Leandro (@Invesquotes)

1/ ASML and TSMC both reported Q2 earnings last week. Both crushed earnings and raised guidance significantly. The stocks barely moved. Buried in their earnings calls is a bigger story that has implications for the AI trade: the bottleneck narrative is shifting! 🧵 $ASML $TSM ...

1/ Capital Returns is a must-read for investors (more so in the current era) and is packed with lessons that should never be dismissed because it's rarely "different this time"! Here are some of my thoughts after having read the book a couple of times Long 🧵 ...

Will give ChatGPT Atlas a try but before doing so I just don't see how it disrupts Chrome (at least on desktop) One Google account gives you access to mail, drive, YouTube, Gemini...you also have all your passwords in the keychain etc Tough to displace but we'll see $GOOG $OAI...

1/ A perfect market timer who bought the market at its lowest PE in 1920 (4.8x) and sold at peak PE (44.2x) in 1999 would've realized a 14.5% 79-year CAGR. From this 14.5%... - 2.8%/year was attributable to multiple expansion - 11.7%/year was attributable to biz performance ...