I don't like it when one of our investments takes the easy way out by selling to private equity. In part because we miss out on the compounding, but mostly because the hard-fought soul of the company will evaporate. But, then I think: how great this is for their competitors!

I shared a few thoughts in this FORTUNE article about Pelosi’s visit to Taiwan and the pull for the big Asian semi players to take sides. fortune.com/2022/08/07/nan…

We're going to have our full team from NZS on with the Acquired Podcast community for a live Zoom to talk about complex systems, investing and portfolio construction this afternoon at 4pm PT! Sign up link 👇

$WOLF is a great story. In 2016 the prev. mgmt team tried to sell the Wolfspeed biz to Infineon for $850M (to focus on LEDs). CFIUS blocked it for national security reasons. Gregg Lowe came in, invested in Wolfspeed, shed the LED units, and Wolfspeed alone is worth $14B today.

Savage

Reminder: today at 4:00 PT is our Zoom session with the NZS Capital gang! We'll be talking about their whitepaper, "Redefining Margin of Safety". You can register or join here: us02web.zoom.us/meeting/regist…

I think Chris Miller might be onto something with this whole Chip War concept... Great read (so far) with some fun history. And impeccable timing on the release last week.

I've said that I thought Berkshire should invest in analog - biz models w/ high returns, high terminal value, lower disruption/tech risk, a bit of a bet on 🇺🇸. TSMC makes a lot of sense for them tho - irreplaceable asset. Hopefully it is their gateway drug to other semis😂

Someone told me the other day I'm in the Acknowledgements in Chip War! Just ahead of Dougie B and the 🐐 Morris Chang. (yes I'm aware it's in alphabetical order and I'm one of probably 100 way more knowledgeable people than me 😂)

I can't comment on forward earnings but when I read this what jumped out his how epic the 118% cut to earnings estimates was in the GFC, that was special. Tim Culpan is one of the best journalists in semi land btw

Happy retirement to Rich Templeton, the OG CEO who showed that good semiconductor businesses can be free cash flow machines investor.ti.com/news-releases/…

Not the first time Berkshire has traded semis well with an uncharacteristically short holding period. They may have missed their calling in just being semi cycle junkies 😂

I felt embarrassingly dumb defending the long term outlook for tech/chips on CNBC back in September. I wasn't as dumb as I felt that day, but also I know that I am nowhere near as smart as I might feel now. The best ROI is always on humility. cnbc.com/video/2022/09/…

Today I learned that Texas Instruments is worth more than Intel, Qualcomm, or AMD. 🤯 Everyone sleeps on analog. h/t Jon Bathgate

Enjoyed talking to Ian King for this excellent Bloomberg article about ASML's rise and their unique position amidst the geopolitical tensions in semiconductor land.

Intel vs Nvidia quarterly data center revenue back to 2015

What the market is expressing today was an extremely unpopular opinion just 6 months ago. It's important to stay long term focused, whether the market is way up or way down. You're not as dumb as you think at the bottom or as smart as you think at the top. youtube.com/watch?v=hp4LjF…

Check out NZS's new-ish secret weapon Brett Larson reviewing Trane Technologies on Business Breakdowns

It's earnings season, the sun is out and it's 60 degrees. Time for the investors NZS Capital to take a hike!

NZS is HIRING for an IT and investment analytics associate position in Denver. This is an exciting opportunity to add value to a growing $3B+ AUM boutique asset manager. nzscapital.com/jobs