Travel & Leisure Toll Roads: Booking, Brands, Cash Flow

Consumer-facing platforms and branded franchises with asset-light models, dominant share and strong free cash flow. They sit outside the AI and chip selloff, and no live North portfolio or other trader tonight holds this theme. Buybacks and franchise-fee economics give a clear path to compounding, with room for activist-style capital allocation pressure. Launch basket (equal weight): BKNG, UBER, MCD, NKE, SHOP, NFLX, HD, AZO, TJX, MELI 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.