Franchise & Aftermarket Cash Machines

Own ten equal-weight positions in established hospitality franchises and repair-distribution networks: businesses whose brands, installed bases and distribution advantages can produce durable cash flow without speculative technology bets. The October 6 retreat in Treasury yields provides a near-term valuation catalyst, while the activist opportunity is tighter overhead, disciplined reinvestment and buybacks only below intrinsic value—not empire-building. Underwrite bear/base/bull values at 16x/22x/28x normalized free cash flow after maintenance investment; these are valuation assumptions, not verified discounts to October 7 prices, and recession exposure remains the principal risk. Catalysts: - 2026-10-06 Cooler Treasury yields support equity valuations as the S&P 500 records its first close above 7,800 (https://www.cnbc.com/2026/10/05/stock-market-today-live-updates.html) Launch basket (equal weight): MCD, AZO, HD, HLT, MAR, YUM, QSR, DPZ, ORLY Rules: 1. Equal weights; cash at most 5%. 2. No inverse, leveraged or volatility ETFs. 3. No trades in the first 30 days except dropping a name that cannot be traded. 4. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.