From Motley Fool:
98% of CEOs Expect a Recession in 12-18 Months
Uncertainty has been one of the few consistent themes of recent years. It’s not surprising given that we’re still navigating the aftermath of what was an unprecedented pandemic. However, uncertainty isn’t good for the economy and it’s one reason so many CEOs think a recession could be in the cards.
Dana Peterson, chief economist at the Conference Board, told CNBC this week that 98% of the CEOs it surveyed are preparing for a recession, up from 95% earlier this year. She explained that Federal Reserve’s interest rate hikes are a major factor.
The Fed is trying to get inflation under control, and one of the tools it has at its disposal is to raise rates. This makes borrowing more expensive, and, in theory, will slow the economy down. But the side effect of that economic slowdown is the increased potential of triggering a recession. And unfortunately there’s a time lag between increasing rates and any corresponding slowdown, so it’s difficult for the Fed to know when it’s done enough.
We’ve seen some of the most aggressive rate hikes in recent U.S. history this year. As a result, CEO confidence is failing and many business leaders are preparing for difficult times. It’s not only CEOs, consumers are concerned as well. “Consumers are starting to worry about their personal finances, they’re hearing bad news about companies, and they’re concerned about their own job prospects,” said Peterson.
first
CPI— .1%
7.1% YOY
Market futures zoom 800+
lol, I just went up a thousand on my pair trade…short S&P, long garbage ARKK. Now I just gotta unload in this illiquid morning.
Yen & Swiss Franc holdings killing it as well. Bout to pack it in and finish up the year 25% on my entire portfolio.
from traffic forum:
Avoid route 80 east Fairfield area.
Heavy police activity
Route 80 east iao 52,
Bmw traveling at high rate of speed in shoulder crashed and now smoking. Traffic was at a delay due to am earlier crash.
We’re under tornado warnings. That big storm that hit the west coast has reached my area. Air is eerie. Very still.
Tornado in Fort Worth right now.
The covering on some names this morning is burning some anus. I am sitting out a little, but we have some serious offsides.
I can’t see how undecipherable shit like this doesn’t cause panic in the crypto market.
https://twitter.com/binance/status/1602579775721283584?s=20&t=iTELfMOTYn1AsewJSa4Ycw
The real thing to pay attention to is TSLA. All the stocks that it is correlated with have been ripping and TSLA has been flat. Someone has been selling the entire time. My guess, Elon, cashing out on top.
Yesterday, Fabmax praises a report that shows government is inefficient and ineffective.
(because it criticizes a politician he doesn’t like)
Everyday, Fabmax wants more government in everything.
(Apparently assuming somehow it’s his favorite politicians who will be running government bureaucracies and that they will suddenly end the thousands of years trend of government bureaucracies being inefficient and incompetent.)
Oh, there’s this one government program in Denmark that everyone loves, we’ll just run everything like that after the revolution!
I will say, it’s been surprising how quickly auto manufacturers have adopted electrification. In the blink of an eye we went from Tesla being a wild outlier and a few token electric and hybrid models, to widespread adoption, including in places nobody would have EVER expected 5 years ago (Ford’s F-150).
Tesla is looking pretty stale these days, automobile manufacturers are going wild wild electric designs, appealing to all sorts of different people. Hell, look at VW coming to market with the ID-Buzz in Europe, and soon to be in the US next year. The iconic VW Bus in electric form. Hell – that design would have been literally impossible to recreate without electric – it would have never passed crash test trying to shoehorn an engine into the front of that thing. It’s going to be a wild success, probably going to be impossible to get one for the first year or two. Those wealthy hippy boomers out west that fell in love with Telsa are going to fall in love with someone else (Free love baby).
Tesla’s been great in being the compelling event that pushed an entire industry forward, but really, that was the easy part. Can they effectively compete on the auto industry’s home turf? Not sure of that.
BRT, Tesla shares are securing some twitter debt, so who knows what kind of counter hedging might be going on or margin loan maintenance.
