BARRETT & COMPANY, INC.

Barrett & Company fully exited its Alphabet Class C position (11,562 shares, GOOG, $3.63 million) this quarter, which on its own would read as a bearish signal — except the firm simultaneously grew its Alphabet Class A stake (GOOGL) by 97.1%, adding $2.29 million. Net Alphabet exposure barely changed; this was a share-class consolidation, not an exit. Zoomed out, the book is otherwise a heavily ETF-weighted, 652-position index-and-factor portfolio: Vanguard Total Stock Market alone is 10.7% of the $290.6 million total, and the only other real move of size is a 13.4% share reduction in NVIDIA, a genuine trim rather than a price effect.