWS, e-commerce, and digital advertising. He believes artificial intelligence and cloud computing will drive earnings growth.

American Express (AXP) — $313.59 | Gain: +88.14% | Analyst: Buy | Chris: Strong Buy.

Chris owns American Express for its premium card business and affluent customer base. He expects transaction growth and brand loyalty to support profitability.

Kinder Morgan (KMI) — $34.20 | Gain: +129.32% | Analyst: Buy | Chris: Buy.

Chris owns Kinder Morgan for its natural gas pipelines and energy infrastructure. He believes increasing electricity demand will support cash flow and dividends.

Verizon (VZ) — $44.79 | Loss: -11.21% | Analyst: Hold | Chris: Hold.

Chris owns Verizon for its wireless network and recurring subscription revenue. Its dividend income provides stability despite modest growth.

ExxonMobil (XOM) — $178.98 | Gain: +113.30% | Analyst: Buy | Chris: Buy.

Chris owns ExxonMobil for its global oil and natural gas operations. He believes strong cash flow and energy demand will support shareholder returns.

LightPath Technologies (LPTH) — $7.66 | Loss: -30.18% | Analyst: Buy | Chris: Buy.

Chris owns LightPath for its infrared imaging and advanced optical technologies. He believes defense and aerospace demand will create growth opportunities.

Tesla (TSLA) — $354.72 | Gain: +11.54% | Analyst: Hold | Chris: Strong Buy.

Chris owns Tesla for its electric vehicles, energy storage, and autonomous driving technology. He believes robotics and AI could create significant long-term value.

Apple (AAPL) — $343.46 | Gain: +207.64% | Analyst: Buy | Chris: Strong Buy.

Chris owns Apple for its powerful brand and highly profitable services business. He expects customer loyalty and recurring revenue to support growth.

Nvidia (NVDA) — $214.13 | Gain: +116.88% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Nvidia for its leadership in AI processors and data center computing. He believes AI infrastructure investment will sustain demand.

Space Exploration Technologies (SPCX) — Brokerage-Reported Price: $146.03 | Gain: +8.17% | Analyst: Not Verified | Chris: Buy.

Chris owns SPCX for exposure to commercial space technology and satellite infrastructure. He believes expansion of the space industry could create long-term opportunities.

Apple (AAPL) — $343.46 | Gain: +9.05% | Analyst: Buy | Chris: Strong Buy.

Chris owns Apple for its brand loyalty and services ecosystem. He expects recurring revenue and strong cash flow to support growth.

Costco (COST) — $989.11 | Gain: +2.08% | Analyst: Buy | Chris: Strong Buy.

Chris owns Costco for its membership business and loyal customers. He believes international expansion will support long-term earnings.

Cisco Systems (CSCO) — $107.39 | Gain: +3.68% | Analyst: Buy | Chris: Buy.

Chris owns Cisco for its networking and cybersecurity technologies. He believes AI data centers will increase demand for secure networking.

GE Aerospace (GE) — $313.83 | Loss: -2.20% | Analyst: Buy | Chris: Strong Buy.

Chris owns GE Aerospace for its aircraft engines and aviation services. He expects recurring maintenance revenue and global aviation demand to support growth.

Coca-Cola (KO) — $93.90 | Gain: +18.29% | Analyst: Buy | Chris: Buy.

Chris owns Coca-Cola for its global beverage brands and distribution network. Its pricing power and dividends provide dependable returns.

Lam Research (LRCX) — $263.94 | Loss: -4.06% | Analyst: Buy | Chris: Strong Buy.

Chris owns Lam Research for its semiconductor manufacturing equipment. He believes AI and advanced memory demand will support equipment spending.

Mastercard (MA) — $617.42 | Gain: +14.50% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Mastercard for its global payments network and profitable business model. He expects digital payment adoption to drive earnings growth.

Merck (MRK) — $145.95 | Gain: +18.31% | Analyst: Buy | Chris: Buy.

Chris owns Merck for its pharmaceutical research and established healthcare products. He believes oncology and vaccine innovation will support growth.

Procter & Gamble (PG) — $159.35 | Gain: +6.68% | Analyst: Hold | Chris: Buy.

Chris owns Procter & Gamble for its leading household brands. Its recurring consumer demand and dividends provide stability.

Palantir (PLTR) — $186.03 | Gain: +29.22% | Analyst: Hold | Chris: Strong Buy.

Chris owns Palantir for its AI software and government relationships. He believes growing commercial adoption will drive long-term earnings.

Visa (V) — $402.61 | Gain: +20.41% | Analyst: Strong Buy | Chris: Strong Buy.

Chris owns Visa for its global electronic payments network. He believes digital transactions and international expansion will support growth.

GE Vernova (GEV) — $921.20 | Gain: +814.83% | Analyst: Buy | Trip: Strong Buy.

Trip owns GE Vernova for its leadership in electricity generation and grid infrastructure. He believes AI data centers will accelerate demand for power equipment.

Costco (COST) — $989.11 | Gain: +114.59% | Analyst: Buy | Trip: Strong Buy.

Trip owns Costco for its membership business and loyal customers. He believes its competitive advantages will support continued growth.

