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13 F's out. That's F for Fraud. $TSLAQ

Here's page 1. Lots of sellers. Some updates not filed yet (they have until tomorrow). Baron bought 1,800. Big of him. Jennison unloading 450k. Citadel has not yet filed. That's options related shares.
Page 2. T Rowe a big seller again. Whale Rock is a Boston hedge fund, ex-Fidelity. Advisor Group is a new holder. Here are their top holdings.
Page 3. DE Shaw playing the same momentum game as Renaissance.
Saved the best for last. . .

Goldman saying sayonara. And our favorite dope.
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Peter DeCaprio
@cppinvest
1/ In the podcast referenced below, @profplum99 makes the excellent point that passive investing is having an outsized impact on price discovery; distorts it, and results in these seemingly blind v-shaped market recoveries (if I may paraphrase).

2/ We agree with Michael on this subject and have had conversations w him about it. Still we all need context around the amounts in question. Passives have a role for sure, but don’t underestimate how much money is sloshing around in the hands of idiots (RobinHODLr’s).
3/ Pick your source, but the Fed estimates total US household financial assets to be in the neighborhood of $90 trillion.
Read 17 tweets
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Peter DeCaprio
@cppinvest
1/ There is an easy way for $TSLA to boost its annual free cash flow and, more importantly, net income: eliminate interest expense.

With its converts in the money and Tesla owning calls, it could just let the bonds mature in normal course and pay the converts off in equity.
2/ Obviously, the net inc impact would be muted by dilution from newly issued shares, but wiping $641mm per year in interest expense would, one would think, be easy for a company with a $275bn mkt cap. Issue shares, tender for the bonds at a negotiated make-whole premium, voila.
3/ For a company that needs non-recurring items to barely eke out a profit when it isn’t committing outright fraud, eliminating any expense is no small thing. (Okay, it’s ALWAYS committing outright fraud, but you get my point).
Read 8 tweets
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Peter DeCaprio
@cppinvest
1/ I’ve repeatedly told my children what we are seeing now in terms of violence and unrest is nothing compared to what we’ve seen before, 1968 in particular. 1968 was significantly more violent and significantly more global. In chronological order:
2/ March. The Polish 1968 political crisis was a series of major student, intellectual and other protests against the communist regime of the Polish People's Republic. At least 2,725 people were arrested between 7 March and 6 April.
3/ The March/April period was a fateful month. First, on March 31st, LBJ announces he is not running for re-election, his presidency in tatters over Vietnam. On April 4th, MLK is assassinated. On April 6th, Black Panther Bobby Hutton was killed after. . .
Read 22 tweets

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