๐ ๐ง๐ต๐ฒ ๐๐ฟ๐ฒ๐ฎ๐ ๐๐ฒ๐ฐ๐ผ๐๐ฝ๐น๐ถ๐ป๐ด: ๐๐ญ ๐ฃ๐ฒ๐ฟ๐ณ๐ผ๐ฟ๐บ๐ฎ๐ป๐ฐ๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ (+๐ฏ๐ฌ.๐ด๐ต%)
The first half of the year (H1) has provided a definitive "proof of concept" for my updated investment thesis: The Economics of Chokepoints.
While the broader markets showed resilience, we have successfully decoupled from the benchmarks by moving up the capital food chain. In an era defined by a trillion-dollar AI arms race, the most significant alpha is no longer found in the platform giants, but in the Structural Monopolies that function as the digital worldโs toll booths.
๐ง๐ต๐ฒ ๐๐ญ ๐๐ฒ๐น๐๐ฎ (๐ ๐ฎ๐๐ต๐ฒ๐บ๐ฎ๐๐ถ๐ฐ๐ฎ๐น ๐ฃ๐ฟ๐ผ๐ผ๐ณ)
Our performance reflects a rigorous concentration of capital in high-conviction bottlenecks:
โข $SPX500 (S&P 500) H1: +๐ต.๐ฎ๐ด%
โข $NSDQ100 (Nasdaq 100) H1: +๐ญ๐ต.๐ด๐ฑ%
โข ๐ข๐๐ฟ ๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐๐ญ: +๐ฏ๐ฌ.๐ด๐ต%
๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐ป๐ฎ๐น๐๐๐ถ๐: ๐ช๐ต๐ ๐๐ต๐ฒ ๐ฃ๐น๐ฎ๐๐ณ๐ผ๐ฟ๐บ ๐๐ถ๐ฎ๐ป๐๐ ๐ฎ๐ฟ๐ฒ ๐๐ฒ๐ฑ๐ถ๐ป๐ด ๐๐น๐ฝ๐ต๐ฎ
For a decade, owning $MSFT, $GOOGL, $AMZN, and $META was the default winning strategy. However, a fundamental shift in the capital stack is occurring. We are transitioning from Platform Dominance to Compute/Physical Dominance.
๐ญ. ๐ง๐ต๐ฒ ๐๐๐ฃ๐๐ซ ๐ง๐ฟ๐ฎ๐ฝ: The "Big Tech" giants are currently forced into a multi-trillion dollar Capex race to maintain relevance. In economic terms, they have become the "Customers" of the new era. Every dollar they spend on infrastructure leaves their balance sheet and lands on the top line of the companies I call Chokepoint Assets.
๐ฎ. ๐ฉ๐ฎ๐น๐๐ฒ ๐๐ฎ๐ฝ๐๐๐ฟ๐ฒ ๐ฎ๐ ๐๐ต๐ฒ ๐๐ผ๐๐๐น๐ฒ๐ป๐ฒ๐ฐ๐ธ: Marginal returns are hitting mature software businesses. Meanwhile, the companies controlling the physical chokepointsโlithography, logic, and high-bandwidth memoryโare experiencing explosive, non-linear growth.
๐ข๐๐ฟ ๐๐ผ๐ฟ๐ฒ ๐๐ผ๐ป๐ฐ๐ฒ๐ป๐๐ฟ๐ฎ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ๐๐ฎ
To capture this alpha, I have recently optimized the portfolio (notably in mid-June) to lean further into these structural monopolies:
โข ๐ฆ๐ฒ๐บ๐ถ๐ฐ๐ผ๐ป๐ฑ๐๐ฐ๐๐ผ๐ฟ ๐๐ถ๐๐ต๐ผ๐ด๐ฟ๐ฎ๐ฝ๐ต๐: $ASML (ASML Holding NV) โ The only entity capable of producing the future.
โข ๐ง๐ต๐ฒ ๐ ๐ฒ๐บ๐ผ๐ฟ๐ ๐ข๐น๐ถ๐ด๐ผ๐ฝ๐ผ๐น๐: $MU (Micron Technology, Inc.) โ Solving the physical GPU bottleneck.
โข ๐๐ผ๐บ๐ฝ๐๐๐ฒ & ๐ก๐ฒ๐๐๐ผ๐ฟ๐ธ๐ถ๐ป๐ด: $NVDA (NVIDIA Corporation), $AMD (Advanced Micro Devices Inc), and $AVGO (Broadcom Inc).
โข ๐๐ผ๐๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐ณ๐ฟ๐ฎ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ: $TSM (Taiwan Semiconductor) and the orbital infrastructure of $SPCX (SpaceX).
๐๐ผ๐ผ๐ธ๐ถ๐ป๐ด ๐๐ต๐ฒ๐ฎ๐ฑ
We do not chase broad market beta. We do not over-diversify to hide from volatility. Our 2-year performance (+116.49%) and our vs. Last Year results (+42.35%) confirm that a disciplined, analytical approach to supply chain dominance consistently outperforms blind index-tracking.
For investors seeking a high-alpha, professionally managed exposure to the builders of the digital futureโrather than just the users of itโI invite you to review my open positions and historical data.
#Investing #H1Results #MacroStrategy #AI #PortfolioAnalysis #StructuralMonopolies