Also, demand for Teslas have been falling in China with backlogs falling and prices being cut. Look at the stocks for Chinese EV start ups for some real volatility.
Lots of car companies are now releasing new models globally that compete with Teslas, meanwhile they have an aging model lineup and nothing big new coming. And FSD hasn’t been FSD as promised for how many years now? And ultra-libs may have given up their Musk worship, might have to buy a different car now to signal their ultra-purity. Do they know Volvo is owned by Chinese now? What’s the ultra-lib car of choice now? BMW iX with conflict-free materials in their motors? Nissan Leaf as a hairshirt?
grim,
jinx!
And who knows what electric 2.0 looks like.
Wouldn’t it be funny if in the future, we called a car a “hybrid” because it had both a hydrogen fuel cell and a lithium ion battery.
Fuel up or Plug in, either way its’ powering the same drive train.
Grim: Transalation: you can’t get your money back until i convert what is left to Swiss francs (that still exist?) and i transfer those funds to my safe house location.
On US recessions, since 1989 there have been 4 recessions. Each was preceded by the inversion of the 3 month Treasury yield and the 10 year yield, (3m yield above the 10y yield) with the initial inversion being anywhere from 6 months to 18 months ahead of the official start of the recession. The inversion began on 10/25/22, so we could see recession as soon as April of 2023, or as late as early 2024, if history is a guide.
In his homily, the pontiff said ‘it is a bitter time, filled with the rumbling of war, growing injustice, famine, poverty and suffering,’ but at this ‘bleak and disconcerting’ time, there are ‘omens of even greater destruction and desolation’.
He added that at Christmas, God’s ‘divine love and his coming down to us tell us that this too is a propitious time of salvation, in which the Lord, through the Virgin Mother, continues to give us his Son’.
He urged the Vatican congregation ‘to get involved with each other without delay, to go out to meet our brothers and sisters who have been forgotten and discarded by our consumerist and indifferent societies’.
Hydrogen fuel cell?
Hahaha, where are you getting that Hydrogen from the sun? It’s a dirty process. Industrial production for any kind of large quantity of Hydrogen is from steam reforming of natural gas, oil reforming, or coal gasification….Splitting water is even more energy intensive….
So drill for gas or oil or coal from the ground transport it to refineries that don’t really exist yet and then reform that natural gas, oil, coal etc with vast quantities of superheated water by burning more gas and oil or coal. Then store it ( not for long Hydrogen leaks through everything), then transport it again compressed and liquefied in trucks that have tanks compressed to 10,000 PSI then to filling stations with underground tanks that also need to keep it liquefied and stored at up to 10,000 PSI? Then pump it into auto storage tanks so you don’t have carbon emissions from the tailpipe?
At best a Hydrogen fuel cycle is 50% less carbon output….but probably worse. We won’t really know until it is tried at industrial scale. Might need a few trillion to find out.
Grim close the last thread plz. Leftwing is out in left field
On the vet conversation from the other day, forget who it was, grim? I saw a lot of postings for high 5 figure signing bonuses for the field.
lol, ARK dropped down from 38 to 35 since the open. I held it for a grand total of 1 day. Sold it in the premarket. That’s how garbage works.
“Leftwing you are out in left field, there is a new thread since this morning…”
lol…TY…
Did Grim hire a new operations guy for the hooch or go full on WFH? :)
Used to be we went days on one thread lol.
chi, dropped two posts toward you re: markets…one pre-open, one recently…if you’re interested…lol
https://electrek.co/2022/12/12/toyota-seeks-suppliers-to-support-new-ev-strategy/
Silvergate short now printed very nicely.
Do we go red? Shit is falling off a table?
Today’s market is an example of unhealthy.
Juice: BTW. How do you have so much intricate knowledge of so much stuff? I used to think that mantle belonged to grim, but he is a dumbass compared to you.
What isn’t garbage these days?
