You make the most money when you are right and contrarian

The technology industry continues to see accelerating change because it continues to reinvent itself and broaden its reach. The retail sector could have invented e-commerce, but it didn't, and Amazon wanted to be part of the technology industry rather than a retail business. The automotive industry could have built electric cars, but it took an outsider to the industry to create Tesla. Yet, some have fought against technology ever since the printing press to no avail. Some aspects of technology require review, monitoring, and regulatory oversight, but those who fight against technology continue to find themselves on the wrong side of history.

And just as FAANG is now outdated, Magnificent 7 may soon be outdated too. Should we include SpaceX, TSMC, and Broadcom, which are currently worth more than Tesla and Meta? Or is MANGOS (Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX) the new group to watch? We will see. The only constant in life is change, and that’s part of what makes investing hard.
-Alfred Lin (sequoia)