Tesla – Range Anxiety is a Mirage

We are happy owners of Tesla TSLA in our fund and have documented our core rationale here: Tesla sits at a great intersection. One pesky objection has been “range anxiety” which it is suggested will prevent broad adoption of the technology. We haven’t dealt with it head-on since we didn’t think we had much to [...]

Quiet Capital Markets

JP Morgan, James Grant & Hedging

Years ago James Grant of the Interest Rate Observer astutely pointed out how how deep and complex the JP Morgan “book” had become thanks to their leading position in derivatives. His account of just the main contours of their positions and operations was mind numbing. The nuances and “emergent factors” of these myriad positions are simply [...]

LinkedIn-Logo 215

LinkedIn = Facebook for Business

LinkedIn has Facebook to thank for saving their business and making their company a valuable property. LinkedIn struggled over the years to expand usage and discover business models that would generate revenue. They had some luck with using the platform for recruiting and selling premium subscriptions to LinkedIn power users. But most business users and [...]

Nano Tree

Another General Purpose Technology

A general purpose technology (GPT) is a big deal. Examples in the past include the printing press, the steam engine, and more recently in 1971 the microprocessor. It takes a long time for a GPT to play out from an investment standpoint. The timeframes are getting shorter but they are still measured in decades rather [...]