The Keel: One Book, Seven Sizes

Everyone sees the first six names in each book. Clients unlock the whole table with the passcode from their review.

Keel 25 · $25,000

Keel 25

Twenty-six names. The sector fund carries energy; the majors, the primes and the platforms carry the rest.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.69%

≈ $35 a month

1 month

+0.3%

weighted, Thu close

YTD

+18.3%

weighted, Thu close

Reserve 15%Energy 13.3%AI / Tech 24.6%Power / Infra 6.1%Defense 6.1%Gold 7.2%Healthcare 10.2%Financials 7.2%Staples / Consumer 5.1%Industrials 3.1%International 2%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$2,250	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$1,500	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XLE	Energy Select SPDR	6.13%	$1,532	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
4	XOM	ExxonMobil	4.10%	$1,025	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
5	CVX	Chevron	3.07%	$768	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
6	NVDA	NVIDIA	5.12%	$1,280	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
7	MSFT	Microsoft	5.12%	$1,280	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
8	GOOGL	Alphabet	4.10%	$1,025	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
9	AAPL	Apple	4.10%	$1,025	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
10	META	Meta	3.07%	$768	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
11	TSM	Taiwan Semiconductor	3.07%	$768	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
12	GEV	GE Vernova	4.10%	$1,025	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
13	NEE	NextEra Energy	2.05%	$512	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
14	LMT	Lockheed Martin	4.10%	$1,025	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
15	RTX	RTX Corp	2.05%	$512	Defense	+6.2%	1.42%	Prime; engines and missiles.
16	IAU	iShares Gold	5.12%	$1,280	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
17	GDX	Gold Miners ETF	2.05%	$512	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
18	LLY	Eli Lilly	4.10%	$1,025	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
19	ABBV	AbbVie	3.07%	$768	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	3.07%	$768	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	JPM	JPMorgan	4.10%	$1,025	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
22	BRK.B	Berkshire Hathaway	3.07%	$768	Financials	+1.3%	0.00%	Cash-rich quality; held.
23	PG	Procter & Gamble	3.07%	$768	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
24	KO	Coca-Cola	2.05%	$512	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
25	CAT	Caterpillar	3.07%	$768	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
26	EWY	iShares MSCI Korea ETF	2.05%	$512	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel 50 · $50,000

Keel 50

Thirty-nine names. The midstream, power-builder and bank seats open.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.60%

≈ $67 a month

1 month

−0.4%

weighted, Thu close

YTD

+16.8%

weighted, Thu close

Reserve 15%Energy 11.8%AI / Tech 23.3%Power / Infra 7.6%Defense 7.2%Gold 5.9%Healthcare 9.7%Financials 7.2%Staples / Consumer 5.5%Industrials 3.8%International 3%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$4,500	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$3,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XLE	Energy Select SPDR	2.53%	$1,265	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
4	XOM	ExxonMobil	3.38%	$1,690	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
5	CVX	Chevron	2.54%	$1,270	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
6	NVDA	NVIDIA	4.23%	$2,115	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
7	MSFT	Microsoft	4.23%	$2,115	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
8	GOOGL	Alphabet	3.38%	$1,690	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
9	AAPL	Apple	3.38%	$1,690	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
10	META	Meta	2.54%	$1,270	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
11	TSM	Taiwan Semiconductor	2.54%	$1,270	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
12	GEV	GE Vernova	3.38%	$1,690	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
13	NEE	NextEra Energy	1.69%	$845	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
14	LMT	Lockheed Martin	3.38%	$1,690	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
15	RTX	RTX Corp	1.69%	$845	Defense	+6.2%	1.42%	Prime; engines and missiles.
16	IAU	iShares Gold	4.23%	$2,115	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
17	GDX	Gold Miners ETF	1.69%	$845	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
18	LLY	Eli Lilly	3.38%	$1,690	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
19	ABBV	AbbVie	2.54%	$1,270	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	2.54%	$1,270	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	JPM	JPMorgan	3.38%	$1,690	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
22	BRK.B	Berkshire Hathaway	2.54%	$1,270	Financials	+1.3%	0.00%	Cash-rich quality; held.
23	PG	Procter & Gamble	2.54%	$1,270	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
24	KO	Coca-Cola	1.69%	$845	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
25	CAT	Caterpillar	2.54%	$1,270	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
26	EWY	iShares MSCI Korea ETF	1.69%	$845	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
27	COP	ConocoPhillips	1.69%	$845	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
28	LNG	Cheniere Energy	1.69%	$845	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
29	AVGO	Broadcom	1.69%	$845	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
30	AMZN	Amazon	1.27%	$635	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
31	PWR	Quanta Services	1.27%	$635	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
32	VST	Vistra Energy	1.27%	$635	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
33	NOC	Northrop Grumman	0.85%	$425	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
34	PLTR	Palantir	1.27%	$635	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
35	UNH	UnitedHealth Group	1.27%	$635	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
36	GS	Goldman Sachs	1.27%	$635	Financials	+9.5%	1.72%	Trading and advisory recovery.
37	COST	Costco	1.27%	$635	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
38	VGK	Vanguard FTSE Europe ETF	1.27%	$635	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
39	ETN	Eaton	1.27%	$635	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel 100 · $100,000

