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The Economy

rome8180 said:
If you're not rich in this economy, you're doing something wrong.

I really shouldn't be squandering all those stocks by boss is giving me. Just using them to smoke joints like the lazy millennial I am.
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Job offer rescinded
 
The Tesla convention here in Montana has been canceled due to coronavirus concerns. I wonder if that was his decision or the state's and if he's mad about it.
 
My dad recently bought a Tesla, so I'm deeply offended. Just kidding. I agree.
 
No issue with the car, or the average owner, both are fine. I'm just imagining the personality that would go to a Tesla convention, which is probably the most cult-ish investors of a company that already has insanely cultish investors. The same reason I would never go to a "Brand XYZ meetup", but am fine with owning Brand XYZ.

On the car side of things it's mixed, I'd rate them as the low quality, but the most full-featured of EVs. Fit and finish is poor. Component failures are really high, even their shady accounting can't hide that (warranty expenses), which is extra sad considering that an EV has far fewer moving parts. Lots of neat tech, but most of them don't really add much practical utility. Probably unfair to judge them on overall value, since any luxury brand will probably fail there.

Overall I'm still in wait and see mode, but I think they suffer from poor and unfocused leadership, while pretending to be a tech company so they can justify patently absurd valuations. The one thing they are best at is selling stock. It would be interesting to see them rolled into a company that truly knows how to make cars.
 
Since I just arrived here, I haven't driven my dad's yet. It rode smoothly, though from the outside it doesn't look as nice as a car in its price might be expected to. He says he never uses the brake, just takes his foot off the accelerator. I want to try that out.
 
bfactor said:
No issue with the car, or the average owner, both are fine. I'm just imagining the personality that would go to a Tesla convention, which is probably the most cult-ish investors of a company that already has insanely cultish investors. The same reason I would never go to a "Brand XYZ meetup", but am fine with owning Brand XYZ.

On the car side of things it's mixed, I'd rate them as the low quality, but the most full-featured of EVs. Fit and finish is poor. Component failures are really high, even their shady accounting can't hide that (warranty expenses), which is extra sad considering that an EV has far fewer moving parts. Lots of neat tech, but most of them don't really add much practical utility. Probably unfair to judge them on overall value, since any luxury brand will probably fail there.

Overall I'm still in wait and see mode, but I think they suffer from poor and unfocused leadership, while pretending to be a tech company so they can justify patently absurd valuations. The one thing they are best at is selling stock. It would be interesting to see them rolled into a company that truly knows how to make cars.
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My buddy used to work at Fisker Automotive and they made Tesla look like true geniuses by comparison. He bounced after their 3rd car spontaneously combusted in a parking lot.
 
ZackM said:
My buddy used to work at Fisker Automotive and they made Tesla look like true geniuses by comparison. He bounced after their 3rd car spontaneously combusted in a parking lot.
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There's been so so much badness in that industry. The scariest ones are basically souped up golf carts with ultracapacitors!
 
Great day for the markets- Dow up 900 points.

I fully expect Walmart and The Home Depot to crush their expectations in the morning, going by my anecdotal evidence acquired on the ground.

The Nikkei and Hang Seng are both up a little under 2% right now.

Should be another good day tomorrow.
 
Just a preposterous day in the stock market, to really hammer home how speculative and baseless this market is right now. I have never seen a megacap stock do what Tesla did today--going from +16% to -3% during a single trading session. This was a top 10 company worldwide in terms of market cap at its peak today, when it lost nearly 20% of its value within a few hours for no reason other than the whole world turning into gamblers. For all intents and purposes, I was not alive during dot-com, so this is just totally bizarre to me. No one is making decisions based on the long-term value of a company.
 
I told CK86 not to invest it back at like $600. My bad dude. That could have been so much wine and subsequent drunk posts of you hitting on married women. but also there's so much accounting fraud in the financials.
 
SeanMayTriedToEatMe said:
Just a preposterous day in the stock market, to really hammer home how speculative and baseless this market is right now. I have never seen a megacap stock do what Tesla did today--going from +16% to -3% during a single trading session. This was a top 10 company worldwide in terms of market cap at its peak today, when it lost nearly 20% of its value within a few hours for no reason other than the whole world turning into gamblers. For all intents and purposes, I was not alive during dot-com, so this is just totally bizarre to me. No one is making decisions based on the long-term value of a company.
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bdotling said:
I told CK86 not to invest it back at like $600. My bad dude. That could have been so much wine and subsequent drunk posts of you hitting on married women. but also there's so much accounting fraud in the financials.
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Don't feel bad, I would have told him not to invest at $150. Still would. A current article that (imo) hints at much of the valuation: https://finance.yahoo.com/news/ten-thousand-day-traders-hour-192047389.html

"Almost 40,000 Robinhood accounts added shares of the automaker during a single four-hour span on Monday, according to website Robintrack.net, which compiles data on the investing platform that’s much beloved by day trading millennials."

Probably not a market-moving amount of volume in the broader sense, but certainly well out of proportion to other investments and you'd expect this to repeat across other platforms. But the takeaway is that there's always an appetite for shares at almost any price. Defies logic.
 
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