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Tesla Plunges After a Conference Call

286 点作者 sxcurry大约 7 年前

36 条评论

mephitix大约 7 年前
I was on this call. It was extremely cringey&#x2F;embarrassing to hear Elon dismiss valid questions.<p>At the same time, it was fantastic to see a young, smart, retail investor (Gali from Hyperchange) get to ask so many questions directly to the leadership team. I thought before the call that Gali would get to ask only one question, like the other analysts. He was able to ask almost 10!<p>It was surreal. I was left feeling that the team overall did a great thing by allowing Gali but wished that Elon didn’t insult the institutional investors by (at least so harshly) dismissing valid questions.
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rawrmaan大约 7 年前
Elon has always seemed to have the attitude of &quot;not everyone should invest in this stock&quot;. I find this refreshing. God forbid a CEO do anything except try to drive the share price as high as humanly possible.<p>I don&#x27;t know if this carries the same weight in a public company, but setting expectations with investors is super important in a startup and prevents a ton of wasted time wrangling investors who don&#x27;t get the true cost&#x2F;benefit ratio of what you&#x27;re doing.
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Zhenya大约 7 年前
What a weird call. Especially the callout of the diamler CEO.<p>Elon says that the diamler CEO does not understand physics &quot;He doesn&#x27;t know much about physics. I know him. I&#x27;d be happy to engage in a physics discussion with him. I actually studied physics in college.&quot;<p>Wiki says otherwise:<p>&quot;... studied electrical engineering from 1971 to 1976 at the University of Karlsruhe; he graduated as an engineer. He completed his doctorate in engineering in 1982 at the University of Paderborn.&quot;<p>-<a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Dieter_Zetsche" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Dieter_Zetsche</a>
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ttul大约 7 年前
Tesla is clearly flying close to the sun, and Musk is not incorrect to suggest that investors who can&#x27;t take that kind of risk should not be along for the ride; however, it probably would have been more prudent to hold back on that pronouncement, given that many investors seem to have taken the hint and exited the stock...<p>Tesla is a giant confidence game - as are most high growth opportunities.
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kc10大约 7 年前
I have been investing a portion of my paycheck every month for the last three years and never sold TSLA. It&#x27;s bothering me to see so many high profile departures particularly in finance&#x2F;accounting groups. And yesterday&#x27;s conference call was a disaster, I see it as dodging valid questions related to current state of the company and answering open ended interesting questions like &quot;When will Tesla launch its own network of driverless cars?&quot;.<p>I just dumped all the $TSLA stock I have bought for the last few years.
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jsw97大约 7 年前
This is apparently a common practice, although rarely this blatant. Paper:<p><a href="https:&#x2F;&#x2F;papers.ssrn.com&#x2F;sol3&#x2F;papers.cfm?abstract_id=2479542" rel="nofollow">https:&#x2F;&#x2F;papers.ssrn.com&#x2F;sol3&#x2F;papers.cfm?abstract_id=2479542</a><p>Paper finds that &quot;firms that &#x27;cast&#x27; their conference calls by disproportionately calling on bullish analysts tend to underperform in the future.&quot;
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Animats大约 7 年前
The strange thing is, Tesla finally seems to be getting decent production rates on their Model 3 line.[1] They got 2500 cars out the door in a week at peak, which is respectable. Until recently, output was so low that it was clear the line wasn&#x27;t working right. They then shut down to retune their production line, which makes sense. They should soon be cranking about 2500-3000 cars a week without much fuss. Once first shift is running smoothly, they can add a second shift.<p>Tesla may be over the hump on getting the business working. But profitability is still a ways off. Tesla may need more capital to get there.<p>What Tesla doesn&#x27;t need now are distractions. The truck, the new roadster, the next model, self-driving. They need to focus on shipping product before the money runs out.<p>[1] <a href="https:&#x2F;&#x2F;www.bloomberg.com&#x2F;graphics&#x2F;2018-tesla-tracker&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.bloomberg.com&#x2F;graphics&#x2F;2018-tesla-tracker&#x2F;</a>
olivermarks大约 7 年前
Musk sounded exhausted.<p>If Smith &amp; Wesson launched a consumer flamethrower there would be outrage...Musk has been able to distract with lots of shiny objects but the clock is ticking, even amongst his niche fan base...I hope all the people who are working so hard in Musk&#x27;s various companies come out of this ok...