Keel 100

Forty-seven names. The full sleeve set: every seat the list backs, sized for a Neutral bias.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.63%

≈ $136 a month

1 month

−0.3%

weighted, Thu close

YTD

+16.6%

weighted, Thu close

Reserve 15%Energy 14%AI / Tech 21%Power / Infra 8%Defense 8%Gold 6%Healthcare 9%Financials 7%Staples / Consumer 6%International 3%Industrials 3%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$9,000	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$6,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	3.00%	$3,000	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	3.00%	$3,000	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	3.00%	$3,000	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	2.00%	$2,000	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.50%	$1,500	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.50%	$1,500	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	3.50%	$3,500	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	3.00%	$3,000	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	3.00%	$3,000	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	2.50%	$2,500	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	2.50%	$2,500	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	2.00%	$2,000	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	2.00%	$2,000	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.50%	$1,500	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	1.00%	$1,000	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	2.50%	$2,500	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.50%	$1,500	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.50%	$1,500	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.50%	$1,500	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	1.00%	$1,000	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	2.00%	$2,000	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.50%	$1,500	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	1.00%	$1,000	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	1.00%	$1,000	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.50%	$1,500	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	1.00%	$1,000	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	4.00%	$4,000	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	2.00%	$2,000	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	2.50%	$2,500	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	2.00%	$2,000	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	2.00%	$2,000	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.50%	$1,500	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	1.00%	$1,000	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	2.50%	$2,500	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.50%	$1,500	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	1.00%	$1,000	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	2.00%	$2,000	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.50%	$1,500	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.50%	$1,500	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	1.00%	$1,000	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.50%	$1,500	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.50%	$1,500	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.50%	$1,500	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.50%	$1,500	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	2.00%	$2,000	Financials	+1.3%	0.00%	Cash-rich quality; held.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel 250 · $250,000

Keel 250

Fifty-nine names. The quality consumer seats (WMT, V, HON) and the second names in each sleeve.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.71%

