Lumida Wealth : Non-Consensus Invest Beyond the Ordinary

FSD: Semis, Semis, Semis Oh My

Episode Notes

In this FSD episode, titled Semis, Semis, Semis, the anchor is a conversation with an investor in his 80s who keeps 70 percent of his portfolio in quality businesses and 30 percent in junk. That split frames the whole discussion. The junk side is cranking right now. Small caps sit at all-time highs. The memory trade is the clearest case. Micron, SanDisk, ARM, and the DRAM ETF have all run hard.

The core argument is that the memory move is two things at once. It is a real rotation, where investors sell Mag 7 names and quality insurers to fund AI exposure. It is also an animal-spirits momentum trade driven by retail. Silver did not rally when it should have. Texas Instruments got bid up with everything else. Leveraged ETF volumes hit records. Those are the tells that late money is arriving.

The back half covers exit rules for a stock that has run, why prepositioning beats chasing, the case that quality names will bump once semis stop re-rating, and a longer section on inequality using John Hussman's accounting-identity argument that deficit spending inflates corporate profits and hurts people who own no assets.

About the show: Non-Consensus Investing is Ram Ahluwalia's running commentary on markets, where he shares how he's actually positioning capital and talks through the ideas most investors are missing. Real-time analysis, specific names, and a bias toward what's overlooked rather than what's crowded.