S&P 500 CAPE at 40

Highest since 2000 dot com peak
99th percentile expensive

But the ten stocks that created 29 percent of a century returns
Do not trade at average valuations

We hold the minority

14 TSM insiders bought on Apr 9

CEO, CFO, Co-COO, every SVP
All at ~$366
We are at $370

When management buys at current price,
That is the signal

TSM in our portfolio

VRT reports at 12pm ET today

47% short interest built into a wall
ATH last session hit $323
Data center power demand is real

Holding through
$160K portfolio, built in public

Weekend: Iran escalation, oil spiking, VIX soaring. Monday: S&P -0.6%, VIX flat 🤷 Markets telling you AI capex doesn't care about geopolitics. Adding $TSM $ASML on conviction, not fear. $160K (£125K) AI portfolio, built in public.

See the full breakdown warmundcapital.com/portfolio/

Weekend: Iran escalation, oil spiking, VIX soaring. Monday: S&P -0.6%, VIX flat 🤷 Markets telling you AI capex doesn't care about geopolitics. Adding $TSM $ASML on conviction, not fear. $160K (£125K) AI portfolio, built in public.

See the full breakdown warmundcapital.com/portfolio/

Weekend: Iran escalation, oil spiking, VIX soaring. Monday: S&P -0.6%, VIX flat 🤷‍♂️ Markets telling you AI capex doesn't care about geopolitics. Adding $TSM $ASML on conviction, not fear. $160K (£125K) AI portfolio, built in public.

See the full breakdown warmundcapital.com/portfolio/

@leadlagreport: "S&P hit RECORD HIGH. Oil crashed 13%. Strait open but Maersk won't send ships. Ceasefire expires TUESDAY."

Market pricing a deal. Our AI + copper tilt works either way. $FCX $SCCO

@leadlagreport: "Oil crashed 11% in a day. Nasdaq longest streak since 1992. Something has to give. Ceasefire expires Wednesday."

Oil crashing + Nasdaq at highs = rotation, not reckoning. Our FCX & SCCO hedge works: copper wins if growth survives energy shock. $FCX $SCCO

S&P ATH, Maersk won't touch Hormuz. Market pricing deal. Our AI infra + copper tilt works either way — growth or supply shock.

Oil crashing + Nasdaq longest streak since '92 = rotation, not reckoning. Our hedge works: copper wins if growth survives energy shock.

S&P at ATH while Maersk won't touch Hormuz. Market's pricing a deal — VIX flat, gold down. Our tilt (AI infra + copper) works either way: deal = growth bid, no deal = supply shock bid for $FCX $SCCO. $SPY

Oil crashing + Nasdaq on its longest streak since '92 = risk-on rotation, not reckoning. Our FCX & SCCO positions hedge exactly this — copper wins if growth survives the energy shock. The "give" is sector rotation, not a crash. $NVDA $FCX $SCCO

All 14 $TSM insiders — CEO, CFO, Co-COO, every SVP — bought on the same day. When the people running the company put their own money in, that's not noise. That's a signal. 🔥 Beat+raise thesis reinforced. $160K (£125K), built in public.

Every position, every thesis warmundcapital.com/portfolio/

All 14 $TSM insiders — CEO, CFO, Co-COO, every SVP — bought on the same day. When the people running the company put their own money in, that's not noise. That's a signal. 🔥 Beat+raise thesis reinforced. $160K (£125K), built in public.

Every position, every thesis warmundcapital.com/portfolio/

$TSM: beat+raise, Q2 record guide, GM expanding → -2.7%
$ASML: guidance raised → -3% on MATCH Act
TSM capex at HIGH END signals ASML demand. Market selling what proves the thesis 📉
$160K (£125K) AI portfolio built in public
warmundcapital.com/portfolio/

$TSM Q1: 58% profit jump to RECORD 🔥

Revenue +35% YoY

GM guide 63-65%

The AI supercycle in one number

Our top conviction (9/10) calling it early

$160K (£125K) AI portfolio built in public

Watch conviction compound

Every position. Every thesis. 20/20 green

warmundcapital.com/portfolio/

$TSM Q1: 58% profit jump to RECORD 🔥

Revenue +35% YoY

GM guide 63-65%

The AI supercycle in one number

Our top conviction (9/10) calling it early

$160K (£125K) AI portfolio built in public

Watch conviction compound

Every position. Every thesis. 20/20 green

warmundcapital.com/portfolio/

China added 500K oz to gold ETFs in March

North America dumped 2M oz.

During a war.

The West is selling insurance while the East is buying it.

$GLD flows tell you who's scared and who's preparing.

Markets are pricing peace, not risk.

$ASML beat on revenue, hit top-end margins, RAISED 2026 guide to €36-40B. CEO: "Demand outpacing supply." When the monopoly EUV supplier raises guidance, AI capex isn't a narrative — it's an order book. 🔥 $160K (£125K) built in public. Every position. Every thesis. warmundcapital.com/portfolio/

19 of 19 US names green. First time ever.

Oil spiking 4%. Hormuz blockaded. War rhetoric. 17/18 green became 19/19 green.

AI infrastructure demand doesn't pause for geopolitics. It compounds.

Built in public. 60K (£125K) real money.

$ASML earnings tomorrow 🏭

One company makes machines for every advanced chip. That's the thesis.

MATCH Act risk? Real. But EUV monopoly > legislation.

3.1% held vs 9% target. Watching closely.

$160K (£125K), built in public.

Every thesis: warmundcapital.com/portfolio/

Hormuz blockade announced. Oil spikes. Market shrugs. 📈

AI infrastructure doesn't care.

$160K (£125K) AI portfolio, built in public.

Watch conviction compound through the noise.

All positions, all thesis: https://warmundcapital.com/portfolio/

54% of Americans say they're worse off — record high.

Inflation isn't transitory, it's structural.

That's why we own AI infrastructure: secular demand, pricing power.

£125K AI portfolio built in public. Conviction compounds through noise.

Quality doesn't auto-compound. Conviction does.

The edge isn't finding quality.
It's sizing when the price dislocates from the quality.
That's the game.

Built in Public.
$160K (£125K) real money portfolio.
20 AI infrastructure stocks.

AI infrastructure demand remains non-discretionary despite geopolitical noise.

hits new ATH (+62.6% vs entry). AI capex from hyperscalers exceeds $300B in 2026.

The war premium has shifted to manageable background.

Portfolio 14/17 green vs entry.

$160K (£125K) real money. Built in public.

Watching Brent panic while & smash ATHs. AI infra cycle feeds on demand, not geopolitics. ⚡️

Real money £160K tracking AI stack. 19 stocks. warmundcapital.com/portfolio/

Market obsessing over blockades, but AI buildout doesn't care. & hit new ATHs. AI infra demand is non-discretionary. £160K AI portfolio, built in public. See breakdown warmundcapital.com/portfolio/

Thread continues. Full portfolio breakdown & performance data available at warmundcapital.com/portfolio/ #WarmundCapital

Picks-and-shovels thesis working as planned.

£160K real money portfolio tracking AI capex supercycle.

• ORCL — GREEN CONVICTION (8/10)
• LNG — HIGH PRIORITY (approaching buy zone)
• META — Near green crossover

AI demand NON-DISCRETIONARY. £89K deployable. Built in Public.

🚨 Portfolio update: 14/17 US stocks now GREEN vs entry after ceasefire rally.

MRVL +62.6% — NEW 52-week high 28.49.
VRT +20.8% — NEW 52-week high 95.11.
AMZN +17.0% | AVGO +15.0% | TSM +7.0%

War premium noise gone. Thesis vindicated.