≈ $356 a month

1 month

−0.4%

weighted, Thu close

YTD

+17.6%

weighted, Thu close

Reserve 15%Energy 14%AI / Tech 20%Power / Infra 7.8%Defense 7%Gold 6.1%Healthcare 7.8%Financials 7.8%Staples / Consumer 9.3%International 2.6%Industrials 2.6%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$22,500	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$15,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.69%	$6,725	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.61%	$6,525	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.61%	$6,525	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.74%	$4,350	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.30%	$3,250	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.30%	$3,250	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	3.04%	$7,600	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.61%	$6,525	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.61%	$6,525	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	2.17%	$5,425	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	2.17%	$5,425	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.74%	$4,350	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.74%	$4,350	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.30%	$3,250	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	0.87%	$2,175	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	2.17%	$5,425	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.30%	$3,250	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.30%	$3,250	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.30%	$3,250	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.87%	$2,175	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.74%	$4,350	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.30%	$3,250	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.87%	$2,175	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.87%	$2,175	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.30%	$3,250	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.87%	$2,175	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.48%	$8,700	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.74%	$4,350	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	2.17%	$5,425	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.74%	$4,350	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.74%	$4,350	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.30%	$3,250	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	0.87%	$2,175	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	2.17%	$5,425	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.30%	$3,250	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	0.87%	$2,175	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.74%	$4,350	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.30%	$3,250	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.30%	$3,250	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.87%	$2,175	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.30%	$3,250	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.30%	$3,250	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.30%	$3,250	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.30%	$3,250	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.74%	$4,350	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.30%	$3,250	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.30%	$3,250	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.87%	$2,175	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.87%	$2,175	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.87%	$2,175	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.87%	$2,175	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.87%	$2,175	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.87%	$2,175	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.87%	$2,175	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.87%	$2,175	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.65%	$1,625	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.87%	$2,175	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel 500 · $500,000

Keel 500

Seventy-three names. Services, royalties, the aerospace supply chain and the smaller semis.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.71%

≈ $713 a month

1 month

−0.4%

weighted, Thu close

YTD

+20.0%

weighted, Thu close

Reserve 15%Energy 14.8%AI / Tech 19.3%Power / Infra 8.1%Defense 7.5%Gold 6.7%Healthcare 7.1%Financials 7.9%Staples / Consumer 8.5%International 2.4%Industrials 2.9%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$45,000	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$30,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.22%	$11,100	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.36%	$11,800	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.36%	$11,800	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.57%	$7,850	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.18%	$5,900	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.18%	$5,900	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	2.75%	$13,750	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.36%	$11,800	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.36%	$11,800	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	1.96%	$9,800	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	1.96%	$9,800	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.57%	$7,850	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.57%	$7,850	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.18%	$5,900	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	0.79%	$3,950	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	1.96%	$9,800	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.18%	$5,900	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.18%	$5,900	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.18%	$5,900	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.79%	$3,950	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.57%	$7,850	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.18%	$5,900	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.79%	$3,950	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.79%	$3,950	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.18%	$5,900	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.79%	$3,950	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.14%	$15,700	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.57%	$7,850	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	1.96%	$9,800	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.57%	$7,850	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.57%	$7,850	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.18%	$5,900	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	0.79%	$3,950	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	1.96%	$9,800	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.18%	$5,900	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	0.79%	$3,950	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.57%	$7,850	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.18%	$5,900	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.18%	$5,900	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.79%	$3,950	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.18%	$5,900	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.18%	$5,900	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.18%	$5,900	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.18%	$5,900	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.57%	$7,850	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.18%	$5,900	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.18%	$5,900	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.79%	$3,950	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.79%	$3,950	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.79%	$3,950	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.79%	$3,950	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.79%	$3,950	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.79%	$3,950	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.79%	$3,950	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.79%	$3,950	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.59%	$2,950	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.79%	$3,950	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.
60	HAL	Halliburton	0.59%	$2,950	Energy	+20.9%	1.94%	Oilfield services: the pick-and-shovel on $100 crude.
61	SLB	Schlumberger	0.59%	$2,950	Energy	+37.8%	2.18%	International services leader.
62	BP	BP plc	0.59%	$2,950	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
63	OXY	Occidental	0.59%	$2,950	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
64	WPM	Wheaton PM	0.59%	$2,950	Gold	+28.2%	0.48%	Streaming royalty; no mine risk.
65	RGLD	Royal Gold	0.59%	$2,950	Gold	+12.5%	0.38%	Royalty company; the quiet compounder.
66	PNC	PNC Financial	0.79%	$3,950	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
67	HWM	Howmet Aerospace	0.59%	$2,950	Defense	+8.4%	0.21%	Aerospace fasteners and engine parts.
68	BA	Boeing	0.59%	$2,950	Defense	−9.5%	0.00%	The recovery seat; sized for the risk.
69	ARM	Arm Holdings	0.59%	$2,950	AI / Tech	+137.2%	0.00%	Licensing royalty on every chip in the build-out.
70	DELL	Dell Technologies	0.59%	$2,950	AI / Tech	+366.1%	0.43%	Server assembler for the build-out; +366% YTD, sized accordingly.
71	URA	Uranium Miners ETF	0.59%	$2,950	Power / Infra	−0.1%	4.57%	Diversified uranium fund.
72	MP	MP Materials	0.39%	$1,950	Power / Infra	−1.2%	0.00%	Rare earths, the one domestic supplier.
73	UAL	United Airlines	0.59%	$2,950	Industrials	−3.1%	0.00%	Airline with pricing power; small and cyclical.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel 750 · $750,000

