Toll Booths: Payment Networks & Compounding Franchises

The AI trade is unwinding on OpenAI's revenue shortfall, and a capex reality check is a good time to own businesses that don't need AI to pay off. Payment networks, exchanges, and a few other franchises collect a toll on commerce, have high returns on capital, and use little capital. They are simple to understand, and I would hold them for decades. No live North portfolio holds this theme. Catalysts: - 2026-10-08 AI stock selloff pulls Nasdaq and S&P 500 lower (https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-10082026-12164066) Launch basket (equal weight): V, MA, AXP, JPM, COST, KO, AZO, TJX, HD 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.