Really strong analysis of why TSMC's moat keeps expanding. The shift from 64% to 77% advanced node revenue in just a year is wild but makes sense when you consider nobody else can even compete at 3nm/2nm. The depreciation point is key though becuase everyone looks at those gross margins without factoring how much capex is baked into future cash flows. Solid fundamental breakdown.
I had to count and it was much higher than I thought. It is 45. The top 25 account for 75%. I need to actively trim . It is too many. You cant follwo so many names at the required depth.
Really strong analysis of why TSMC's moat keeps expanding. The shift from 64% to 77% advanced node revenue in just a year is wild but makes sense when you consider nobody else can even compete at 3nm/2nm. The depreciation point is key though becuase everyone looks at those gross margins without factoring how much capex is baked into future cash flows. Solid fundamental breakdown.
How many companies you have in your porftolio - 20? :D
I had to count and it was much higher than I thought. It is 45. The top 25 account for 75%. I need to actively trim . It is too many. You cant follwo so many names at the required depth.