Keel 750

Eighty-one names. The last defense and healthcare seats; midstream and cyber sized up.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.73%

≈ $1,084 a month

1 month

−0.5%

weighted, Thu close

YTD

+19.5%

weighted, Thu close

Reserve 15%Energy 14.7%AI / Tech 18.9%Power / Infra 7.7%Defense 8.3%Gold 6.4%Healthcare 7.7%Financials 7.9%Staples / Consumer 8.1%International 2.3%Industrials 2.8%

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	$67,500	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$45,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.21%	$16,575	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.27%	$17,025	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.27%	$17,025	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.51%	$11,325	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.51%	$11,325	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.13%	$8,475	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	2.64%	$19,800	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.27%	$17,025	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.27%	$17,025	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	1.89%	$14,175	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	1.89%	$14,175	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.51%	$11,325	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.51%	$11,325	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.13%	$8,475	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	1.13%	$8,475	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	1.89%	$14,175	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.13%	$8,475	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.13%	$8,475	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.13%	$8,475	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.76%	$5,700	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.51%	$11,325	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.13%	$8,475	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.76%	$5,700	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.76%	$5,700	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.13%	$8,475	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.76%	$5,700	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.02%	$22,650	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.51%	$11,325	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	1.89%	$14,175	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.51%	$11,325	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.51%	$11,325	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.13%	$8,475	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	1.13%	$8,475	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	1.89%	$14,175	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.13%	$8,475	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	1.13%	$8,475	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.51%	$11,325	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.13%	$8,475	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.13%	$8,475	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.76%	$5,700	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.13%	$8,475	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.13%	$8,475	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.13%	$8,475	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.13%	$8,475	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.51%	$11,325	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.13%	$8,475	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.13%	$8,475	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.76%	$5,700	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.76%	$5,700	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.76%	$5,700	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.76%	$5,700	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.76%	$5,700	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.76%	$5,700	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.76%	$5,700	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.76%	$5,700	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.57%	$4,275	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.76%	$5,700	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.
60	HAL	Halliburton	0.57%	$4,275	Energy	+20.9%	1.94%	Oilfield services: the pick-and-shovel on $100 crude.
61	SLB	Schlumberger	0.57%	$4,275	Energy	+37.8%	2.18%	International services leader.
62	BP	BP plc	0.57%	$4,275	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
63	OXY	Occidental	0.57%	$4,275	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
64	WPM	Wheaton PM	0.57%	$4,275	Gold	+28.2%	0.48%	Streaming royalty; no mine risk.
65	RGLD	Royal Gold	0.57%	$4,275	Gold	+12.5%	0.38%	Royalty company; the quiet compounder.
66	PNC	PNC Financial	0.76%	$5,700	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
67	HWM	Howmet Aerospace	0.57%	$4,275	Defense	+8.4%	0.21%	Aerospace fasteners and engine parts.
68	BA	Boeing	0.57%	$4,275	Defense	−9.5%	0.00%	The recovery seat; sized for the risk.
69	ARM	Arm Holdings	0.57%	$4,275	AI / Tech	+137.2%	0.00%	Licensing royalty on every chip in the build-out.
70	DELL	Dell Technologies	0.57%	$4,275	AI / Tech	+366.1%	0.43%	Server assembler for the build-out; +366% YTD, sized accordingly.
71	URA	Uranium Miners ETF	0.57%	$4,275	Power / Infra	−0.1%	4.57%	Diversified uranium fund.
72	MP	MP Materials	0.38%	$2,850	Power / Infra	−1.2%	0.00%	Rare earths, the one domestic supplier.
73	UAL	United Airlines	0.57%	$4,275	Industrials	−3.1%	0.00%	Airline with pricing power; small and cyclical.
74	AVAV	AeroVironment	0.38%	$2,850	Defense	−32.7%	0.00%	Drones; counter-drone.
75	KTOS	Kratos Defense	0.38%	$2,850	Defense	−36.6%	0.00%	Drones and hypersonic targets; small and volatile.
76	HII	HII	0.38%	$2,850	Defense	−17.9%	1.96%	Shipbuilder; the Navy budget line.
77	PFE	Pfizer	0.57%	$4,275	Healthcare	+16.3%	6.20%	Held for the 6.2% yield; not a growth seat.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Keel Income · 1M · $1,000,000

