Keep It Running: Repair & Maintenance Moats

Own the businesses that keep existing homes, vehicles, aircraft and workplaces operating: replacement demand, distribution density and installed-base service relationships can outlast discretionary spending cycles. The October 6 pullback in Treasury yields provides a timely financing-cost tailwind, although this portfolio rests on recurring maintenance needs rather than a housing rebound. Allocate 10% to each business and value the entire enterprise using normalized owner earnings after maintenance capital expenditure, with explicit deductions for debt and lease obligations. A 25% discount to conservatively estimated intrinsic value is the desired margin of safety, not a verified feature of tonight's prices; valuation and cyclical exposure remain material risks. Catalysts: - 2026-10-06 S&P 500 reaches a record close as Treasury yields ease, providing a potential financing-cost tailwind for repair and maintenance customers (https://www.cnbc.com/2026/10/05/stock-market-today-live-updates.html) Launch basket (equal weight): HD, AZO, GE, ORLY, GPC, WSO, FAST, GWW, ITW, CTAS 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.