Bear, 2 of the stocks we hold in common released confusing (to me) ERs since you posted this. Would love your thoughts on ELF and SMCI mid month.
SMCI: have pretty strong opinions that it has never had pricing power, but I’m surprised to see it cave so quickly on Liquid Cooling where I thought a leadership position and lack of competitive capacity would hold that up for a few years. My take is they don’t know how to stand up to the customer! I see this all the time especially with far east culture- they fail to understand when they have pricing power. TSM has always failed at this.
I suspect you have reduced your position in both of these, amirite?