Keel Income · 1M

Fifty-eight names for a household drawing $6,000 a month. Twenty-four months of withdrawals sit in bills; the equity book is built for the coupon first and the compounding second.

Names

47 on the list, 2 from the house Dividends book

Reserve

14.4%

24 months of withdrawals

Trailing yield

2.98%

≈ $2,483 a month

1 month

−1.2%

weighted, Thu close

YTD

+16.9%

weighted, Thu close

Reserve 14.4%Energy 21.4%Staples / Consumer 13.3%Healthcare 11.6%Financials 9.8%Power / Infra 4.3%Defense 4.3%Gold 2.6%AI / Tech 6%Industrials 1.3%International 1.7%Dividend funds 9.4%

The paycheck, honestly

Monthly draw

$6,000

$72,000 a year · 7.2% of $1M

Dividends and bill interest

≈ $2,483

2.98% trailing yield on the whole book

The ladder pays the rest

≈ $3,517

from the $144,000 in SGOV and USFR

Ladder runway at that pace

≈ 41 months

before it needs refilling from the equity book

A 7.2% draw is well above the 4% starting point, and the first bad year decides more than the average year does (sequence of returns). The book is built so the next 41 months of paychecks never depend on selling a stock on a red day. What it cannot do is make 7.2% safe on its own: the review should put a pension or Social Security figure beside the draw, or bring the draw toward $4,500, before this book is the whole plan. Two holdings, SCHD and JEPI, are not on the watch list; they come from the house Dividends books and are marked in the table.

