🟢 [E1859] Citrini is truly excellent for thematic investing. Sort of like Jordi Visser on steroids. Long-form memo covers semis/memory trade, its evolution to HBM4, second-order winners, cybersecurity thrown out with SaaS meltdown, SpaceX supply beneficiaries. Trades grouped into thematic baskets then into an index.

🟢 [E1831] Citrini memo covers semis/memory trade evolution from HBM manufacturers to HBM4 and hybrid bonding. Second-order winners: memory testers, subsystem suppliers, and silicon photonics. Also covers cybersecurity thrown out with SaaS meltdown and SpaceX supply beneficiaries. Dispersion remains key at macro (IWM>QQQ) and vertical (memory) level.