The Full-Cycle AI 30: Own the Scarce Inputs, Overweight the Adopters
A portfolio construction episode: 31 names in 5 sleeves built from the Flaningam, Noren/Apollo, and Hosking letters. Own the scarce inputs (the full power chain, ASML, Synopsys), rent the buildout with exit discipline, overweight the proven adopters — plus beloved brands and military modernization. Includes the weight sketch and the three kill switches that would change the thesis.
The skinny
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