#	Ticker	Name	Weight	Dollars	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.40%	$84,000	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	6.00%	$60,000	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.53%	$25,300	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	3.00%	$30,000	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	1.28%	$12,800	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	WMB	Williams Companies	3.42%	$34,200	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
7	KMI	Kinder Morgan	3.85%	$38,500	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
8	XLE	Energy Select SPDR	2.57%	$25,700	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	BP	BP plc	2.57%	$25,700	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
10	EOG	EOG Resources	0.86%	$8,600	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
11	LNG	Cheniere Energy	0.86%	$8,600	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
12	OXY	Occidental	0.43%	$4,300	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
13	PG	Procter & Gamble	2.57%	$25,700	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
14	KO	Coca-Cola	2.57%	$25,700	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
15	PM	Philip Morris Intl	3.42%	$34,200	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
16	MO	Altria Group	3.42%	$34,200	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
17	WMT	Walmart	0.86%	$8,600	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
18	COST	Costco	0.43%	$4,300	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
19	ABBV	AbbVie	3.42%	$34,200	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	2.57%	$25,700	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	PFE	Pfizer	2.57%	$25,700	Healthcare	+16.3%	6.20%	Held for the 6.2% yield; not a growth seat.
22	AZN	AstraZeneca	1.28%	$12,800	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
23	LLY	Eli Lilly	0.86%	$8,600	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
24	UNH	UnitedHealth Group	0.86%	$8,600	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
25	JPM	JPMorgan	2.57%	$25,700	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
26	BAC	Bank of America	1.71%	$17,100	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
27	MS	Morgan Stanley	1.28%	$12,800	Financials	+16.1%	2.01%	Wealth management fee engine.
28	GS	Goldman Sachs	0.43%	$4,300	Financials	+9.5%	1.72%	Trading and advisory recovery.
29	CB	Chubb	0.86%	$8,600	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
30	PNC	PNC Financial	2.14%	$21,400	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
31	NEE	NextEra Energy	3.42%	$34,200	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
32	GEV	GE Vernova	0.86%	$8,600	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
33	LMT	Lockheed Martin	2.14%	$21,400	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
34	RTX	RTX Corp	1.28%	$12,800	Defense	+6.2%	1.42%	Prime; engines and missiles.
35	GD	General Dynamics	0.86%	$8,600	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
36	IAU	iShares Gold	2.14%	$21,400	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
37	GDX	Gold Miners ETF	0.43%	$4,300	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
38	MSFT	Microsoft	1.28%	$12,800	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
39	AAPL	Apple	0.86%	$8,600	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
40	GOOGL	Alphabet	0.86%	$8,600	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
41	NVDA	NVIDIA	0.86%	$8,600	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
42	AVGO	Broadcom	0.86%	$8,600	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
43	TXN	Texas Instruments	1.28%	$12,800	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
44	CAT	Caterpillar	0.86%	$8,600	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
45	ETN	Eaton	0.43%	$4,300	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
46	VGK	Vanguard FTSE Europe ETF	1.71%	$17,100	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
47	SCHD	Schwab US Div ETF house	5.14%	$51,400	Dividend funds	+24.8%	3.00%	House Dividends-book holding, not on the watch list: 100 quality payers, 3.0% yield.
48	JEPI	JPM Equity Premium house	4.28%	$42,800	Dividend funds	+3.1%	7.97%	House Dividends-book holding, not on the watch list: covered-call income, 8.0% yield, gives up upside.
49	BRK.B	Berkshire Hathaway	0.86%	$8,600	Financials	+1.3%	0.00%	Cash-rich quality; held.

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the Keel until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

Why seven books, not sixty-seven

The library stays. The front door changes.

Sixty-seven books is a research library, not a menu. A household has one question — what do I own at my size? — and the answer should be one page with seven tabs. The Keel is that page. Every tier is the same book at a different width: the same sleeves, the same reserve, the same dates, with seats added as the account can carry them. The Aggressive, Dividend, Midterm, Theme and Sleeve books remain at the full library for the specialty conversation, and the daily cascade keeps baking them.

What the redesign proposes for the hub: lead with the Keel; put the risk quiz beside it; move the sixty-seven under one link labelled the library; keep the four market views and the election roads where they are. Nothing is deleted, and the portal sync is untouched — the Keel is a new page, not a rewrite of the baked one.

On the name

The Keel is the recommendation. The POLARIS method is how the firm navigates; the keel is what keeps the boat upright while it does — the weight below the waterline that nobody sees and everybody depends on, which is exactly what a 15% reserve is. The tiers read cleanly as Keel 25 through Keel 750, and the retiree book is Keel Income. Two alternates if it reads too nautical: The Core Book (Core 25 … Core Income), plain and safe; or The Ledger (Ledger 25 …), which sits well beside The Letters and The Daily.

Capital Wealth LG is an SEC-registered investment advisor. Model allocations differ by tier and client. Company names and tickers identify holdings and categories discussed, not recommendations to buy or sell any security. Prices, returns and yields are the Thursday, September 17, 2026 close from the firm’s nightly quote bake; yields are trailing twelve months. Past performance does not guarantee future results.

One book, seven sizes. Pick yours.

Keel 25

Keel 50

Keel 100

Keel 250

Keel 500

Keel 750

Keel Income · 1M

The library stays. The front door changes.