Shorting is a garbage strategy, but it works when everything is chit. Everything has lost over the past year…everything…from real estate to bonds….all chit performance because the market is so damn controlled now, all you have to do is follow liquidity over and over the past 40 years.
BRT says:
December 13, 2022 at 11:29 am
lol, ARK dropped down from 38 to 35 since the open. I held it for a grand total of 1 day. Sold it in the premarket. That’s how garbage works.
I thought the tape was overdone. Everyone is out of high risk and just wants indexes to go up. The coming recession and market collapse is going to hurt an awful lot of people who have started scaling back into supposedly safe sector ETFs and the like.
I was hoping the market would stay up a bit better so I could stabilize more of my 401K.
And now ARKK gave up all the mornings gains.
Based on what I have seen in my life….liquidity is all that matters when it comes to stocks. Simple as that. Fundamentals….blah blah……liquidity is king.
Money drives the market. When you look at the total supply of money in the world, and when you have more money than assets you get a bull market…when you have more assets than money, you get a bear market. Simple as that.
What a huge statement from the market in the last 3 hours.
“Today’s market is an example of unhealthy.”
Agree, as my examples from the VIX/SPY post earlier this morning note…I’m hedged 120 on META now and 404 on SPY…probably going to fold the computer up shortly and head out, not much more to do today.
Chi – knowledge? You get that from osmosis.
“bottom line, there is that very rare combination in the market of both fear and greed which to me sets up for potentially some face ripping moves. Either direction. Even against all fundamentals (I’m still looking at 200 in SPX earnings for 2023) you could see a screamer rally just based on where everyone is positioned. Anyway, practice rounds are in, drivers are lining up for the qualifier, and those lights go out at 8:30 this morning….GL brother.”
Left: you should have been a meteorology major in Ag because posting this at 6:31AM today is the goods. You missed your calling.
LOL, thanks.
Be good today. See you guys later.
Does TSLA’s PE go below 50? Holy fundamentals Batman.
re: Tesla shares Bla Bla Bla…We hate ELON he called us Branch Covidians!! Cancel your TESLA orders now and post it on Twitter Lol!!!
Quick journalists write 10,000 articles in MSM on how he is ruining everything you can think of, next story to drop Elon kicked and abandoned his dog!! Someone write that one and get it out there ASAP!
Tesla is the only company that can do solar power and EV car charging cycle well. Solar Panels to power home, Solar Wall to store that energy, level 2 charging for the car from the Solar Wall even off grid while powering your home.
Worth the 8 minute watch..
The future is here, no hydrogen needed.
https://www.youtube.com/watch?v=wTJcr0jRlrI
For TESLA it’s a matter of scale now, battery production is key they are ramping it up massively. Their the newly redesigned 4680 cells are seeing a 3x quarter over quarter production increase, and they are opening lots of new battery production lines around the world. And look no child labor either to get cobalt, new battery runs on a simplified nickel cathode!
BTW this stock FSLR has done well this year and has nothing to do with TESLA, up almost 70% year to date and now entering S&P 500.There are very few solar manufacturers in the USA now, and even fewer that do it well.
Personal opinion: Teslas are butt-f’ing ugly.
I love Elon…
Love how the Red hated him for making the car industry go green…and now love how the Left hates him for being anti-woke.
You are the man if you are hated by both sides….thank you, Elon. You don’t care about sides, and only care about making stuff happen. Amazing contributions to civilization.
Juice,
I believe hydrogen tech will improve and have a place in the future.
Just read a WSJ article today about nuclear fusion. Made an amazing breakthrough of positive net energy generation. Only a matter of time before energy becomes clean, cheap, and endless. Don’t worry though, human nature will find a way to make it expensive. I mean, look at what we did with water….made it more expensive than oil.
Ex,
I’m with you there. And they are unreliable POS! If it wasn’t for people needing to signal they are green (and have green), they would have to offer the Kia/Hyundai ten-year bumper to bumper warranty to get people to buy them.
