To The Moon

$Lam Research(LRCX)$ is one of the key equipment providers enabling the production of advanced semiconductors used in AI, data centers, and high-performance computing. With strong leadership in etch and deposition tools, a rapidly growing services business, and deep relationships with major chipmakers such as $Taiwan Semiconductor Manufacturing(TSM)$ , the company sits at the center of the semiconductor manufacturing ecosystem. As chip architectures shift toward more complex 3D structures and AI demand accelerates global semiconductor investment, Lam Research is strategically positioned to capture a significant share of the next semiconductor capital expenditure cycle. 1. Business Lam Research sells wafer

LATEST FACTSHEET: FEBRUARY 2026 YTD: 4.7% Cash Return on Capital = 41% 5yr FCF per share CAGR = 26% The portfolio continues to be optimised for: (i) consistently high free cash flow per share growth rate, (ii) consistently high return on capital, and (iii) pricing power. Portfolio comment: We exited our positions in $Applied Materials(AMAT)$ , ATOSS Software and $Technology One, Ltd.(THNOF)$ . The top contributor to performance was $Comfort Systems USA(FIX)$ . The top detractors from performance were $Fair Isaac(FICO)$ and $NVIDIA(NVDA)$ .

Here are the 10 companies in my portfolio sorted by what % of their revenue is from the US. Which is riskier: 100% US revenue or 100% non-US revenue? I avoid anything becoming a -10% loss or more, so yes I sold due to price volatility. The first aim of investing is capital preservation, the second is capital growth. $Comfort Systems USA(FIX)$ $Fair Isaac(FICO)$ $Cadence Design(CDNS)$ $NVIDIA(NVDA)$ $MasterCard(MA)$ $Fortinet(FTNT)$ $MSCI Inc(MSCI)$ $Visa(V)$

Here's a look at some of the year to date returns for a range of software companies. $Microsoft(MSFT)$ $Fair Isaac(FICO)$ $Adobe(ADBE)$ $Veeva(VEEV)$ $Salesforce.com(CRM)$ $NEMETSCHEK SE(NEMKY)$ $Constellation Software, Inc.(CNSWF)$ $Technology One, Ltd.(THNOF)$ $Intuit(INTU)$ $Wisetech Global(WIGBY)$ MSCI World Quality has beaten the index in 9 of the last 14 year

The global semiconductor supply chain is built on a handful of "unblockable" monopolies. My infographic attempts to map out the bottlenecks in the supply chain. What’s currently the best investment opportunity in the sector? PS: TSMC manufacture semiconductors, these companies manufacture the machines that manufacture semiconductors. $Synopsys(SNPS)$ $Cadence Design(CDNS)$ $TE Connectivity(TEL)$ $ASML Holding NV(ASML)$ $Lam Research(LRCX)$ $Applied Materials(AMAT)$ $KLA-Tencor(KLAC)$

LATEST FACTSHEET: JANUARY 2026 YTD: 3.3% Cash Return on Capital = 40% 5yr FCF per share CAGR = 26% The portfolio continues to be optimised for: (i) consistently high free cash flow per share growth rate, (ii) consistently high return on capital, and (iii) pricing power. Performance The top contributors to performance were $Lam Research(LRCX)$ and $Applied Materials(AMAT)$ . The top detractors from performance were $Fair Isaac(FICO)$ and ATOSS Software. Looking for oligopolies, with wide barriers to entry and strong network effects? That’s why I built the Global Compounders Database. $NVIDIA(NVDA)$

The global semiconductor supply chain is built on a handful of "unblockable" monopolies. My infographic attempts to map out the bottlenecks in the supply chain. Where do you invest? I personally own $Cadence Design(CDNS)$ , $Applied Materials(AMAT)$ , $Lam Research(LRCX)$ and $KLA-Tencor(KLAC)$ . $ARM Holdings(ARM)$ sits at the top. It licenses the CPU architecture and cores before any design tools or manufacturing begin. $Synopsys(SNPS)$ /Cadence turn ARM IP into layouts, and only then do $ASML Hol

$Visa(V)$ $MasterCard(MA)$ $Fair Isaac(FICO)$ $MSCI Inc(MSCI)$ have all compounded their free cash flow per share by ≈ 20%+ over the last 15 years.But it's not just the anti-fragile fintechs that have achieved this, so has the storage company Extra Space Storage $Extra Space Storage(EXR)$ . Which on the list do you own?$Salesforce.com(CRM)$ $Tyler(TYL)$ $Union Pacific(UNP)$ $Adobe(ADBE)$

What's your view on Manhattan Associates $Manhattan Associates(MANH)$ ? - Consistently high cash return on capital - Steady free cash flow growth - High SBC, but offset with consistent buybacks - Potentially attractive valuation Here’s a checklist of what I consider when analysing a company: Financial metrics - Return on capital - FCF per share growth - Margin expansion - Debt affordability Supply chain - Market growth rate - Market share growth - Cyclicality Pricing power / competition - Essential or discretionary? - Affordable? - Alternatives? Valuation - Priced in growth vs actual growth - Forward FCF yield What would you add? For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited t

Here’s a checklist of what I consider when analysing a company: Financial metrics - Return on capital - FCF per share growth - Margin expansion - Debt affordability Supply chain - Market growth rate - Market share growth - Cyclicality Pricing power / competition - Essential or discretionary? - Affordable? - Alternatives? Valuation - Priced in growth vs actual growth - Forward FCF yield What would you add? And， In year 1, you invest $100 and get a $40 return. In year 2, you invest $50 and get a $20 return. In year 3, you invest $25 and get a $10 return. In each year the return on capital is 40%, but the growth rate was -50%. That's why monitoring invested capital is important - compounding requires reinvestment. For SG users only, Welcome to open a CBA today and enjoy access to a trading li