Share this page!

Diogenes Profile picture
Twitter logo
12 May, 3 tweets, 1 min read
#MakeItStop
(2) Who wants to tell the World’s Smartest Man how electricity is generated in China? $TSLA
(3) From our notes from the $TSLA 2Q 2019 10-Q. Note the power source for the Shanghai factory, per the specifications. #Coal Image

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Diogenes

Diogenes Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @WallStCynic

Diogenes Profile picture
4 Feb
Keep in mind that this Chinese “company” claimed it sold $870M in new equity in December, but has released no details on the sale. Yet still trades on the NYSE with a $20B valuation. $GSX
(2) For those of you wondering about the veracity of the $GSX whistleblower complaint, I would note that the odd dates mentioned for the 2016 RYB audit(June 19-23, 2017) actually checks out with the $RYB F-1 filed in August, 2017(June 22, 2017). Image
(3) The key paragraph from the Global Times story. Seems to indicate the whistleblower complaint is real. Note the non-denial denial. $GSX Image
Read 4 tweets
Diogenes Profile picture
29 Jan
A Little GameStop/Robinhood Perspective: A number of hedge funds got the $GME trade very wrong on a risk/reward basis(I know the feeling), and attracted the interest of smart retail investors. They spread the word via social media, and the stock skyrocketed.
(2) The affected hedge funds were run over, but few noticed that other big hedge funds made as much, or more, than the retail investors. Ok, some lost big, some won big. Happens all the time. Then things got weird...
(3) As the stock went higher and higher, retail investors began to believe that the hedge funds that were short could never cover because the short interest was 140% of the shares outstanding. Yet the stock was trading more than 100% of its shares outstanding EVERY DAY.
Read 9 tweets
Diogenes Profile picture
8 Oct 20
Spin(off) vs Reality: This thread will explore how $IBM’s new CEO, Arvin’s Krishna, has crossed the strategic Rubicon in reverse, from Rome back to Gaul.
(2) Here is the problem that Krishna inherited. A highly profitable non-growth business, turned into a shrinking low-return business under Ginni Rometty. She tried to mask the secular decline by aggressive financial engineering. Image
(3) How much financial engineering? A lot. $IBM’s actual economic earnings (operating income + IP royalties - interest - taxes @ 21%) are now running 40% below “adjusted earnings”. $IBM’s true EPS will be closer to $6 per share in 2020, not $11. Image
Read 10 tweets
Diogenes Profile picture
1 Oct 20
You People Have Lost Your Damn Minds Dept: All gambling revenues(casino, online, sports, pari-mutuel, Native American, etc.) in the USA will probably be less than $80B in 2020, growing 2% per year. Sports betting(less than $2B) is about 2% of the total.
(2) William Hill, the dominant UK online and sports betting platform is being bought for 2x revenue, and has 15% EBITDA margins.
(3) In 2016 the total UK sports betting “handle” (online and on-premise) was $12.3B, or less than 0.5% of GDP, and has NOT been growing. The same figure would be a handle of less than $100B in the US.
Read 7 tweets
Diogenes Profile picture
28 Sep 20
There seems to be a lot of confusion over what the @nytimes story on Trump’s taxes tells us about his actual net assets/businesses. And how it’s normal to show losses for tax reporting purposes in the commercial real estate industry.
(2) And make no mistake, post-Apprentice Trump is in the commercial RE business. Which means that the important number to derive is the Net Operating Income (“NOI”) from his various properties. NOI is basically the same as EBITDA, except it is calculated before corp overhead.
(3)Depreciation allowance for commercial RE currently is 39 yrs, or 2.5% of cost per yr. Given Trump Tower is probably fully depreciated, and golf course land and land improvements cannot be depreciated(per IRS), I am guessing Trump’s annual depreciation expense is at most $20M. Image
Read 7 tweets
Diogenes Profile picture
5 Jul 20
This is stunning new reporting on Wirecard from the @FT. KPMG has an appendix to its April report showing that Wirecard’s core operations were loss-making. All of their “profits” were coming from the Asian TPA business.
(2)This raises so many new questions...Why did Wirecard and/or KPMG not disclose this very material finding in April? This allegation was raised by @FD in 2019, and Braun denied it. Which means by April the Supervisory Board had to know their CEO was lying about material facts.
(3) The German authorities should be taking Eichelmann’s passport at this point, too. He is also now a flight risk.
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @WallStCynic has new unrolls!

Check out other threads from @WallStCynic!

Read all threads by @WallStCynic

:(