Intel (INTC) — $89.85 | Loss: -29.72% | Analyst: Hold | Trip: Buy.

Trip owns Intel for its semiconductor manufacturing capabilities. He believes improvements in chip production and foundry operations could restore growth.

Micron (MU) — $878.84 | Gain: +1.82% | Analyst: Buy | Trip: Strong Buy.

Trip owns Micron for its advanced memory and AI semiconductor technologies. He believes high-bandwidth memory demand will support long-term growth.

Navitas Semiconductor (NVTS) — $8.34 | Gain: +12.10% | Analyst: Buy | Frankie: Buy.

Frankie owns Navitas for its advanced power semiconductor technologies. He believes energy-efficient data centers and electrification will create growth opportunities.

Nebius Group (NBIS) — $165.47 | Gain: +95.20% | Analyst: Buy | Frankie: Strong Buy.

Frankie owns Nebius for its AI cloud infrastructure. He believes demand for specialized computing capacity will continue increasing.

GE Vernova (GEV) — $921.20 | Gain: +814.83% | Analyst: Buy | Frankie: Strong Buy.

Frankie owns GE Vernova for its power generation and electrical infrastructure businesses. He believes rising electricity demand will support long-term earnings.

Costco (COST) — $989.11 | Gain: +113.86% | Analyst: Buy | Frankie: Strong Buy.

Frankie owns Costco for its membership model and strong customer loyalty. He believes international expansion will support growth.

ServiceNow (NOW) — $141.97 | Gain: +55.82% | Analyst: Strong Buy | Frankie: Strong Buy.

Frankie owns ServiceNow for its enterprise automation software. He believes AI integration and recurring subscriptions will drive growth.

Corpay (CPAY) — $399.84 | Loss: -2.61% | Analyst: Buy | Frankie: Buy.

Frankie owns Corpay for its corporate payments technology. He expects growing digital payment adoption to support earnings.

Aurora Innovation (AUR) — $4.855 | Gain: +24.49% | Analyst: Buy | Frankie: Buy.

Frankie owns Aurora for its autonomous trucking technology. He believes commercialization of self-driving trucks could create substantial long-term value.

Microsoft (MSFT) — $529.05 | Gain: +204.19% | Analyst: Strong Buy | Frankie: Strong Buy.

Frankie owns Microsoft for Azure, enterprise software, and artificial intelligence. He believes recurring revenue and AI adoption will support continued growth.

CoreWeave (CRWV) — $61.39 | Loss: -25.88% | Analyst: Buy | Frankie: Buy.

Frankie owns CoreWeave for its specialized AI cloud infrastructure. He believes demand for computing capacity could support growth despite financing risks.

AppLovin (APP) — $266.13 | Loss: -13.04% | Analyst: Buy | Frankie: Buy.

Frankie owns AppLovin for its AI-powered advertising technology. He believes improvements in advertising performance will support earnings growth.

The recent market correction reminds us that successful investing requires patience, discipline, and a willingness to tolerate volatility.

Chris, Trip, and Frankie remain optimistic about artificial intelligence, semiconductor technology, electricity infrastructure, cloud computing, and automation. We believe these industries will create substantial investment opportunities over the next decade.

GE Vernova remains a core holding for all three of us, with extraordinary gains demonstrating the rewards of identifying important economic trends early. Microsoft has also produced exceptional returns across our family portfolios.

Not every investment has performed as expected. Positions such as Intel, LightPath Technologies, and CoreWeave remind us that growth investing involves significant risks and that diversification and valuation discipline remain essential.

Our philosophy is straightforward: identify excellent businesses, purchase them at reasonable valuations, monitor their fundamentals, and allow long-term compounding to create wealth.

Trip continues developing his investment knowledge at Tulane University's Freeman School of Business, while Frankie is doing the same at Georgetown University's McDonough School of Business.

Thank you for reading another edition of the Smart Wealth Newsletter.

Until next week, stay patient, stay disciplined, and keep building wealth!

Chris McLaughlin

Trip McLaughlin — Tulane University, Freeman School of Business

Frankie McLaughlin — Georgetown University, McDonough School of Business

The Smart Wealth Newsletter is provided for educational and informational purposes only and does not constitute personalized investment, financial, tax, or legal advice.

Chris McLaughlin, Trip McLaughlin, and Frankie McLaughlin own or may own securities discussed in this newsletter and may buy or sell these investments without notice.

Portfolio gains and losses are based on brokerage information supplied for the October 16, 2026 reporting period. Returns generally reflect unrealized gains or losses relative to cost basis and may exclude dividends, fees, and taxes.

Stock prices have been reproduced from the brokerage statements and have not all been independently verified. Analyst ratings are provisional, and the SPCX valuation is brokerage-reported rather than an independently confirmed exchange closing price.

Personal ratings represent the authors' opinions and are not guarantees of future performance.

Past performance does not guarantee future results. All investments involve risk, including possible loss of principal. Emerging technology stocks and concentrated portfolios can experience substantial volatility.

Readers should independently research investments and consult qualified financial, tax, or legal professionals before making investment decisions.

Invest responsibly and make decisions consistent with your financial objectives and risk tolerance.