8/19/25 - $fn - ST wrangle

8/19/25 :: VROCKSTAR :: FN
ST wrangle

- not cheap, let's get that out of the way at ~30x PE still
- but 3% fcf yield, growing high teens and 10 bn cap and a lot of "future of chips and DC" runway to go
- great result, any hiccup will get looked thru
- stock has had a great run, so giving some back makes sense
- what you're seeing in the tape today is that the index sneezes and low quality stuff hurts most. the difference w/ FN is it's a size-factor + result not a blow out (but i'd still give the result an "A" let's be honest) just a bad day to report. any other day stock opens -8% and finishes -4-5% and keeps running back to ATH
- so whether we head back to $200 idk. depends on index. if liquidity out of tape sooner... we go there and i load up, so for now, too close for missiles and keeping to the guns for small exposure.
- i like TSM > NVDA > FN for semis - but i see more similiarities between beta in TSM and NVDA today than FN even tho they're all in the same and different orbits. the main difference is this is a $10 bn cap. more to go. higher beta up and down.
- rn i only have TSM 5% (leveraged 2-1 so 10% gross) on LT leaps with a splash of $fn.

stirred, not shaken.

V