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Economic Man (
Economic Man ("Muskago Delenda Est")
@EconomicManBlog
Retired RE investor. Economics (Bowdoin College/LSE) and Finance (Univ of Mich). Libertarian. NOT INVESTMENT ADVICE.
May 22, 2021 • 26 tweets • 7 min read
I've had a quick peek at this "analysis" (scary quotes fully required) and I have to say that the only FUNDAMENTAL RIGHT TO MAKE MONEY™ that I have found here is the right to make money from conning complete imbeciles.

A thread

1/X Let's start where Pierre starts: with Tesla's annual cash flows statement, which is attached below. Pierre starts with the line "Net cash provided by operating activities," which is pretty far up the table. (I wonder why the accountants provide all that other useless info?)

2/X
Mar 28, 2021 • 11 tweets • 4 min read
First, I want to publicly thank @Keubiko for helping me to respond to some of the Teslemming comments in my recent Seeking Alpha article. The snark that he has honed responding to complainants on @Arbys has been very useful.

And now a thread of howlers from the peanut gallery. A popular Teslemming ploy is to attack you for all the Teslemming fallacies - FSD, big stamping machines, vertical integration, SpaceX, whatever - that you didn't address in your article, EVEN WHEN YOU SPECIFICALLY SAY YOU AREN'T GOING TO DO THAT.
Mar 23, 2021 • 7 tweets • 3 min read
Some Wright's Law questions for @wintonARK:
- What determines when a product is sufficiently differentiated to justify treating it separately for Wright's Law calculations? In other words, when do you decide to "restart the clock" for the doubling of unit production? 1/n Why, for example, does a Tesla EV count as a new product subject to Wright's Law when, for example, changing the drive train on other cars (eg., Toyota hybrids) apparently does not? Why shouldn't Wright's Law only apply to the NOVEL features of the overall product? 2/n
Mar 6, 2021 • 9 tweets • 3 min read
This is the article that I have been thinking about writing. Fortunately, John Engle (@AlmingtonCap) spared me the trouble. Effective competition from legacy is finally here and Tesla is losing out in every major market.

seekingalpha.com/article/441193… To all the Teslemmings who are thinking that #TSLAQ has been "crying wolf" about competition forever, remember: in the end of the story, the wolf actually did show up.
Dec 5, 2020 • 11 tweets • 3 min read
Just listened to this podcast with our own @StanphylCap (currently in Twitter jail in a great injustice) and @QTRResearch. Early on, Spiegel is searching for the name of a Goldman leader. The name was John Weinberg, Sr. This brought back a memory.

podcasts.google.com/feed/aHR0cHM6L… So now, a la @Keubiko (but without the great graphics), a tale from investment banking.
Sep 5, 2020 • 8 tweets • 4 min read
FWIW, here are my comments on @TroyTeslike delivery forecasts. (And I am nowhere near as close to this stuff as @fly4dat, @DeanSheikh1 and @EndTesla).

A thread.

cleantechnica.com/2020/09/03/tes… 1. With deliveries in July/Aug in China of about 22K, the 42K prediction for 3Q requires 20K in Sept. Hard to believe without some channel stuffing.
2. Prediction of 50K for China in 4Q seems high. The "honeymoon" effect points in the opposite direction. Maybe more new stores?
Jul 23, 2020 • 10 tweets • 2 min read
Have reviewed the qtly Tesla presentation and read the technobabbling transcript. My general reaction: nothing has changed.

A thread. Profits and gross margin still dominated by EV credit sales. Still virtually no disclosure on these sales. How they can increase with sales basically flat (and down dramatically ex-China) is a mystery. The associated A/R is sus.