Very impressive breakdown of the Q1 takeaways! Couldn’t agree more on the misguided focus on Q order intake, which is heightened given the uncertain macro and ratcheting tech war between the US/China. Ultimately I think that if you believe in the continued digitalization of the world this company is a no brainer. And the deglobalization will only make the industry more inefficient and capex intensive thus benefiting ASML (as we saw with TSMC accelerating investments into the US).
Question regarding your comment on the buybacks. You say it's mostly just coincidental timing they are buying when the stock is down, they just happened to a large cash position to do so.
Is that a personal assumption by you? Or did management specifically indicate that is the case?
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Very impressive breakdown of the Q1 takeaways! Couldn’t agree more on the misguided focus on Q order intake, which is heightened given the uncertain macro and ratcheting tech war between the US/China. Ultimately I think that if you believe in the continued digitalization of the world this company is a no brainer. And the deglobalization will only make the industry more inefficient and capex intensive thus benefiting ASML (as we saw with TSMC accelerating investments into the US).
Agreed, think a lot of people miss the forest for the trees when thinking about litho intensity and ASML
Question regarding your comment on the buybacks. You say it's mostly just coincidental timing they are buying when the stock is down, they just happened to a large cash position to do so.
Is that a personal assumption by you? Or did management specifically indicate that is the case?
Assumption, but evident when you follow management's commentary regarding buybacks through the years
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To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
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