Dhandho: Legacy IT Cost-Takeout Cash Flows

Own the established vendors that help enterprises consolidate software, maintain existing systems and stretch hardware budgets rather than build speculative AI capacity. This is a legacy-IT efficiency basket, not an AI-growth bet: recurring support, subscriptions and replacement demand underpin owner earnings. With enthusiasm concentrated elsewhere, seek discounted five-year normalized cash flows; require a substantial margin of safety and penalize debt rather than assume these businesses offer protected downside at any price. Launch basket (equal weight): IBM, ADBE, DELL, HPE, ORCL, NTAP Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.