|Name|Symbol|Shares|Price|Average Cost|Equity|
|:-|:-|:-|:-|:-|:-|
|Taiwan Semiconductor Manufacturing|TSM|10.073|$414.80|$255.65|$4,178.12|
|Broadcom|AVGO|21.061|$392.77|$349.03|$8,272.13|
|Alphabet Class A|GOOGL|16.019|$319.40|$276.88|$5,116.44|
|Goldman Sachs|GS|2.008|$1,075.63|$829.35|$2,160.39|
|General Electric|GE|10.008|$348.87|$300.41|$3,491.58|
|Amazon|AMZN|25|$234.78|$218.71|$5,869.49|
|NVIDIA|NVDA|20.024|$208.04|$194.44|$4,165.83|
|GE Vernova|GEV|4.502|$1,028.50|$972.68|$4,629.85|
|Microsoft|MSFT|10|$383.15|$364.80|$3,831.50|
|Ferrovial SE|FER|20|$63.30|$63.16|$1,266.00|
|S&P Global|SPGI|10.049|$420.00|$425.56|$4,220.42|
|Northrop Grumman|NOC|5.023|$533.48|$577.54|$2,679.69|
|**Total stocks and options**|||||**$49,881.43**|
**CASH:** \~**$10,000**
Discussion:
I bought GOOGL around $180, but recently I nearly doubled my position again in the low $300s. I am trying to figure out what makes the most sense between PWR, FER, HONA, META as big addition to my portfolio.
Ferrovial: high quality physical infrastructure mixture of toll roads, airports, CE services, electrical infrastructure. Physical infrastructure is one of the most overlooked moats. The assets like toll roads or airports are effective monopolies with wide moat, because direct competition would be financial suicide with high level of predictable cash flows with pricing power greater than inflation. Exciting projects concessions like toll roads (I-24 and I-285) and NTO (JFK Terminal One) can be resilient cash flows compounders into the future to acquire more high quality assets. I consider adding this stock, because I would be comfortable holding it 20+ years.
HONA: At $195 this morning, it just seem a bit cheap for a wide moat industrial. Before, we make comparison to GE Aerospace spinoff, it is obvious that this company is nowhere near the level of quality as GE. However, it is still a high quality wide moat player in aviation especially the APUs with similar business model as GE.
PWR: Electrification grid expansion similar tailwinds to GE Vernova, but GEV can substantially benefit because it can create energy source independent from the grid avoiding pushback of rising bills by local. Record backlog with high visibility, and provider of blue collar services that are high demand like electricians.
META: I agree that META has visible tailwinds that are attractive like rising revenues for core services from AI to Meta Cloud business that can be quite lucrative. I am bearish on LLM viewing it as a commodity with low margin and no pricing power and switch cost. With this view, I would lean towards Amazon and Microsoft as they do not have significant LLMs investment compared to Google and Meta. Since, I already have much success with Google, I lean towards the view that Google is a higher quality company with cleaner execution and positioning in the AI race.