Home builders should continue to benefit from the US under building for a decade. 4-6 million homes under built will take 5-10 years to catch up. Lennar trading at 4x earnings and a peg of under 1 seems to be pretty undervalued. ROIC 16% ROE 19% FCF yield of 8%

4-6 million homes under-built to catch up we will need to continue to build out homes at a very rapid pace. Our home inventory is very low. Lennar trading at 4x Earnings with a peg ratio of under 1. Seems to be priced for a house crash. I don’t see it. I think we are going to be in a 5-10 year period of a home building boom.

TSM is going to be one of my biggest holdings eventually. Holds a monopoly on the most advance chips ~85% of these chips run through TSM. EV/EBITDA of 11 and a ROIC of 28%.