We break down industry position, business model, moat and financial quality first — then return to valuation, positioning and trade structure. Conclusions change; the framework must stay inspectable, and survive both the bull and the bear case.
From single companies to portfolios, macro forces and multi-case series — pick the scale that fits the question.
Business, financials, competitive advantage and risk scenarios.
ETFs, factors, tax and portfolio structure.
Rates, policy, geopolitics and their transmission paths.
Compare multiple cases of the same theme side by side.
The three most recent pieces — start from the newest view.
Sensing products have shipped, and computing systems have been deployed. The market is betting on when they become repeatable, profitable businesses. At the mid-September valuation snapshot, market capitalization was about 64 times full-year revenue guidance. Which foot are you buying?
Astera Labs passed all seven Q2 checks with zero invalidation triggers, yet the stock is down 43% from its high and fell another 11.5% over four weeks with no news. Peer Credo grew revenue 115% and still lost a third in 30 days; PV Rating A/D is E, RS is 62. Nothing broke — the money left. We test three hypotheses, rebuild the valuation matrix, and add the flow-of-funds axis the August framework was missing.
Autonomous driving, AI drug discovery, and robotics—three businesses grouped under the Edge Computing segment—accounted for just 7.5% of NVIDIA's revenue in FY27Q2 and contributed virtually nothing to EPS over the past two years, yet they will determine its valuation multiple beyond FY2030. This article values each business through an options framework while taking an unvarnished view of AI drug development: zero approvals globally, even as NVIDIA has fully exited its stake in Recursion. The company selling the picks and shovels is not betting on the gold mine.
Start from the first article of each series and build the framework in order.
Mergers and spin-offs are two sides of the same capital allocation question. This introduction uses conglomerate discount, focus premium and the best owner test to judge when to merge and when to split.
Most M&A failures aren't valuation mistakes — they're people mistakes. This opening piece maps five M&A archetypes around one question: after the deal closes, do you trust the people you acquired, or do you control them? A strategic framework for Taiwan enterprises going global.
BDCs are legally mandated to distribute 90% of taxable income as dividends — yielding 9–13% annually. This guide breaks down the structure, income mechanics, six key risks, and practical steps for Taiwan-based investors.
