In short: Harrington's final trade, and a position she added to this week: "my Microchip preferred, a 5¾ yield. I actually bumped it up for people who didn't own it this week. It's a nice way to get a little bit of tech exposure and still get some income." The same instrument she bought at $41 in the April-2025 tariff selloff (2026-aug-07) — the preferred, not the common — inside her equity-income mandate, which is also why the 5% free-cash-flow hurdle she cites against Coca-Cola and the Mag 7 doesn't bind here.
This is Jenny Harrington's final trade, and the important detail is that she owns the preferred shares, not the ordinary stock. Preferred shares sit between bonds and equity: they pay a fixed dividend that must be paid before ordinary shareholders receive anything, but they do not participate fully if the business booms.
The yield is about 5.75%, and she added to the position this week specifically for people who did not already own it. Her description of why is precise: it is "a nice way to get a little bit of tech exposure and still get some income."
That matters because of the rule she cites minutes earlier when refusing both Coca-Cola and the Mag 7 — every holding has to clear a 5% free-cash-flow hurdle to fit her income strategy. Most technology companies cannot clear it. Buying the preferred is how she gets semiconductor exposure into an income portfolio without breaking her own discipline.
In short: A big move on the guide. Harrington owns the preferred, and the story is her "super old five-year-ago thesis, which we see everywhere: we're going to need every kind of chip forever. These are not the NVIDIA chips — these are the little like-nothing chips that are in things like this." The quarter: "every part of their business executed — industrial up 24%, data center up 97%, aerospace and defense up 45%, just across the board." Microchip itself trades at 20× earnings; the preferred still yields 5.3% "and there's still growth ahead in that." She bought the preferred in April last year in the tariff selloff at $41; it's 71 now — "it was a nothing company that everybody thought was just sleepy." Her generalized point: "you don't need to own everything. You don't have to own NVIDIA, you don't have to own Microsoft. You can find opportunities other places."
Microchip makes the unglamorous small chips embedded in industrial equipment, cars, aircraft and appliances — "not the Nvidia chips… the little like-nothing chips that are in things like this." Jenny Harrington's five-year-old thesis is simply that the world will need every kind of chip forever, and the latest quarter delivered across the board: industrial up 24%, data center up 97%, aerospace and defence up 45%.
She owns the preferred shares rather than the common — a security that pays a fixed dividend and sits ahead of ordinary shareholders. She bought it in the April 2025 tariff panic at $41; it now trades at 71 and still yields 5.3%, so she captured most of the recovery while collecting income. Her wider point: "you don't need to own everything. You don't have to own Nvidia, you don't have to own Microsoft. You can find opportunities other places."
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