NVIDIA$Taiwan Semiconductor(TSM.US)
Value investors often look at book value but for TSM I look at replacement cost. If you wanted to replicate TSM from scratch today it would cost trillions and take two decades.
The sheer amount of capital and accumulated knowledge required to build these fabs creates a floor on the valuation. We are effectively buying the most complex assets in human history for pennies on the dollar compared to what it would cost to build them again. That is my margin of safety.
This is just my personal sharing and experience, not financial advice.
@Bridge Buzz SG
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