StanphylCapital
Stanphyl Capital’s commentary for the month ended July 31, 2023, discussing their short position in Tesla Inc (NASDAQ:TSLA). A Low-Margin Car CompanyIn July Tesla reported Q2 earnings that proved once again it’s now just a low-margin car company forced to continually slash prices to maintain delivery volume, and on the conference call Musk insinuated that the price-slashing will continue. Rather than discuss the report here with my usual verbiage, I shall instead post a few of my Tweets from the night it was released: And one from Jim Chanos: Yes, please don’t lecture me about Tesla’s “energy ...
ValueWalk
Stanphyl Capital’s commentary for the month ended June 30, 2023, discussing their short position in Tesla Inc (NASDAQ:TSLA). Tesla recently announced that it will open its U.S. charging stations to cars from multiple other manufacturers which, in turn, will adopt Tesla’s connector and charging protocol. Seeing as many people only buy a Tesla instead of a competing EV in order to access those chargers, and seeing as all the competing charging networks will also adopt this protocol while paying Tesla nothing (Tesla open-sourced it), this will cost Tesla far more in lost auto sale profits than th...
ValueWalk
Stanphyl Capital’s commentary for the month ended May 31, 2023, discussing their short position in Tesla Inc (NASDAQ:TSLA). In late-May leaked documents revealed that Tesla has conducted an egregious, multi-year cover-up of deadly safety problems caused by its (so-called) “Autopilot/Full Self-Driving” system, as well as sudden unintended acceleration. I believe this will finally force regulators to demand a massive, multi-billion-dollar recall of both systems and, as importantly, destroy whatever goodwill remains towards this sleazily run company (except, of course, from the diminishing number...
ValueWalk
Stanphyl Capital’s commentary for the month ended April 30, 2023, discussing their short position in Tesla Inc (NASDAQ:TSLA). Price CutsTesla kicked off April (and thus Q2) with even more worldwide margin-slashing price cuts (for the fifth and sixth time so far this year in the U.S!) on top of the massive, margin-destroying cuts it made in both January and March. (And those cuts were on top of large cuts made in Q4 2022!) Yet despite all those cuts, Tesla managed to deliver only around 4% more cars in Q1 2023 than it did in the previous quarter (Q4 2022), and due to the aforementioned price sl...
ValueWalk
Stanphyl Capital’s commentary for the month ended June 30, discussing their short position in Tesla Inc (NASDAQ:TSLA). Q1 2021 hedge fund letters, conferences and more Stanphyl Remains Short TeslaWe remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which currently has a diluted market cap of approximately $770 billion, nearly 90% of the $891 billion (non-diluted) combined market caps of Toyota ($244 billion), VW ($149 billion), Daimler ($96 billion), GM ($86 billion), BMW ($70 billion), Stellantis ($62 billion), Ford ($59 billion), Honda ($56 billion), Hyundai ...
ValueWalk
Stanphyl Capital‘s commentary for the month ended May 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). Q1 2021 hedge fund letters, conferences and more Tesla Has A Diluted Market CapAs noted earlier, we remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which currently has a diluted market cap of approximately $706 billion, nearly 80% of the $910 billion (non-diluted) combined market caps of Toyota ($231 billion), VW ($180 billion), Daimler ($100 billion), GM ($86 billion), BMW ($69 billion), Stellantis ($61 billion), Ford ($58 billion), Honda (...
ValueWalk
Stanphyl Capital’s letter for the month ended April 2021, discussing their short position in Tesla Inc (NASDAQ:TSLA). Q1 2021 hedge fund letters, conferences and more As noted earlier, we remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which currently has a diluted market cap of approximately $804 billion, nearly equal to the $812 billion (non-diluted) combined market caps of Toyota ($214 billion), VW ($150 billion), GM ($82 billion), Daimler ($94 billion), BMW ($54 billion), Stellantis ($53 billion), Honda ($51 billion), Hyundai ($49 billion), Ford ($45 bill...
ValueWalk
Stanphyl Capital commentary for the month of January 2021, discussing Tesla’s European sales declining due to new competition. Q4 2020 hedge fund letters, conferences and more The Biggest Bubble In Modern Market HistoryWe remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which currently has a fully diluted market cap of approximately $844 billion, which is roughly $143 billion more than those (non-diluted) of Toyota ($195 billion), VW ($105 billion), GM ($73 billion), Daimler ($73 billion), BMW ($54 billion), Stellantis ($48 billion), Hyundai ($46 billion), Hon...
ValueWalk
Stanphyl Capital commentary for the month ended December 31, 2020, discussing the changes to their short book, replacing QQQ with ARKK and a new position in Spok Holdings Inc (NASDAQ:SPOK). Q3 2020 hedge fund letters, conferences and more Friends and Fellow Investors: December 2020 PerformanceFor December 2020 the fund was up 1.1% net of all fees and expenses. By way of comparison, the S&P 500 was up 3.8% while the Russell 2000 was up 8.7%. For 2020 the fund finished down 11.5% while the S&P 500 was up 18.4% and the Russell 2000 was up 20.0%. Since inception on June 1, 2011 the fund is up 36.1...
ValueWalk
Stanphyl Capital’s letter to investors for the month ended December 2020, discussing that Tesla‘s expected 180,000 delivery figure for Q4 2020 is not production constrained. Q3 2020 hedge fund letters, conferences and more We remain short the biggest bubble in modern stock market history, Tesla Inc. (TSLA), which currently has a non-diluted market cap of approximately $675 billion, which is roughly equal to those of Toyota, Volkswagen, GM, Daimler, BMW, Honda, Hyundai, Ford, Fiat-Chrysler and Nissan combined (!) despite run-rate sales of around 700,000 cars a year to their approximately 65 mil...
ValueWalk
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