Happy Friday The Autopilot portfolio is up 6.72% since inception. Since last month's update it has gained roughly 5%, while the S&P 500 is flat over the same stretch, so the lead we gave back in September has mostly come back. Inflation is still running hot. September CPI came in at 3.7% against 3.6% expected, core rose 0.3% for the month, and wholesale prices jumped. That puts another Fed hike back on the table for the October 27–28 meeting. The 10-year yield went above 5.2% after the print before easing back to around 5.1%. A hot CPI usually hurts consumer names, but ours went up anyway, and I think that's a good sign for the thesis. $TTWO (-14.4%) Take-Two looks like it's bottoming out ahead of GTA VI's release. The recurring revenue is what I'm excited about, but we won't know more until after launch. $BATRK (-1.9%) The Braves stock gave back their gains after losing the NLDS to the Dodgers. No change to my long term view on the value of the franchise and real estate. What's working $EBAY (+10.9%):The stock made a new ATH. The collectibles business is doing the heavy lifting. $HAS (+15.9%):The stock got re-rated after Authentic Brands approached Mattel at about $6B and an activist pushed Mattel to explore a sale. Hasbro reports Q3 on Tuesday, and I'm listening for what they plan to do with their capital. $SONY (+14.4%):The PS5 Pro is still sold out going into GTA VI, Wolverine is selling well, and will be watching for continued growth on the image sensor side. $DIS (+13.3%): Disney had an eight-day winning streak heading into Josh D'Amaro's first full-year report as CEO. $MSFT (+7.2%): Microsoft has beaten estimates in 7 straight quarters. Cloud is carrying the company, yet the stock is valued as if Microsoft is losing the AI race to the other big spenders. The lead in AI models and agents changes hands every few months and there's no clear long-term winner, so a strong showing from Microsoft could re-rate the stock against its competition. Catalysts ahead Oct 20: Hasbro Q3. Oct 28: Microsoft reports, the Fed decides, and GameStop's eBay warrants expire on the 30th. Nov 5–9: Sony (Nov 5) and Take-Two (Nov 9) Nov 17: Disney's full-year results, along with D'Amaro's first guidance as CEO. Nov 19: GTA VI launches.

Disney+ is getting the 2027 Super Bowl $DIS

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Happy Friday The Autopilot portfolio is up 1.19% since inception, roughly even with the market after running ahead of it for most of the summer. The Fed hiked rates last week for the first time in three years, taking the fed funds range to 3.75%–4.00%. The bond market is still unsettled: the 10-year yield hit 5.135%, its highest since July 2007, after hot PMI data, and Fed Governor Barr said he expects further hikes. Consumer discretionary has lagged since the hike on worries about consumer spending. $TTWO (−14.4%) is the drag. Shares fell on the digital-only launch news and leaked GTA VI footage, with the hacker threatening to release a pirated copy. That never materialized, and Rockstar remains on schedule for the November 19 launch. What's working $BATRK (+7.1%): The Braves are headed to the playoffs at 93–66. Revenue from The Battery's mixed-use development rose 14% to $29M in Q2, and BravesVision should improve recurring streaming economics. $SONY (+7.2%): The PS5 Pro is sold out at major retailers ahead of GTA VI. $DIS (+6.9%): Pricing power is showing up. Disney+ is going to $21.49 a month, and theme park attendance rose 3% year over year. $HAS (+1.9%): Magic crossed $500M in a quarter for the first time, up 32% to $545.3M, and Hasbro raised full-year revenue growth guidance to 5–7%. Catalysts ahead Nov 19: GTA VI launches. This is the single biggest event for TTWO. Oct 30: GameStop's warrants expire. For EBAY, that's either a source of optionality or an overhang that goes away. Price increases and holidays: The Disney+ price increase starts flowing through, and Hasbro enters its holiday season. Rates and macro: A cooler inflation print would lift the whole discretionary group. The war helps no one, and it's unclear where oil, the conflict, and the midterms will land. The portfolio was built for multi-year cultural demand. These companies have strong pricing power and customer demand that isn't as dependent on the rate cycle as other consumer discretionaries.