The best investment is in the business that compounds the fastest while requiring the least reinvestment. Most people focus on the first part and ignore the second, which is why they end up with businesses that eat cash.
TSMC's earnings suggest that the company's leadership is not truly bought into the AI growth story.
3w ago
The big difference between what I do and what a lot of people in the hedge fund world do is that I actually think about the economics of the business, whereas a lot of people are just trying to make a quick buck.
2mo ago
Underscored — save the words that stop you in your tracks.
