Tuesday, July 7, 2020

Update on TSLA; Elon Musk's reckless and immature behavior; Tesla's Overexcited Fans Should Cool Down a Little; Markets Bombed, Investors Carried On; SFO and my JetBlue flights were nearly empty; Home again!

By Whitney Tilson

1) With yesterday’s 13.5% jump, Tesla’s (TSLA) stock has now more than tripled this year… This extends the company’s lead as the world’s most highly valued automaker, despite producing fewer than 5% of the cars as the former No. 1, Toyota Motor (TM), and 5% fewer cars in the second quarter than the same period […]
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Warren Buffett's Berkshire buys Dominion Energy natural gas assets in $10 billion deal; Stocks to Avoid: Livongo; Flying home today; Pics from our three final climbs

By Whitney Tilson

Monday, July 6, 2020
1) It’s good to see Warren Buffett finally putting some of Berkshire Hathaway’s (BRK-B) cash hoard to work: Warren Buffett’s Berkshire buys Dominion Energy natural gas assets in $10 billion deal. Excerpt: The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy.  Including the assumption of debt, […]

The Humbling of Exxon; Jeff Ubben quits ValueAct for social investing; Inside eBay's Bizarre Campaign Against a Blog Critic; The Enduring Enigma of Costco's $1.50 Hot Dog and Soda Combo; A busy week of climbing

By Whitney Tilson

Thursday, July 2, 2020
1) In my February 3 e-mail, I analyzed the financials of energy giant ExxonMobil (XOM) and what I found wasn’t pretty. The company is suffering from declining revenue, net income, and operating cash flow… and this is combined with rising capital expenditures. The result is insufficient free cash flow to cover the hefty dividend payments, […]

Get ready: another massive wave of layoffs is about to hit the U.S. economy; Jobs Recovery Risks Stalling Out; Is There Really a 'Looming Bank Collapse?'; Buffett Missed Out on Crisis; Parallels between climbing and investing

By Whitney Tilson

Wednesday, July 1, 2020
1) Daniel Alpert, a founding managing partner of the New York investment bank Westwood Capital, has a well-reasoned – and troubling – prediction: Get ready: another massive wave of layoffs is about to hit the U.S. economy. Excerpt: Equity markets may not see it, but July is likely to see a resumption in layoffs stemming […]

Wirecard Scandal Puts Spotlight on Auditor Ernst & Young; Wirecard Shows Life at Hedge Funds Can be Agony; Who's going to be the next Wirecard?; Two obvious frauds; Wildlife in Yosemite

By Whitney Tilson

Tuesday, June 30, 2020
1) The implosion of German payments processor Wirecard (WDI.DE) offers so many lessons… One is how conflicted and/or incompetent auditors can be, as this Wall Street Journal story highlights: Wirecard Scandal Puts Spotlight on Auditor Ernst & Young. Excerpt: Ernst & Young GmbH, auditor to insolvent German fintech company Wirecard (WDI.DE), had questions related to […]
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Whitney Tilson

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About Whitney Tilson

Prior to creating Empire Financial Research, Whitney Tilson founded and ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. Starting out of his bedroom with only $1 million, Tilson grew assets under management to nearly $200 million.

Tilson graduated magna cum laude from Harvard College with a bachelor’s degree in government in 1989. After college, he helped Wendy Kopp launch Teach for America and then spent two years as a consultant at the Boston Consulting Group. He earned his MBA from Harvard Business School in 1994, where he graduated in the top 5% of his class and was named a Baker Scholar.

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