I opened the closing file to a market that was higher, but not to a list of holdings that all told the same story. GOOGL gained +3.18% and AAL +6.32%. MU fell -7.00%, VRT -12.89% and VST -13.83%. Those names are in the published share file. The percentages are their share-price moves, not a calculated return for my brokerage account.
The difficult part of owning several businesses linked to computing is that the common exposure can hide behind different industry labels. Memory, cooling and electricity do different jobs. Their revenues are not interchangeable. But if I have justified all three with a similar expansion assumption, I need to review that assumption across the book rather than write three unrelated explanations for a bad day. I do not have verified company-specific news establishing a new cause for each decline, and I am not going to manufacture one.
GOOGL against SPY
35 common trading sessions · first close = 100
View the closing-price data
| Date | GOOGL | SPY |
|---|---|---|
| 2026-09-17 | $347.33 | $762.60 |
| 2026-09-18 | $349.54 | $761.69 |
| 2026-09-21 | $354.97 | $773.50 |
| 2026-09-22 | $351.16 | $773.38 |
| 2026-09-23 | $337.83 | $767.81 |
| 2026-09-24 | $342.36 | $767.18 |
| 2026-09-25 | $343.92 | $771.35 |
| 2026-09-28 | $342.75 | $765.61 |
| 2026-09-29 | $340.92 | $764.20 |
| 2026-09-30 | $344.08 | $762.63 |
| 2026-10-01 | $338.24 | $763.99 |
| 2026-10-02 | $343.50 | $769.64 |
| 2026-10-05 | $346.47 | $774.83 |
| 2026-10-06 | $347.68 | $779.09 |
| 2026-10-07 | $350.50 | $777.22 |
| 2026-10-08 | $348.29 | $773.93 |
| 2026-10-09 | $351.66 | $778.57 |
| 2026-10-12 | $352.72 | $778.10 |
| 2026-10-13 | $353.78 | $778.01 |
| 2026-10-14 | $347.64 | $769.60 |
| 2026-10-15 | $349.22 | $771.79 |
| 2026-10-16 | $340.59 | $763.25 |
| 2026-10-19 | $344.18 | $766.48 |
| 2026-10-20 | $340.28 | $769.05 |
| 2026-10-21 | $334.76 | $773.09 |
| 2026-10-22 | $324.22 | $763.96 |
| 2026-10-23 | $320.21 | $759.97 |
| 2026-10-26 | $316.80 | $765.37 |
| 2026-10-27 | $320.58 | $769.66 |
| 2026-10-28 | $324.89 | $772.31 |
| 2026-10-29 | $283.82 | $769.36 |
| 2026-10-30 | $279.84 | $755.72 |
| 2026-11-02 | $278.99 | $752.10 |
| 2026-11-03 | $280.03 | $754.35 |
| 2026-11-04 | $288.93 | $766.81 |
AMD’s next-quarter revenue guide is one company-provided benchmark, not permission to mark every related thesis higher. I want each holding’s own orders, margins and cash needs beside the assumptions already in its research file. A strong index day does not substitute for that comparison. Neither does a bad quote prove the original work was wrong.
This letter records no verified trade and claims no account return. The published share file is not a fresh transaction ledger. The Blackout Rule and Holding Period remain in force; the work here is documenting exposure and identifying the evidence needed for the next review, not inventing activity to make a daily letter sound decisive.
| Measure | Reported figure | Context |
|---|---|---|
| GOOGL | +3.18% | Published holding; share-price return |
| AAL | +6.32% | Published holding; share-price return |
| MU | -7.00% | Published holding; share-price return |
| VRT | -12.89% | Published holding; share-price return |
| VST | -13.83% | Published holding; share-price return |
Aydin Ali
AEA Capital Research