The big picture: By now, we are all familiar with the fact that TSMC is, by far, the most capable semiconductor manufacturer in the world, with all the entails for the industry and geopolitics. And as this reality sets in, many people have been asking us how did they get so good? There are many good histories of this process, the most recent of which is Chris Miller's Chip Wars (which is very good), that cover the narrative of TSMC's rise, but we think the question really goes to deeper fundamentals. What capabilities does TSMC have that others lack? And...