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bjl大约 7 年前
Felt very reminiscent to Skilling&#x27;s infamous earnings call. I&#x27;d have to imagine any TSLA investors are very concerned after that performance.
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danso大约 7 年前
Is Musk still working long hours and sleeping at the car factory? Maybe he&#x27;s a little under the effects of sleep deprivation.
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natch大约 7 年前
Anyone know of a call-in number to hear a playback of the call? Or is it online anywhere?
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aresant大约 7 年前
Not that it&#x27;s going to happen.<p>But Apple is sitting on ~$270b of cash (1).<p>And is run by a guy in Tim Cook that is a world class operator and fulfillment guy.<p>And who has been criticized for lacking vision :)<p>We can dream right?<p>(1) <a href="https:&#x2F;&#x2F;www.cnbc.com&#x2F;2018&#x2F;05&#x2F;01&#x2F;apple-q2-2018-earnings-heres-how-much-money-apple-has.html" rel="nofollow">https:&#x2F;&#x2F;www.cnbc.com&#x2F;2018&#x2F;05&#x2F;01&#x2F;apple-q2-2018-earnings-heres...</a>
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Clubber大约 7 年前
Perhaps a buying opportunity. Sounds like investors are being spiteful.
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mmsimanga大约 7 年前
Having watched clip in the article and given I don&#x27;t have any Tesla stock. Additionally having been an operations manager I have some sympathy for Musk. Every Tom, Dick, and Sally has an opinion but very few have the know-how to help. But in today&#x27;s world who needs to be an expert to comment or pass judgment. On the one hand we have CEOs who chase the quarterly earnings at the cost of long-term sustainability. Musk says he isn&#x27;t interested in short-term (in not so many words). Either way, you going to piss someone off. Like I said I don&#x27;t have stock in the game.
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unclebucknasty大约 7 年前
I was reading all of the thoughtful critiques of Elon&#x27;s behavior when something occurred to me: there is an awful lot of brain power here that is spending an awful lot of time analyzing the decisions and words of one man.<p>It&#x27;s actually odd when you think about it: we do a lot of observing and commenting these days (myself included) and I wonder how much more productive we would be individually and as a society if more of our energy was invested in creation and building.
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mathinpens大约 7 年前
I don&#x27;t know all that much about finance but I do know when someone is dodging challenging questions because they don&#x27;t have good answers...
howaboutnmc大约 7 年前
Musk literally said to an investor &quot;Please sell our stock and don&#x27;t buy it.&quot;.<p>Transcript : <a href="https:&#x2F;&#x2F;seekingalpha.com&#x2F;article&#x2F;4169027-tesla-tsla-q1-2018-results-earnings-call-transcript?page=15" rel="nofollow">https:&#x2F;&#x2F;seekingalpha.com&#x2F;article&#x2F;4169027-tesla-tsla-q1-2018-...</a>
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avoutthere大约 7 年前
It sounds to me like Musk has a card up his sleeve. If he were truly in fear for the continued existence of Tesla, he would have been very patient and accommodating toward those whom he might need to approach later for more capital. I suspect that he has already secured the capital (or assurances that he will).
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mwfunk大约 7 年前
It’s alarming to see the volume of kneejerk defensiveness here. You can idolize Elon Musk but still have a fact-based, rational perspective. You can be rooting for Tesla in the most tribal and idealistic way imaginable and still see their financial challenges clearly and analytically.
samstave大约 7 年前
One of the things I was really was going to happen with Tesla would have been a revival of the boutique auto industry - whereby, one could buy all the subcomponents of the Tesla - a full drive-train-chassis setup with all controls and then build custom bodies on top of them<p>Like trucks and vans etc.<p>Pipe-dream sure, but I was really hoping that this would happen.<p>How hard would it be to extend the length of the chassis only to allow for a long van&#x2F;bus&#x2F;truck be built on top of it (and by how hard, I mean &quot;how hard&quot; - not &quot;it couldn&#x27;t be that hard, could it&quot; type of question)
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21大约 7 年前
Tesla earnings call was the best I&#x27;ve heard in a long time, says Jim Cramer (a CNBC popular analyst):<p><a href="https:&#x2F;&#x2F;www.cnbc.com&#x2F;video&#x2F;2018&#x2F;05&#x2F;03&#x2F;tesla-earnings-call-was-the-best-ive-heard-in-a-long-time-says-jim-cramer.html" rel="nofollow">https:&#x2F;&#x2F;www.cnbc.com&#x2F;video&#x2F;2018&#x2F;05&#x2F;03&#x2F;tesla-earnings-call-wa...</a>
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boznz大约 7 年前
Musk is Willy Wonka for the 21st century, for all his flaws you still gotta love him and lets face it Wonka Chocolates just wouldn&#x27;t be the same without him.
