Carlos Figueroa Vaca @cfigueroa1982: "ɪ ᴀᴍ ɴᴏᴛ ɪɴᴠᴇꜱᴛᴇᴅ ɪɴ..."

Ecuador

ɪ ᴀᴍ ɴᴏᴛ ɪɴᴠᴇꜱᴛᴇᴅ ɪɴ ᴍɪᴄʀᴏɴ Micron is undoubtedly one of the best managed memory companies in the world. The business has become significantly stronger over the past decade, and demand from AI, high-bandwidth memory (HBM), and data centers has created a compelling growth story. So why don't I own it? I don't like businesses where the product is largely a commodity. Memory chips are essential, but they are also highly interchangeable. While Micron differentiates itself through execution, manufacturing expertise, and technology leadership, the products themselves are still subject to intense pricing cycles. Supply and demand ultimately determine profitability more than customer loyalty or pricing power. History has shown that memory is one of the most cyclical industries in technology. Periods of extraordinary profits often attract new capacity, which eventually leads to oversupply, falling prices, shrinking margins, and weaker returns. Then the cycle repeats. That doesn't mean Micron is a bad investment. It can be an excellent stock at the right point in the cycle. It simply doesn't fit the type of businesses I prefer to own. When I invest, I generally look for companies that are becoming less commoditized over time rather than more. Businesses with proprietary software, unique data, strong brands, network effects, or high switching costs can often sustain superior margins for much longer because customers have fewer viable alternatives. Even within semiconductors, I tend to prefer companies whose value comes from differentiated intellectual property, specialized equipment, or mission critical software instead of products that compete primarily on supply and price. $MU (Micron Technology, Inc.) may continue to perform very well as AI infrastructure spending grows. I would not be surprised if the company delivers excellent financial results over the next several years. But my investing process is based on owning businesses whose competitive advantages are easier to defend across multiple economic cycles. Memory manufacturers, don't usually meet that criterion. Passing on Micron isn't a prediction that the stock will underperform. It's simply a recognition that not every great company fits every investment philosophy. Sometimes the best investment decision is knowing what you choose not to own. -Carlos $SNDK (Sandisk Corp/DE) $GOOG (Alphabet) $NVDA (NVIDIA Corporation)

Not investment advice. The author may have financial interests in the mentioned instruments.