No new initiations in January. Instead, capital was allocated incrementally to my highest-conviction holdings where the risk-reward remained compelling. I added to $MA Mastercard, $META Meta Platforms, $AMZN Amazon, $SPGI S&P Global, and $BN Brookfield, all businesses with durable competitive advantages, strong cash-flow profiles, and long runways for compounding that were trading at prices I viewed as attractive relative to intrinsic value. Separately, it’s been remarkable to watch the continued strength in semiconductor equipment leaders $ASML ASML and $KLAC KLA. Both companies have benefited from a powerful, multi-year capital-spending cycle driven by leading-edge logic, memory, and AI-related demand. While share prices have appreciated significantly over the past year, their performance underscores just how valuable mission-critical, near-monopoly assets can be when they sit at the center of a secular growth trend.