Personally, I think they look terrible. Unique does not have to equal ugly.
1:30 the guys got issues. I could literally not care less.
The way he treats his employees says a lot. That and the freak show he’s
procreated with. Ugggh.
Pumps that fusion experiment produced enough energy to start a campfire with kindling. They have been trying for decades too. The idea that lasers can do what it takes massive pressure from gravity on hydrogen or a nuclear fission explosions to merge two hydrogen atoms into helium is joke too, scientists love to spend money on their pet projects, they are laughing all the way to the congressional funding hearing. It’s been a failed project for two decades and even this firing event they are not sure it really worked.
Where are they going to get all the Hydrogen from anyway, to you know create a sustainable fusion reaction that creates heat from merging hydrogen to boil water. See my post above on hydrogen.
As for writing off tesla, I would be careful of that. Semi could be a hit….the cyber truck could be a hit. Plus, who knows what Tesla will be about 10 years from now. They have the best CEO in the world. A CEO that actually gets his hands dirty and knows almost everything about his business. A CEO not afraid to switch directions or admit he is wrong. A CEO that is completely goal focused on “fixing things” that need to be fixed in this world. Be careful betting against this.
Taco Tuesday at my local taco joint has gone from $1 a taco up to $1.25
I don’t even want to think about how expensive green veggies have gotten.
It’s not about if, but when it will happen. It’s inevitable. Hopefully, it happens in my lifetime.
Juice Box says:
December 13, 2022 at 1:44 pm
Pumps that fusion experiment produced enough energy to start a campfire with kindling. They have been trying for decades too. The idea that lasers can do what it takes massive pressure from gravity on hydrogen or a nuclear fission explosions to merge two hydrogen atoms into helium is joke too, scientists love to spend money on their pet projects, they are laughing all the way to the congressional funding hearing. It’s been a failed project for two decades and even this firing event they are not sure it really worked.
Where are they going to get all the Hydrogen from anyway, to you know create a sustainable fusion reaction that creates heat from merging hydrogen to boil water. See my post above on hydrogen.
I always thought the Tesla vehicles looked pretty sharp:
https://tinyurl.com/2p8ktx29
Here’s another that looks really nice:
https://tinyurl.com/2p9ufu9h
The issue is some of you guys hate Musk now because he’s exposing the liberal hypocrisy. You guys hate it when you’re outed and proven wrong once again.
I get it, no one is perfect. I don’t love everything about him (lack of empathy), but the man gets chit done. He is also not owned by anyone. He doesn’t play teams. Has my respect.
Ex says:
December 13, 2022 at 1:43 pm
1:30 the guys got issues. I could literally not care less.
The way he treats his employees says a lot. That and the freak show he’s
procreated with. Ugggh.
Hated Musk since the false promises made at Tesla year after year after year. Then the car in space trick?
Lib,
You hated Musk because he proved you wrong. You know it. He did what no one said was possible….and did it in 10 years. He created a market for electric cars. Simply amazing. That is almost impossible to do in that time frame. The auto industry was complacent and okay with taking no risk easy profits. He was outnumbered and they had way more cash ammo in this fight, and he took them all out. Amazing. Forced their hand…unbelievable.
I hate him because he took massive government subsidies and made himself one of the richest people in the world creating a technology that to this day is hardly greener than ICE. Especially in our country. In China, it’s even worse. He is the world’s greatest bullshit artist. And the sheeple lean on every word that comes out of his disgusting mouth.
He is like the O’Dell Beckam of CEOs.
Beckham. Sorry.
7 Billion in subsidies.
It’s Not Yet A Run, But Nervous Investors Are Beginning To Pull Money Out Of Commercial Real Estate
https://finance.yahoo.com/news/not-yet-run-nervous-investors-152448819.html
“According to The Wall Street Journal, real estate investment trusts (REITs) are fighting to stop investors from pulling their money out. Blackstone Inc. (NYSE: BX) announced a tightening of redemptions for its $69 billion fund. Starwood Capital Group, an affiliate of Starwood Property Trust Inc. (NYSE: STWD), has also put new restrictions on investors bailing from its $14.6 billion fund.”
