TSM Reddit Mentions | ChartExchange

The first is the FDS discipline question. I bought FDS in early 2026 when its true FCF yield was above 8% and the market was pricing it as an AI casualty. The thesis: it died of a theory, not of an actual deterioration in its business. Four consecutive quarters of accelerating ASV growth and 95%+ retention while the stock fell confirmed the mispricing. I just sold it as the true FCF yield compressed below 6% from price appreciation. The question for this community: is 6% the right sell threshold for a business with FDS's moat profile and growth trajectory, or is that too mechanical? The counter-argument for holding would be that ASV is still accelerating and the Google Cloud Gemini partnership is just beginning to flow through the numbers. I sold on the yield compression. Am I being too rigid about the methodology?
The second is the European ADR technical question. I'm starting positions in VCISY (Vinci) and ADRNY (Ahold Delhaize) based on 12%+ true FCF yields and the ECB independence macro thesis. To do this analysis I had to rewrite my screener to handle ADR filings. European companies file under IFRS through different mechanisms than US 10-K filers and the XBRL tag mapping doesn't always translate cleanly. TSM showed zero CapEx in my original screener due to a 20-F IFRS filing issue. I've partially addressed this but I'm not confident the European ADR numbers are as clean as my US-listed coverage. Has anyone here developed a reliable methodology for normalizing European ADR financials against US-listed comparables? Specifically interested in how others handle the CapEx and SBC XBRL tags for IFRS filers.
The macro thesis for the European positions if it's useful context: the ECB is more independent and more conservative than the current Fed under Bessent and Trump pressure. If US monetary policy gets looser than it should be, European infrastructure and consumer staples with pricing power and independent central bank backing are the natural hedge. VCISY at 12%+ true FCF yield has long-dated concession contracts on toll roads and airports. ADRNY at 12%+ is the parent of Stop and Shop, Giant, Food Lion, and Albert Heijn — founded 1887, survived two world wars. Both pass my true FCF yield screen comfortably.
Full piece with the return table and regime framework: [https://cavemanscreener.substack.com/p/investing-regime-changes-my-successes](https://cavemanscreener.substack.com/p/investing-regime-changes-my-successes)