The Knowledge Creation Engine
· 1
+6.8%
since Jul 24 · after money added
The idea
I believe the entities creating the most net new knowledge, and owning what they discover, will compound faster than the broader market over time. So this portfolio pairs the discovery engines themselves, AI labs, drug researchers, frontier science bets, with the toolmakers everyone must pay to do that discovery: instruments, chip design, lithography. It is spread across 16 positions in five sub-themes, mostly large compounders with a few asymmetric bets, plus a cash buffer, built to hold for years since knowledge compounds slowly.
What it owns
- These companies run the world's largest private AI research operations and own the models, patents, and products that come out of them. · Alphabet Inc.Home to DeepMind, producer of foundational breakthroughs like AlphaFold, with search and cloud businesses that monetize research discoveries., Microsoft CorporationOperates one of the oldest and broadest corporate research labs, with direct access to frontier model breakthroughs distributed through the world's largest software channel., NVIDIA CorporationOperates a top-tier AI research lab while selling the compute hardware on which nearly all new machine intelligence is created., Meta Platforms, Inc.Its research lab publishes and open-sources more frontier AI research than nearly anyone, with ad machine revenue funding research spend rivaling national science budgets.26%
- Labs and fabs worldwide rely on specialized instruments and machines for research and manufacturing, creating consistent demand across all scientific fields. · ASML Holding N.V.The only company on Earth that manufactures extreme ultraviolet lithography machines, embodying decades of irreplaceable optical knowledge that all advanced chip progress depends on., Thermo Fisher ScientificResearch labs globally depend on its instruments and consumables for experiments, positioning it to benefit from breakthroughs across multiple scientific disciplines., Danaher CorporationIts life-science tools and bioprocessing equipment are required infrastructure for making biologic medicines and claim on the biotech discovery wave., Illumina, Inc.Its sequencers are how humanity reads DNA, so the dominant reading tool benefits as genomic knowledge creation accelerates.21%
- Drug discovery is the purest form of monetized new knowledge, a successful molecule is literally a patent on an idea nobody had before. · Eli Lilly and CompanyIts discovery engine produced the GLP-1 breakthrough, and deep pipelines in obesity, Alzheimer's, and oncology show the research productivity is repeatable., Vertex PharmaceuticalsEssentially solved cystic fibrosis through science rivals couldn't crack, and is applying the same discovery model to pain, kidney disease, and type one diabetes., Regeneron PharmaceuticalsBuilt proprietary genetics and antibody platforms that industrialize drug discovery, with knowledge embedded in the process rather than just individual drugs., Novo Nordisk A/SA century of accumulated insulin and metabolic research culminated in major breakthroughs, with institutional knowledge depth serving as the moat.20%
- Companies whose edge is accumulated know-how so deep that rivals can't replicate it, whether in manufacturing, surgery, or gene editing. · Taiwan Semiconductor ManufacturingIts manufacturing lead is pure accumulated process knowledge from tens of thousands of engineer-years, and it manufactures advanced chips regardless of who wins the AI race., Intuitive Surgical, Inc.Every procedure on its robots generates data and surgeon training that compounds its lead in a flywheel where using the product creates the knowledge moat., CRISPR Therapeutics AGFirst company to bring a CRISPR gene-editing therapy to market, with a pipeline where one more success could multiply the knowledge platform's value.15%
- Modern chips and products are designed inside this software, with decades of engineering knowledge encoded into tools that have near-monopoly grip. · Synopsys, Inc.Every advanced chip is designed in its software, encoding decades of engineering knowledge that no chipmaker can route around., Cadence Design SystemsThe other half of the chip-design duopoly, expanding into simulating biology and physical systems through software where new engineering knowledge gets created.10%
- Cash8%