Warren Buffet just purchased 60 million shares ($4.1B) of Taiwan Semiconductor Manufacturing Company (TSM). By historical measures TSM is not especially cheap: It is currently selling for a P/E of 15, and that's after an especially good Covid market for semiconductors. It's market value is $422B while it's book value is $88B. The long run stock price of for TSM slowly increased for a decade, and then spiked during Covid. TSM pays a dividend of only 2.25%. The only way this makes sense is that Buffett thinks that TSM enjoys some kind of barrier to entry so that profits will continue increasing for the foreseeable future. Please spend some time investigating to see if you can discover whether this is true, and what the barrier might be. HINT: What is it's ROA, ROE? Does it enjoy some form of customer capture? Does it own patents that give it an edge? Have other firms tried to enter TSM's market and failed? What other barrier could there be?