AMD: A 10 Bagger

AMD is a very cyclical company, but the growth has just been exponential. The big difference that you'll notice in terms of how cyclical it is and why it would avoid stocks like this for people listening generally is a gross profit. So from 2013 to 2019, even if we went back years before that, you really haven't had any growth and gross profit at this company. That's meaningful even when you've been using more assets. Then 2020 to 2022, you have very high returns. And I would guess that that generally means that this is cyclical. But we don't know.