Systems of Record Quality Compounders

Phil Fisher pays up for businesses customers cannot quietly leave: the ledger, the workflow, the creative file, and the database. These franchises fund their own product roadmaps, run above-average margins, and have sales organizations that renew rather than re-hunt every year. With the tape fading high-beta AI hardware, the multi-decade compounders are the operating systems already embedded in customer processes, not the next GPU cycle. Launch basket (equal weight): INTU, NOW, CRM, ORCL, IBM, ADBE, SNOW, SAP 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.