01 · The Laws
Four laws. Every dollar.
/ 01TOLL BOOTHS
/ 02NEVER SELL
/ 03ADD, NEVER TRIM
/ 04SEASON LAW
Boil things down to the most fundamental truths, and reason up from there.
Elon Musk02 · The Flow
One direction. No exits.
The book
EVERY QUARTER. NO EXITS.
Our favorite holding period is forever.
Warren Buffett03 · The Stack
Every layer at market. Three held heavy.
OVERWEIGHT · HELD DIRECTLYAT MARKET WEIGHT
INTELLIGENCE OUT
- ApplicationsMARKET WEIGHTProducts people use every day
- ModelsMARKET WEIGHTThe intelligence itself
- Cloud computeMARKET WEIGHTThe hyperscalers renting the machine
- Data centersOVERWEIGHTBuildings, cooling, networking
- ChipsMARKET WEIGHTThe processors and the memory
- Fabs and equipmentOVERWEIGHTThe foundry and the one machine
- Energy and gridOVERWEIGHTPower generation and transmission
ELECTRICITY IN
04 · The Book
One conviction, a widening base.
DILUTED BY ADDITION, NEVER BY SELLING
EXPLORATIONANCHORCOREBOOTHS
Drawn to true proportion. The whole design is the base growing around the conviction.
THE POSITIONS
/ THE EXPLORATIONONE POSITION
SPCX
SpaceX, Class A
Held through everything. Never added to by default, never sold.
/ THE ANCHORONE POSITION
BRKB
Berkshire Hathaway B
The legacy position. Decades of compounding, bought to keep.
/ THE CORETWO POSITIONS
VTI
Vanguard Total US Market
The whole American market, owned outright.
VXUS
Vanguard Total International
The rest of the world, same rule.
/ THE BOOTHSFOUR POSITIONS
GRID
First Trust Smart Grid Infrastructure
The power layer. Electricity is the first toll.
DTCR
Global X Data Center Infrastructure
The ground the machines stand on.
TSM
Taiwan Semiconductor
The foundry nearly everything passes through.
ASML
ASML Holding
The one machine the foundries cannot build without.
05 · The Companies
Held, operated, never sold.
Own the constraint, not the beneficiary.
The GLX rule