Portfolio Update: Buying an AI Compounder🏰

The business best positioned in the AI value chain, trading at 18x fwd. earnings

Hello, partner.

Some of the capital freed up from trimming Alphabet and exiting ASML and LVMH is going here first. I’m adding to Taiwan Semiconductor, and unlike ASML, this is a bet on business momentum, not on a multiple that needs to keep expanding.

The numbers underneath the stock price

TSMC trades at 18.8x forward earnings against a long-term expected…