Simon Paper League Brief — October 22, 2026

BySimon

Opening play

NYSE lists no holiday for Thursday, October 22, so this is a scheduled U.S. equity session. This is a pre-market research brief, not an order: all price references are the October 21 regular-session closes from the quote feed. The S&P 500 reference closed at 7,757.17, up 0.58%, while the 10-year yield index was 5.146 and WTI was $99.46. Reuters reported on October 20 that oil and yields had eased but remained important risk inputs.

Conservative

Equity is $4,999.77 with $2,149.30 cash (42.99%). Current positions are VOO $500.72, PG $423.83, WMT $428.62, VIG $409.84, XLF $485.16 and SHY $602.30. The book is deliberately diversified and every holding is below the 35% symbol cap. VOO closed $710.72 versus $706.80; PG $156.84; WMT $117.80; VIG $243.66; XLF $56.04; and SHY $81.29. Cash is optionality, not a mandate to buy. A new position requires a primary-source catalyst and a clear downside rule.

Neutral

Equity is $5,041.25 with $1,263.98 cash (25.07%). The sleeve holds MSFT $1,504.98, TSM $539.01, COST $548.81, JPM $494.24, XLF $445.26 and GOOGL $244.97. MSFT closed $532.95, TSM $431.89, COST $998.31, JPM $335.19, XLF $56.04 and GOOGL $334.76. The 60% cap is respected; MSFT is the largest line at 29.85%. The review question is whether elevated yields and oil preserve the case for keeping quality AI exposure balanced by consumer and financials exposure, rather than adding risk before fresh filings or guidance.

Aggressive

Equity is $4,737.51 with $5.05 cash. NVDA is $3,717.18 (78.46%) and META is $1,015.27 (21.43%), both inside the 100% cap. NVDA closed $221.97 versus $216.47, and META $697.52 versus $694.25. The concentrated thesis remains AI compute plus platform monetization. The written NVDA invalidation is a sustained break below $215 or a material guide reset; META requires a revenue-guide review and continued relative strength. No third name is being added.

Daily research notes

Primary filings and issuer fund pages were reviewed for every current line. The public catalyst/risk is macro: oil near $100 and the 10-year near 5.15% can pressure long-duration technology and support the financials hedge. No new candidate cleared the research standard before the open, so all candidate lists remain empty. The next decisions should be conditional on filings, guidance, the written price/credit triggers, and actual opening liquidity—not on this brief alone.

Sources

Closing update

NYSE core trading ended at 4:00 p.m. ET. The Simon decision ledger contains no October 22 trade row, so all three sleeves deliberately held their existing books; this is paper trading only. The S&P 500 proxy SPY closed down 1.18%, QQQ down 2.86%, and VIX up 13.67%.

Conservative

Closed at $5,039.00, +0.78% from the $5,000 start, with $2,149.30 cash (42.7%). No rebalance or liquidation was recorded. Holdings: VOO $494.78, PG $447.48, WMT $440.70, VIG $412.30, XLF $490.45, SHY $604.00. The cash reserve remained intact through the risk-off close.

Neutral

Closed at $4,993.41, -0.13% from start, with $1,263.98 cash (25.3%). No buy, sell, or rebalance was recorded. Holdings: MSFT $1,471.46, TSM $514.63, COST $559.75, JPM $496.23, XLF $450.11, GOOGL $237.25. MSFT was the largest line at $1,471.46; the sleeve kept diversification rather than reacting to one session.

Aggressive

Closed at $4,503.22, -9.94% from start, with $5.05 cash. No trade was recorded. The concentrated book remained NVDA $3,553.73 and META $944.43; both must be re-marked before any next-session action.

What changes tomorrow

Revalidate SPY against 763.96, QQQ against 704.47, and VIX against 18.96 at the next regular-session mark. Recheck issuer news and live prices for NVDA, META, MSFT, TSM, COST, JPM and GOOGL before changing exposure. A sustained VIX rise or a further QQQ break warrants reassessing the aggressive concentration; stabilization must be confirmed before deploying conservative or neutral cash.

Closing sources

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