Software Incumbents: Deep Discounts, Heavy Cash Flow

Large enterprise software franchises have de-rated hard on fears that AI erodes their seats and pricing. Several now trade at low forward multiples with strong free-cash-flow yields. The bet is that sticky installed bases and distribution let them absorb AI as a feature, so the discount narrows. This is a value angle on software, not another agentic-growth basket. Launch basket (equal weight): ADBE, INTU, CRM, IBM, ORCL, NOW 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.