1/ Very short thread on a large forest fire at the southern end of the Bridger Range, which started on Friday. Cause unknown, but no lightning, so quite possibly a careless homo sapien on the foothill trails leading to the College "M" and Mt Baldy beyond. Friday afternoon:
2/ Friday evening:
3/ The response was extraordinary. Planes diving into the dense smoke with retardant. Helicopters descending above the flames with water. Smokejumpers performing heroics to, as it were, draw a line in the sand. Even though still a "Rocky Mountain Type 3 Incident Management event.
4/ Great progress was made, and by Saturday, things were almost under control. Then, the winds whipped up furiously. The fire "crowned" & "spotted" and suddenly a few hundred acres was a few thousand, spreading rapidly north & east.
5/ More firefighters were summoned from Wyoming & Colorado. And, believe me, that's a hard call to make with fires all over the Western US (as happens every August & Sept). But Type 3 had become Type 1.
6/ On Sunday, hundreds of firefighters & more tanker planes and helicopters were battling all day to keep the conflagration from spreading beyond its 7,000 acres, and to try to protect homes in Bridger Canyon. The smoke was dense all day.
7/ Blessedly, relief came on Monday, first with rain, then snow at higher altitudes. Here's a photo this morning by Rachel Leathe of the Bozeman Chronicle (and how fortunate are we to still enjoy fine local journalism):
8/ The latest word is that 28 homes were consumed, as well as many out buildings. While it's terrible, it's far less than I feared. The firefighters are still at work. Propane tank fires are burning off. Embers are smoldering. Much remains to be done as temperatures again rise.
9/ I have developed an immense appreciation for the competence, briskness, & courage of these brave & capable forest fire fighters. Having seen how, in an instant, the fire jumped Bridger Canyon, igniting the Bangtails, the inherent & ineluctable perils of the job are obvious.
10/ Forest fires, of course, are a part of nature. Without them, the lodgepole pine could not propagate. The conifers would age & become vulnerable to beetles. The forest floor would change. Still, in a populated area, one is grateful for these truly brave people.
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2/ As @Tweetermeyer, who now lives happily at Thre*ds has observed, Elon Musk invented the meme stock phenomenon in 2013. Since then, Tesla has traded on Musk lies & bullshit, with major assists from crooked & cynical analysts such as Ives, Jonas, Ferragu, etc. ...
3/ There are also the shameless pumpers who mix into their cynicism a big dose of stupid. Cathie Wood is the best example. She has incinerated at least $14B of her investors' money, yet wallows in extravagant personal wealth from hundreds of millions in fees.
1/ So, $0.34 GAAP EPS fully diluted. Assuming things get no worse for the rest of 2024, that would be $1.36 GAAP EPS. That works out to a P/E ratio (based on AH price I'm seeing right now) of about 112. Or, about 18 times higher than industry average. (But things will get worse.)
2/ This is for a company that is shrinking, not growing. That made a strikingly vague promise about accelerating the production of new models. That burned $2.5B in cash in Q4. That has continued to slash prices.
3/ But, that vague promise has the market juiced up, it appears. So, while the fundamentals are simply terrible, the pumping & madness of crowds continues.
First, the 2011 Administrative Order to which Twitter agreed to resolve shortcomings in data privacy & security practices. Naturally, Musk wants out. And, predictably, his counsel filed a motion that grossly misrepresents the state of affairs.
2/ The FTC isn't buying it, and slapped back hard. (Enjoy the citations to SEC v. Musk actions.) I'm guessing Twitter loses this one.
3/ Interesting side note: Musk at one point instructed his Twitter staff to give a certain "journalist" full & unrestricted access to all Twitter accounts & info. "No limits." Now, who might that "journalist" have been?
1/ A few thoughts about @WalterIsaacson's backpedaling on his stunning claim that Musk personally directed Starlink engineers to thwart a Ukrainian attack on Russian Black Sea naval vessels by turning off internet coverage within 100 kilometers of the Crimean coast.
3/ Another excerpt from the same biography appeared several days ago in @WSJ. It presented a laughably distorted account of Musk's acquisition of Twitter.
1/ Oh my, oh my, this becomes so much more tastier all the time. Our friend @chancery_daily is deeply immersed in the story, & writes this for those following the inside baseball. Here's a quick translation for the rest of us...
2/ First, Wachtell, Lipton, Rosen & Katz represented Twitter in negotiating the merger agreement with Elon Musk's "X" companies. Wachtell did a BRILLIANT JOB.
3/ Big Mr. Tough Guy Elon said of his merger offer, "Take it or leave it."
Twitter took it; Wachtell drafted an agreement in which Elon waived all due diligence; Elon - the Great Genius of Our Times - signed it.