I don’t like the Tesla look. I think the EV 6 and ioniq 5 look much cooler.
Thanks Pumpkin. I’m not perfect but I do set high standards for myself.
“no one is perfect. I don’t love everything about him (lack of empathy), but the man gets chit done. He is also not owned by anyone. He doesn’t play teams. Has my respect.”
Yeah Musk is a mouth breather who happens to be rich.
If he wasn’t rich he’d be just another douche on the train.
Musk is a complicated person. Sees opportunities, takes action, takes risks. Seems to forever be in startup mode, seeking an adrenalin rush, needing to bet big. He’s had a pretty good run. But I’ve always expected his “gambler’s ruin” mentality to eventually catch up to him. Not yet, but he seems willing.
From Wikipedia ” A persistent gambler who raises his or her bet to a fixed fraction of the gambler’s bankroll after a win, but does not reduce it after a loss, will eventually and inevitably go broke, even if each bet has a positive expected value.”
Anyone wondering why they are of a sudden need 37 billion more for Ukraine. Did you buy Raytheon?
US Army may now lend lease some Patriot batteries to Ukraine. You generally need more than one system to protect a city. A single Patriot Pac-2 battery costs $1 billion. Each missile costs $3 million. It has 16 launchers. No news yet on how many systems we are planning on sending.
So the Army will clear out our older gear, and send it there. Probably PAC-2 variant inventory that has been around since the first gulf war these have a 99 mile range. Can shoot down most missiles and aircraft up to nearly 79,000 feet.
Army will then order some of the latest Patriot gear in development as backfill….
Yea, he is nuts, but hey, these crazy risk takers are what make capitalism superior to other economic systems. .
No One says:
December 13, 2022 at 3:35 pm
Musk is a complicated person. Sees opportunities, takes action, takes risks. Seems to forever be in startup mode, seeking an adrenalin rush, needing to bet big. He’s had a pretty good run. But I’ve always expected his “gambler’s ruin” mentality to eventually catch up to him. Not yet, but he seems willing.
From Wikipedia ” A persistent gambler who raises his or her bet to a fixed fraction of the gambler’s bankroll after a win, but does not reduce it after a loss, will eventually and inevitably go broke, even if each bet has a positive expected value.”
Pumps – re:”It’s not about if, but when it will happen”
They use Tritium AKA hydrogen-3. There is maybe 2oo lbs total of the stuff on the entire planet. It has to be made in fission reactor today. There is no fuel for this process at scale even if they could get it to work to boil water. The scientists just love playing with fancy lasers to heat stuff to 3 million degrees Celsius.
There are other fusion attempts out there that don’t user lasers or an unobtainable fuel like tritium, or we could just update the fission powered reactors we have today and make all the electricity we need.
Musk is the guy who has halitosis and gets in your face when he’s talking to you.
I wonder how many democrats are going to have to give back the illegal, stolen and fraudulent funds donated to their campaigns by SBF? By the way, the AG arrested Bankman-Fried a day before his congressional hearing because he was going to spill the beans and name all those on the left that got rich with stolen funds. All the pussies on the left who took a dollar from this clown are shitting their pants right now.
Oh please. Your trolling is ignorant.
https://www.theguardian.com/technology/2022/nov/30/ftx-billionaire-sam-bankman-fried-dark-money-republicans
Beto for President he sent back a million dollar check from SBF.
BTW the dirty PAC money seems to be SBF’s mom’s engineering. Hope
they catch the parents on encrypted Signal chats too.
Someone tweeted this.
“Most of @elonmusk’s net worth is in $TSLA and he doesn’t seem worried. That’s because he knows Tesla is going to be ok”
Musk responded.
