$Taiwan Semiconductor Manufact

$Taiwan Semiconductor Manufacturing(TSM)$ I've been in TSM since mid 2020 and am obviously pleased. But let's not get ahead of ourselves. Fundamentally, TSM does not deserve the multiples of NVDA or ASML. Like-capex the others do not have, and that is not a strength for returns. It's a margin killer, with no way out of ever increasing capex requirements. Miscalculations by TSM, like the AZ plant, can wipe out a good chunk of earnings. But it is a strength for warding off competitors, which is as important to me as absolute return. I'm holding for many years more.

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