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let's talk about Tesla okay what was it more than two years ago you're at Sohn you you pitched the converts converts him where are you with those today and then I want to talk to you more broadly about that company so if you if if you if you take a step back right if I asked you to sort of you know attempt to drive a golf ball off the pier here into a tea cup and gave you a million tries I suspect that in a million times you would not be able to do it but if you then took somebody else and they were able to do it nine times out of ten you'd say wow that person is a great golfer the analogy that I would make is Elan basically did that equivalent he was able to send a rocket into space do all kinds of interesting enormous ly productive useful things for the world while in space and then come back down and land on a boat in the middle of the ocean the kind of technical sophistication that he has in his mind that he's been able to apply across his companies is second to none quite honestly so when we looked at Tesla what we thought was a company at an inflection point that was as close to a its version of an iPhone moment and what I mean by that is a company that had been growing up taking risks and had finally found the mass-market product that would unlock an enormous amount of product market fit and that was the model three and so far what I would say is he's living up to what he has signed up for which is to commercialize electrification to commercialize an incredible user experience at a price point that is frankly cannibalized its competitors and what you see in the results in my opinion is a company that is now maturing under all of that demand and so again is it the best suited company if you want to drive and observe quarter-over-quarter precision and performance no but if you want to take a step back and take a three five-year view and say where can I compound my money and particularly with the converts what's so beautiful is its downside protected because it sits on top of all the equity and the other debt and so if you have any concern that there's liquid the issues or if you have any concerns that the company may have to sell they get paid first so to me it was a riskless option on the Edison of our generation but you weren't you're you're you know you weren't necessarily comfortable enough with the story to buy the common story the reason is because the common stock is not controlled unfortunately enough by him or the insiders what it's controlled by are a bunch of vulture like venture and hedge funds mostly hedge funds who like to prey on that company if you look at for example the Twitter traffic or if you look at the forum traffic around Tesla the amount of hyping or under hyping the amount of sniping is enormous all of that signals to me that it is a market that is out of the control of the founders and the executives and firmly in the hands of financial manipulators I mean my perspective is by the bonds you're protected and allow Elon to execute isn't the founder in his actions responsible for a lot of what you're talking about well all I see frankly is that he has tried to execute to the best of his abilities he puts out aggressive numbers he tries to meet those numbers sometimes he misses those numbers what would you rather him he misses the numbers but that's okay because in the course of the year or in the course of the five years if you take a five-year step back and say what is he promised in 2014 - what is he doing in 2019 you'd be ecstatic similarly if you take a step back and say from 2019 to 2024 let the men do his job will we be better or worse off as a planet as a species as humanity as consumers we will be better off I know in debates it is genius that so it's lauded celebrated it's the fact that he the way he runs his company you're you're comfortable with with that if you're an investor in Dessay you're 100% comfortable with the way he is a CEO yeah none of the actions that he's done over the last year or so give you pause well what like what do you mean meaning the model three is an incredible car I just bought one it's incredible I bought it the way that being secured I mean what was that okay maybe he stepped out of bounds my point is you're getting caught up in the window dressing I'm focusing on the main course the main course is on the table the choice for you as a buyer or a seller of that stock is do you want to eat it if you get caught up in all of the stuff around the edges maybe he may miss tweet from time to time my point is who cares your job as a smart investor is to separate the facts and the news from the fiction and the noise and all of that stuff doesn't matter it does not change the fact that tens of thousands of consumers are buying that car faster than they can get their hands on it it doesn't change that the minute you sit inside that car your definition of what is expected is altered forever and you wonder why every other car around you that you ever step in that you may buy doesn't have the same things that that car offers so at the end of the day whether you like his style or not his substance is irrefutable sure Bible I walk down the street here in San Francisco the other day I see a billboard for the new Audi electric car that's coming I mean competition is coming if it's not already here that gives you no pause you're right because I remember all the Zune media players I bought it after Apple released the iPod I also remember the enormous number of amazing smart phones I bought when the iPhone was like it's not what people do you know it tends to be the case that when you redefine expectations and you have a category leader and you have an indelible brand and a mark that people recognize the easiest decision let me be a little pejorative the lazy decision is to pick the winner and go with it and in this case there is a clear winner in electrification it is done that die has been cast and so now the question is can he build the infrastructure to deliver the demand and if given time and if given patience I believe he will and I vote with my money that he can do that and everybody that bets against him can do that as well but at what stake really because it's not as if there's no downside protection for the stock the people who short this company are so short-sighted because the number of companies that would come out of the would work you don't think that Apple with 200 billion dollars of cash back stops this company and has a chance to enter a trillion dollar market overnight by buying that business if it gets imperiled in any way Google which already tried to buy it wouldn't try to buy it again I'd say it's a risk so what are we betting against we're betting against the cleaner earth because we don't like that we like to suck in the carbon monoxide and the fumes from all these cars we're betting against beautiful flat screens beautiful ways in which to manage your experience inside the car cuz we don't like that oh we're betting against whether you can deliver what he says the fundamentals of the company that's what they're both the points no no that's not true people are betting against his style they don't like his style that's just that his people are smart people like Jim Chanos he's a smart investor he's not betting just on his stocks Jim Chanos makes money once a decade and while the market rips up the guy just bleeds money and he's never on CNBC and every time something works he's there for five minutes great for Jim Chanos fantastic as a hedge in a portfolio where you have 1% in a short phone but the reality is being long equities makes sense being long innovation makes sense betting against entrepreneurs that are changing the world has never been a profitable endeavor why start now I'm sure mr.
Chanos is gonna take issue with your numbers and some of your comments and I'm happy to post my returns against chain-nose as any tiny ones will step away for a moment up next widely follow tech investor dan Niles making
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