As the stock market and the FOMO chasers remain unhinged from reality (3 standard deviations above mean valuations) about as much as the crowd we watched in horror invade the Capitol yesterday, it’s time to revert to a fundamental story that is consistent, logical, and will probably make you some money that you will be able to keep and bank over the medium-term. No, not Bitcoin.

It’s also an interesting story full of geopolitical intrigue.  We will keep it short and sweet with some pictures.

Short Straight Of Hormuz

The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic. – Bloomberg, Supply Lines

Long Taiwan Straight

Taiwan will become geopolitically important in a way that the Middle East never was. Modern semiconductor manufacturing is at least as important to the economy as oil was in the 1970s. But in the case of oil, at least it was available all over the world albeit at higher prices than in the Middle East. Imagine a world where oil only came from one country, and how important that country would have been for the last hundred years. That is what the world would look like if Intel cannot find its footing and continue to manufacture chips at the leading-edge here in America. Taiwan could become by far the most geopolitically important country in the history of the world. – themarket.ch

Taiwan Semiconductor

Taiwan Semi with 54 percent of the semiconductor foundry market share?  Holy moly!

We know one smart person —  well the smartest person in Carol K. –  at GMM that owns a ton.  TSM may be the most important company in the world.

Don’t do it, Chairman Xi.

Would China Invade Taiwan for TSMC? – The Diplomat