Investment Strategy 2026–2028
Letter to Private Clients | 2026-Q3Dear Private Client,
Q2: tariffs and geopolitics were noise. Still true. Q3 showed the real limit — electricity.
The largest U.S. technology companies are spending about $668 billion in 2026 on data centers and the power they need. The broader buildout is above $800 billion. That wave was most of first-half U.S. growth. The grid is the bottleneck. Data-center load is headed toward California’s entire demand by 2030. PJM capacity prices already hit the FERC cap of $329.17/MW-day. The buyers with the biggest books locked multi-year nuclear contracts.
I did not sell the nuclear segment into robotics. Reactors are the fuel. Robots are the demand. Both segments stay.
Washington is pushing energy dominance, nuclear revival, and dollar stablecoins. The China tariff truce holds only through 10 November 2026. The Crypto Clarity Act failed 49–50. That is a delay, not a change in plan. The Fed may hike for the first time since 2023 with oil still above $100. Rates are a cost of capital — not a reason to abandon 2026–2028.
Chips led the first half. Software and deployment led Q3. We own the chain — chips, power, robotics, applications — and a separate defense sleeve funded by budget, not headlines.
I still allocate the way I did at Coca-Cola, Motorola, and AMP: find the constraint, cut waste, compound after tax. Your household plan comes first.
Assets stay at Schwab ($8T custody) with Lloyd’s $150M cover. That protects certain custodial failures. It does not protect against investment losses.
The 5 Pillars of Alpha
Core U.S. Growth
U.S. equities, gold, and Treasuries. Participation with a shock absorber if rates or oil jump.
Firm Power
Nuclear, uranium, and the grid. Power is the scarce input. The segment stays.
Digital Assets
Tax-aware crypto, sized for compounding. One Senate vote does not set the sleeve.
Robotics & Automation
Factories and machines that need cheap, 24/7 power. Held beside nuclear — not instead of it.
Defense Tech
Golden Dome, directed energy, drones. Budget lines, not slogans.
Fiduciary Strategy FAQ
Why hold nuclear and robotics together?
Both need 24/7 power. Selling one to buy the other concentrates two scarcities into one segment. We keep both.
How do you handle Arizona tax drag?
Tax-loss harvesting and asset location. The goal is after-tax compounding in the household, not a pre-tax headline.
What is the Fortune 500 discipline?
Find the constraint. Cut waste. Do not let one sleeve run the book when a quarter rotates.
How are assets held and insured?
Charles Schwab ($8T custody) plus Lloyd’s of London ($150M). Custodial failure is covered. Market loss is not.
Is this for $500k+ investable assets?
Yes. Tax location, sleeve correlation, and a 2026–2028 horizon. Request a Blueprint Review.