Zero Exposure — Crypto
No crypto in an $11.5M portfolio. That's either a gap or a feature. Crypto is still 80% correlated to risk-on tech — you may already have that exposure through NVDA/TSLA/META. Adding COIN or MSTR layers more volatility onto an already growth-heavy book. Counter: institutional adoption is real, and 0% means you're making an active bet against the asset class.
Zero Exposure — SMR/Nuclear
No pure SMR plays (Oklo, NuScale). You own VST and CEG which gives nuclear exposure through operating plants. SMR companies are pre-revenue science projects with 5-10 year timelines and histories of cost overruns. Counter: if the AI power thesis plays out, SMR winners will 10x — but most won't be winners.
Concentration Risk
Mega-cap tech = ~$2.9M (~38% of equity). JTEK + Mag 7 dominates. This has been the right trade for 15 years — but concentration risk is real. A rate shock, antitrust action, or AI capex disappointment quarter hits all of these simultaneously. Diversifying isn't bearish — it's insurance on a winning position.
AI Stack Gaps
No foundry (TSM), no cooling (VRT), no architecture (ARM). The "picks and shovels" layer. But these names are already crowded trades — TSM carries geopolitical risk, ARM trades at 100x+, and VRT has tripled. Being late to a crowded trade is worse than missing it. Counter: if AI spending doubles again, these are mandatory infrastructure — not optional.