Graham Defensive Bargains & Balance Sheets

In an overextended market showing fatigue across momentum and high-beta AI names, capital preservation demands returning to disciplined balance-sheet criteria. This portfolio selects seasoned industrial, technology, and healthcare cash generators with low price-to-earnings multiples, substantial tangible assets, and demonstrated multi-decade dividend resilience. These businesses provide a wide margin of safety against speculative valuation compression while maintaining conservative capital structures. Catalysts: - 2026-10-09 Semiconductor stocks lead Nasdaq weekly decliners as AI trade cools (https://seekingalpha.com/news/4651883-semiconductor-stocks-lead-nasdaqs-weekly-decliners-amid-wider-hit-on-ai-trade) Launch basket (equal weight): INTC, IBM, QCOM, CVX, MRK, TXN, DE, HON, CVS 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.