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Reading 13Fs While the Crowd Chases SanDisk
I open on the SanDisk CEO's Squawk Box clip about dampening the cyclicality of memory, and while it is a good company I would rather own the SMH than pick winners in a crowded chip trade. Retail sales came in soft at minus 0.6%, another reason for the Fed to hold.
The bigger theme is the 13Fs rolling in, and the lesson is to look where the crowd is not. AI infrastructure names only run while the data centers are being built, so a long term investor can afford Visa or Netflix down here. Seth Klarman added to Amazon and Alphabet and started a CME position, Triple Frond entered into DoorDash and…
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