While we don’t currently own $Tesla(TSLA.US), many on X mischaracterize my TSLA views as bearish even though I have reiterated almost daily for months that “the next major $Tesla(TSLA.US) catalyst is removal of safety monitors in Robotaxis, which would signal an imminent scale up, and which Elon has targeted in Austin by year-end.” We’re neither bullish nor bearish on $Tesla(TSLA.US).
We remain on the sidelines on TSLA because of what we see as TSLA’s stretched valuation, which we believe already discounts that TSLA will in fact solve for unsupervised autonomy, as well as a handful of others ( $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $Pony AI(PONY.US), $WeRide(WRD.US), $Amazon(AMZN.US)). Unlike several notable bears, we don’t now and never have viewed TSLA as a good short candidate despite its extended valuation. We don’t short great companies with excessive valuations. Our strong valuation discipline has allowed us to grow our assets under management to over $300M, and our philosophy to not be the last ones to leave the party has allowed us to avoid several notable drawdowns on stocks that became stretched on valuation. Not owning $Tesla(TSLA.US) hasn’t hurt us this year.
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