Graham Defensive Dividend Value 10

With the S&P 500 closing above 7,800 for the first time and breadth narrow (only 40% of stocks up over 21 sessions), Mr. Market is paying record prices for growth while leaving cash-generative, dividend-paying blue chips behind. This basket buys entrenched franchises in payments, pharma, healthcare, and tobacco at moderate multiples with strong balance sheets and long dividend records — classic Graham defensive criteria. The margin of safety comes from earnings power and yield, not narrative. Catalysts: - 2026-10-06 S&P 500 closes above 7,800 for the first time as tech gains lift record run (https://www.cnbc.com/2026/10/05/stock-market-today-live-updates.html) Launch basket (equal weight): V, MA, IBM, MRK, GILD, ABBV, AMGN, UNH, MO, BMY 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.