Offshore
โ Dimitry Nakhla | Babylon Capitalยฎ A quality valuation analysis on $ASML ๐ง๐ฝโโ๏ธ โขNTM P/E Ratio: 24.88x โข10-Year Mean: 31.10x โขNTM FCF Yield: 2.77% โข10-Year Mean: 3.09% As you can see, $ASML appears to be trading below fair value Going forward, investorsโฆ
๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ.
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Offshore
Photo
โ The Kobeissi Letter
RT @KobeissiLetter: We now know Trump's TOP economic priority:
For weeks, President Trump said there would be NO tariff delay, even as stocks erased $12+ TRILLION.
Then, the bond market BROKE and a 90-day tariff pause was implemented 12 hours later.
Keep watching bonds.
(a thread) https://t.co/M3AltQqjee
tweet
RT @KobeissiLetter: We now know Trump's TOP economic priority:
For weeks, President Trump said there would be NO tariff delay, even as stocks erased $12+ TRILLION.
Then, the bond market BROKE and a 90-day tariff pause was implemented 12 hours later.
Keep watching bonds.
(a thread) https://t.co/M3AltQqjee
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Offshore
Video
โ The All-In Podcast
Chamath explains four key industries that the US needs to onshore:
1) The AI Supply Chain ๐ง
2) Energy โก๏ธ
3) Critical Minerals and Rare Earths โ๏ธ
4) Pharma APIs ๐
On E223, @ezraklein asked @chamath what success would look like for Trump's tariff / onshoring agenda:
Chamath:
"There is a major issue that the United States has that's much bigger than China."
"We are not in a position to take care of what we need."
"We depend on folks whose view of the United States can change in real time."
Ezra:
"Give me what indices you are going to look for."
Chamath:
"We need to measure and protect four critical areas."
1) The Entire AI Supply Chain ๐ง
"Number one is all of the technology, both the chips, as well as the enabling technology around artificial intelligence."
"It must be a robust, largely American supply chain."
2) Energy โก๏ธ
"Number two is energy."
"We do not have the capability we need to make the energy we need quickly."
"In many ways, we have critical supply chains that can be shut off by China around photovoltaics."
3) Critical Minerals and Rare Earths โ๏ธ
"Number three... there are critical material inputs that drive the material science of the future."
"So we have a critical minerals and rare earths and material science input problem."
4) Pharma APIs ๐
"And then the fourth, Ezra, are pharma APIs."
"So that when American citizens get sick, we have the ability to not just make it, but also design it and manufacture it."
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Chamath explains four key industries that the US needs to onshore:
1) The AI Supply Chain ๐ง
2) Energy โก๏ธ
3) Critical Minerals and Rare Earths โ๏ธ
4) Pharma APIs ๐
On E223, @ezraklein asked @chamath what success would look like for Trump's tariff / onshoring agenda:
Chamath:
"There is a major issue that the United States has that's much bigger than China."
"We are not in a position to take care of what we need."
"We depend on folks whose view of the United States can change in real time."
Ezra:
"Give me what indices you are going to look for."
Chamath:
"We need to measure and protect four critical areas."
1) The Entire AI Supply Chain ๐ง
"Number one is all of the technology, both the chips, as well as the enabling technology around artificial intelligence."
"It must be a robust, largely American supply chain."
2) Energy โก๏ธ
"Number two is energy."
"We do not have the capability we need to make the energy we need quickly."
"In many ways, we have critical supply chains that can be shut off by China around photovoltaics."
3) Critical Minerals and Rare Earths โ๏ธ
"Number three... there are critical material inputs that drive the material science of the future."
"So we have a critical minerals and rare earths and material science input problem."
4) Pharma APIs ๐
"And then the fourth, Ezra, are pharma APIs."
"So that when American citizens get sick, we have the ability to not just make it, but also design it and manufacture it."
tweet