agumonkey大约 7 年前
I always have an issue about the statistical viewpoint about safety. Musk finds it outrageous that AP like products are nailed by the press but I find it quite normal. It&#x27;s a new thing, and it&#x27;s related to injury, it will be pinned. I wouldn&#x27;t expect any otherwise. Musk should just swallow the pill and just work around that. Press won&#x27;t write about your car that doesn&#x27;t kill people. That&#x27;s absurd.
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_bxg1大约 7 年前
It&#x27;s so hard to see them starting to falter. They were on the cusp of mainstream success.
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kgwgk大约 7 年前
I’m curious: was the word “bizarre” always missing in the title or has it been dropped later?
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IkmoIkmo大约 7 年前
Any place to get the audio, given the entire transcript is available?
holografix大约 7 年前
I for one completely defend him. It must be excruciating getting the self serving type of questions that all boil down to:<p>“how well can I infer you’re doing so I make sure I make more money or lose less money in the next 6 months?” Over and over and over...
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Giorgi大约 7 年前
Good. Dumbass &quot;Analysts&quot; can go eat you know what. Tesla is not there to earn some granny their pension, it&#x27;s there to be life changing company
chaostheory大约 7 年前
It may be a strange call but it&#x27;s not the first. Overstock&#x27;s former CEO, Patrick Byrne, had worse calls where he discussed his personal issues.
singularity2001大约 7 年前
Please un-editorialize title.
sidcool大约 7 年前
The news I dread to hear: &quot;Tesla files for chapter 11&quot;.... It almost makes wail.<p>I wish I had enough money to give Tesla a runway, free of Wall Street scrutiny for a year. But that&#x27;s not in the spirit of capitalism I guess.
bartozone大约 7 年前
Elon did come across very Trumpian on the call, which, in the longer term may serve his interests well. He&#x27;s pretty upfront about not caring about what the public markets think of him (or Tesla), and acts accordingly. Maybe if he can devalue analysts, and their questions, in the long run these calls will have less impact on value of the company.<p>I mean ... if I were an institutional investor in Tesla, I&#x27;d really wish he would have answered those questions. He must have known what the outcome would be.
nonbel大约 7 年前
&gt;&#x27;the CEO said an analyst was asking “boring bonehead questions” that were “not cool.”&#x27;<p>The thing is that he isn&#x27;t wrong. I listened to one of these earnings calls the other day and literally fell asleep.
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ihsw2大约 7 年前
Oh good, TSLA is on sale at 10% off.<p>Setting aside the abject glibness of this comment, the likelihood of it recovering at this time tomorrow is pretty much guaranteed, and by his logic (not everyone should own this stock) it will be owned by the right people (those that believe in Tesla&#x27;s ability to deliver a compelling product rather than healthy stock returns).
bitwize大约 7 年前
I get the feeling Elon thinks of Tesla as an OLPC for EVs: he doesn&#x27;t care if the business fails so much as it gets the concept of consumer EVs out there and in people&#x27;s minds.<p>Which probably doesn&#x27;t make investors happy and understandably so, but the Musk moves in mysterious ways.
staunch大约 7 年前
Wall Street and their car industry friends want to kill Tesla. They use every opportunity. They probably pay &quot;PR&quot; firms to do anti-Tesla propaganda, judging from the shill YouTube comments I&#x27;ve seen.<p>None of it matters if Tesla produces products that people love. So far they&#x27;re doing a great job of that. If they keep up the &quot;pace of innovation&quot; they will succeed, and if they don&#x27;t, they will fail.<p>None of this drama will matter in the end. As a Musk fan since before he was cool, this just makes me like him that much more.
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