“Tesla will be great long-term, but doesn’t control macroeconomic tides”
Point of sharing this: for the love of god, stop bashing high growth. It will have its day again. Maybe some will die, but innovation is not going to stop for no one. It’s a constant cycle. If you play high-growth strategy, you can’t do it short-term. You have to play out the cycle…over and over again. Sell top of the cycle, and then start DCA into the bottom.
Juice,
I get it…it’s not happening anytime soon. I just believe it’s inevitable that humans will figure out how to create artificial energy. No doubt in my mind.
“This is good news for the Fed, but Powell will want to prevent a massive rally in stock and bond markets.
The only mistake he wants to avoid is to prematurely let the inflation fight go – in the ’70s, that was an expensive mistake.
Now, the issue is..that keeping animal spirits at bay isn’t going to be easy this time as the evidence of a slowdown in inflation becomes more prominent.
Also, inflation swap traders are pricing this path for CPI ahead – have a look.
YoY CPI priced at 2.5% in only 8 months from now!
As the market cements its expectations for sharply lower CPI ahead and a subsequent Fed pivot, stocks and bonds are putting in a rally that will challenge Powell tomorrow.
How is he going to handle that?”
“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons, it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”
Of course the media is slanted heavy left. No surprise there. They’re resentful douchebags, pissed off about their small dick size, status in life and what classical America represents. Leftists have disdain for American tradition… it makes them feel awkward and uncomfortable. The image of the American flag makes them uneasy. Bankman-Fried gave about $250,000 to Republicans and $40,000,000 to democrats.
Gary speaks with all the awareness of an 8 year-old.
I just believe it’s inevitable that humans will figure out how to create artificial energy.
Science denier
This is great, must watch 5 minutes from today’s congressional hearing.
“Is rhetoric on social media a threat to our democracy”
https://www.youtube.com/watch?v=_mB26uArS88
At what point do authorities step in to seize assets of Binance?
https://www.forbes.com/sites/ninabambysheva/2022/12/13/binance-pauses-usdc-withdrawals-sees-3-billion-in-outflows-since-yesterday/?sh=4d15147d1f27
“I lay there,” she wrote, “annoyed that I was getting fucked by a guy with Yeti pubes and a mushroom dick like the character in Mario Kart.” -Stormy Daniels
Grim – No Key no Crypto……
My condolences to all crypto investors. The kiss of death just occurred.
Jim Cramer: “CZ looks like a good guy. I’m bullish here”
Kudos to Tesla for getting 10 years out of the Model S.
The rest of the auto industry does not get the benefit of 10 year model run.
Tesla will no longer retain that luxury. It doesn’t have the chops to retool as cost effectively with the same speed. It took them years to figure out one model.
Teslas should be dirt cheap with those economies of scale, but it’s not.
Although it was obvious when the Griner-Bout deal was announced, that SlowJoe had redefined the word ‘patsy’, I think the long-term damage is going to end up being far worse than anyone imagined. Prediction: Bout will eventually succeed Putin as Russian prez and will push the Putinist agenda, which may actually have died with Putin himself, even more aggressively.
re:” Tesla’s should be dirt cheap “.
Why there was and still is no competition, their used cars still sell for a massive premium and each TESLA plant today now makes upwards of $10 Billion a year in profit.
They have about 18 Billion in cash on the balance sheet alone. You don’t get to be like Apple of Microsoft if you give up your premium by giving it away. Why aren’t iPhones and heck Android phones cheaper? Tesla can lower the price when competition shows up and even go negative on every car if they need too. I have my doubts as to if it ever will real competition will arrive. Take a look at the battery production that is all you really need to follow, anyone can make and mount an electric motor to a frame. Battery tech ain’t so simple.
Cybertruck vaporware. It’s coming on 4 years since it was announced. Ford designed and launched a competing vehicle, at scale, between the announcement and today.
Turns out it’s easier to swap a drivetrain than build a car company.
