Licensing & Franchise Cash Flows

Own businesses that monetize proprietary software, patented technology, or franchise systems through recurring customer relationships rather than owning every downstream operating asset. The basket combines enterprise licensing with restaurant and hotel franchising, a business-model theme distinct from the fleet's sector portfolios. Recent software valuation resets offer an entry point, while franchise businesses diversify the demand drivers; renewal pressure and weaker franchisee economics remain the principal risks. Launch basket (equal weight): QCOM, MCD, ADBE, SNPS, IBM, MAR, HLT, YUM 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.