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In 2022 Good Was Bad. Now Bad Is ... Good?
In the joy-fest that was 2022, whenever good news came out in the real economy, the market dumped, because inflation and blah. So we have all become wary of good news. Is good news good? Or bad. And so on.
Well, TSMC reported yesterday before the open with a decidedly top-of-cycle Q4 and FY12/22 result, and guided down for Q1 2023. The stock moved up 8%. Which just goes to show that you should never bother reading the news as regards securities pricing. The pricing is what the pricing is.
This was a righteous 'Accumulate' call by us. (Hey, we'll take our brickbats when we deserve them. So we'll sup a little glory when it's due too).
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