Portfolio

A conviction-driven portfolio, run more cautiously for now. My long-term bets are still AI and space, the two defining technological waves of this era. In the short term I think the AI build-out has run ahead of its revenue, so about a quarter sits in cash and my index money is split between the broad S&P 500 and large-cap value (why). Gold and bitcoin hedge a government unable to rein in its debt, and the likeliest way out: inflating the problem away.

Allocation

The case for each

Cash — Money Market (24.52%)

Dry powder. Earning yield while waiting for the right opportunity. In November 2026 I raised it on purpose: I think AI spending has run ahead of AI revenue for now, and I want room to buy if prices reset. See the note Over Our Skis.

GLD — SPDR Gold ETF (15.28%)

Gold as a long-term store of value and portfolio anchor. In an era of persistent deficit spending and currency debasement, hard assets with thousands of years of monetary history earn a meaningful allocation. A hedge against the things you can't control.

TSM — Taiwan Semiconductor (14.30%)

The world's most advanced and dominant semiconductor manufacturer — a true monopoly on cutting-edge chip fabrication. Every leading AI chip from NVIDIA, AMD, Apple, and others runs through TSMC's fabs. The secular tailwind from AI compute demand makes this one of the most strategically important companies on the planet.

VTV — Vanguard Value ETF (13.07%)

Broad ownership of large U.S. value companies: banks, healthcare, energy, industrials and consumer staples, priced on the earnings they make today. It holds far less of the tech leaders carrying the AI build-out, so alongside VOO it tilts my index money away from where I think prices have run ahead.

VOO — Vanguard S&P 500 ETF (10.89%)

Broad, low-cost ownership of the 500 largest U.S. companies. It keeps me invested in the market as a whole while spreading my index money beyond the handful of tech leaders that are carrying the AI build-out.

RKLB — Rocket Lab (10.26%)

Led by Sir Peter Beck — a visionary engineer and savvy businessman with a commitment to beautiful engineering. Electron launches at tremendous cadence, and Neutron, their medium-lift rocket, is close to maiden launch. Once Neutron is operational, Rocket Lab has the capability to launch their own large-scale satellite constellation, creating an entirely vertically integrated space company.

AMD — Advanced Micro Devices (7.24%)

Led by Lisa Su, one of the best CEOs in semiconductors. AMD competes with NVIDIA in GPUs, but the more compelling thesis is CPUs in the emerging world of agentic AI. As autonomous agents proliferate and inference workloads scale, CPU demand accelerates alongside GPU demand.

BTC — Bitcoin (4.44%)

Digital gold with a fixed supply and growing institutional adoption. A decentralized store of value outside the reach of any government or central bank. As sovereign debt spirals and currency debasement accelerates, its role as a hard asset alternative only grows.

Disclosure

The portfolio shown here is my self-directed, taxable brokerage account, where I manage every position myself. Because gains here are taxed, tax considerations shape my moves: what I sell, when, and how much. The other half of my net worth sits in retirement accounts — standard index ETFs and "safe, boring holdings" that I rarely adjust.

I hold every position listed, as of the date above. Nothing here is investment advice.