Putin is good for another decade, as the Iron Curtain is up again. Did you not think this war which caused them to be disconnected from the rest of the western world in every way was not about isolation of Russia and consolidation of his power to begin with?
You cannot get in or out of there now unless you cross a mine field and over razor fencing or are rich enough to fly a private jet full of gold bars to Dubai.
Sure like any big car company they will showcase a future car as the next big thing, happens all the time. I used to go to the car show at the Javitz all the time. I am still waiting for my Ford 021C.
I have no doubt we will see a cheaper model from Tesla but not until the other automakers can actually do any kind of EV volume. Tesla delivered 1.2 million cars in the past 12 months. So what they don’t do a Toyota and try and be #1 and push out 10 million volume, but do you really need to go an build cheap trucks to sell in Africa or anywhere else?
There are a lot of opportunities out there. Go find a small company with high growth potential in this environment. DNA is my pick.
“There are a bunch of small stocks that will 10x over the next five years that are waiting to be found. Institutions can’t buy them in the beginning. They can only buy them at the end. It is the retail investor’s duty to find the great ones and collect the reward for doing so.”
Trucks are a funny thing, production rate planned for the F-150 Lightning is 150,000 units in 2023. Ford plans for 6 million EV production in just three years. They make 6 million cars a year now. Are they really going to steal millions of car sales from everyone else or keep making ICE?
Fun times folks costs will go down…I might even be able to go carbon free on my house and car and not even have to pay for it…
My Fiskars is producing their EVs now.
Pumps you missing out on your “second life”. Go get yourself a headset and join META. You can be the chief evangelist at DNA, or heck even a tantric life coach…..
https://www.meta.com/
Lib – 42,000 cars a year. Very aggressive for a first run.. I for one applaud the competiton. I am driving a 10 year old truck now and would love to pick up an EV for free….should be fun…
It is great looking. Though I think the Pear, if they make it to it, will be their bread & butter car.
Lib – You are too cheap to pull the $70,000 trigger, wait till they go bankrupt and get one at auction, might even be new!
Ooopsies….another SPAC merged company going under in less than 12 months…this one in Lidar….
https://www.businesswire.com/news/home/20221212005876/en/Quanergy-to-Facilitate-Sale-of-Business-Through-Voluntary-Chapter-11-Process-Announces-Leadership-Changes
Juice sez: “Why there was and still is no competition”
What!?
Multiple competitors have 800V architecture models out. Give me LiDar up front while I fiddle with AV controls at cruise instead of hubris any day.
You know who says Tesla has no competition? People who would have otherwise bought a Toyota, as they know or care jack, but bought a Tesla to flex on their neighbors.
Tesla arguably had “no competition” back when FSD was juuuust around the corner and your leased M3 was going to make you money while you slept. Now that the Stans know what everyone knew all along, that it’s just a bunch of rattling interior panels and a cr@ppy L2 autonomous system, there are plenty of options.
Crash and burn…
https://www.bloomberg.com/news/articles/2022-12-14/binance-ceo-zhao-warns-bumpy-road-ahead-in-message-to-his-staff?srnd=premium&leadSource=uverify%20wall
Crash and burn, v2.0…..
Dad is fucked.
https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html
My personal fave from the article…
The dad is a longtime professor of taxation and recognized expert in the area at one of the best law schools in world. He and wife have a $16m residence in the Bahamas, in their names. The dad, now, through his spokesperson claims ‘the intent was for the residence to be company property’.
So a prominent tax attorney and professor takes ownership of a $16m asset in a tax haven, puts it in his name, but doesn’t realize he didn’t own it until the SHTF…I’m guessing that ownership transfer to him didn’t show up on his 1040….
Sounds like the foundation of a plea bargain…hey judge, take the house and throw it in the company estate and we’ll call it a push? Please?
LOL. Top attorneys and political pull may not be enough to bail him out of this one…too high profile.
And that’s before straight up culpability for his work with FTX…