#109 | Is ASML too Complex to Own?
How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat.
We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charlie Munger’s circle of competence to real-world investing decisions, exploring why honest uncertainty…
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