When I look at Taiwan Semiconductor Manufacturing Company, better known to American investors by the ticker TSM, I see one of the most impressive businesses in the world sitting in one of the most complicated positions imaginable. TSMC manufactures the advanced chips powering artificial intelligence accelerators, smartphones, data centers, high-performance computers, vehicles, and more devices than most of us realize. It operates the factories behind many of the technology companies that receive far more public attention. Those companies design the glamorous products. TSMC performs the extraordinarily difficult work of turning the designs into functioning silicon at scale. This arrangement has made TSMC indispensable. It has also made the company almost impossible to analyze with ordinary investing language. I cannot evaluate TSM simply by looking at revenue growth, margins, and earnings estimates. Those numbers matter, but they do not tell the whole story. I also have to consider mili...