FROM THE TOWER
Everyone wants to talk about memory. It’s become the old SNL Christopher Walken skit where you need to replace cowbell with ::drumroll:: memory stocks. How did a once commoditized business turn the stock market, and all South Korea, upside down? In his most recent quarterly letter, Matt Topley wrote “NVDA was the most important stock in the world; now MU has taken the lead. The Mag 7 used to drive the entire market. Now semiconductors are driving returns.” I know I’m getting old when my first reaction to hearing memory storage is a 1GB flash drive. Leaving my boomer-ish qualities aside, let’s dig into what has happened underneath the hood in the technology sector.
How Well Do You Play Bad? By Patrick Greenhalgh, Investment Advisor Rep There is a delusion every golfer carries to the course: that we, too, could have saved par from that fairway bunker, if only the bounce had gone our way. Golf does that to a person. It is the only game I know that can make you feel like a genius and a fraud inside of about twenty minutes. Here is what I have come to believe after enough rounds to know better. Golf is not really a test of your swing. It is a test of you.
Should we Party Like It's 1999? By Mike Horwath, CIO For the inaugural post, I thought an ode to our founder, Matt Topley, was in order. Matt’s quarterly commentary — which takes its title and direction from a song — is a genuinely informative read, and one I’d recommend to anyone interested in markets. The ’90s gave us the buildup to Y2K, the explosion of grunge (Alice in Chains’ 1996 MTV Unplugged set is a personal favorite), and a frenzy of technology IPOs (initial public offerings). With the recent IPO of SpaceX — and the anticipation that Anthropic and OpenAI follow this year — we’ve fielded plenty of questions about what it all means for individual portfolios, and whether it’s worth buying shares if the opportunity arises. There’s a lot of noise out there, so I thought it would be worthwhile to dig into what this means, and to share our perspective here at Lansing Street.
