Yes, I am quite sure. The SPR cannot legally go below a specified volume (350,000,000 bbl ?).
Trump lowered it about 8% over 4 years (of course that could have just been evaporation or it was lowered in response to decreased consumption). He did add a little to it during COVID when oil prices plunged. Biden has lowered it by about a third (the fastest draw down by any president), and it was done to score political points as policy wise he has made no effort to control inflation, particularly energy inflation, where he has very much acted in ways that would inflate fossil fuel prices to align with his energy policies. Conveniently for him, the draw down will drop right after the election. OPEC's production cut (due to Biden's inability to win any friends in the middle east because of his wooing of Iran) will offset any gains attributed to his SPR releases and will exacerbate inflation heading into the election.
Tesla is over-valued and always has been, like a lot of the market. Compared to other car companies (that almost all have EV offerings nowadays), Tesla has nowhere to go but down as their Price to Book ratio is way out of line with that of other automotive manufacturers. The stock market has gotten very speculative / crazy with prices not reflecting the value of the security.
"This morning there were 218 primary stock listings with a market cap over $1 billion and EBITDA less than negative $100 million. 29 of them had market caps over $10 billion, totalling $655 billion." - Tweet from Michael Burry
Trump lowered it about 8% over 4 years (of course that could have just been evaporation or it was lowered in response to decreased consumption). He did add a little to it during COVID when oil prices plunged. Biden has lowered it by about a third (the fastest draw down by any president), and it was done to score political points as policy wise he has made no effort to control inflation, particularly energy inflation, where he has very much acted in ways that would inflate fossil fuel prices to align with his energy policies. Conveniently for him, the draw down will drop right after the election. OPEC's production cut (due to Biden's inability to win any friends in the middle east because of his wooing of Iran) will offset any gains attributed to his SPR releases and will exacerbate inflation heading into the election.
Trump lowered the reserves by 10% and signed laws requiring additional sales in the future. This was done to pay for his big tax cut. We will be paying for that with sales continuing through at least 2026. Note that I am not letting Biden off the hook, but it is silly to suggest he has made no effort to curb energy inflation. Why do you think he is selling our reserves? And I believe the draw down ended last week, not after the upcoming election. That explains OPEC’s timing with their announcement that they are cutting production.
Tesla is over-valued and always has been, like a lot of the market. Compared to other car companies (that almost all have EV offerings nowadays), Tesla has nowhere to go but down as their Price to Book ratio is way out of line with that of other automotive manufacturers. The stock market has gotten very speculative / crazy with prices not reflecting the value of the security.
"This morning there were 218 primary stock listings with a market cap over $1 billion and EBITDA less than negative $100 million. 29 of them had market caps over $10 billion, totalling $655 billion." - Tweet from Michael Burry
Tesla did not drop so drastically today because it is over valued.
Wall Street reaction to a report dropped on Sunday.
On Sunday, Tesla (ticker: TSLA) reported that it delivered 343,830 cars and produced 365,923 in the third quarter. The deliveries were a jump compared with the 254,695 vehicles Tesla handed over to customers in the second quarter, but still below Wall Street estimates.
Need to stop pretending the market is rational and not manipulated by the big players
Tesla is over-valued and always has been, like a lot of the market. Compared to other car companies (that almost all have EV offerings nowadays), Tesla has nowhere to go but down as their Price to Book ratio is way out of line with that of other automotive manufacturers. The stock market has gotten very speculative / crazy with prices not reflecting the value of the security.
"This morning there were 218 primary stock listings with a market cap over $1 billion and EBITDA less than negative $100 million. 29 of them had market caps over $10 billion, totalling $655 billion." - Tweet from Michael Burry
Tesla did not drop so drastically today because it is over valued.
Wall Street reaction to a report dropped on Sunday.
On Sunday, Tesla (ticker: TSLA) reported that it delivered 343,830 cars and produced 365,923 in the third quarter. The deliveries were a jump compared with the 254,695 vehicles Tesla handed over to customers in the second quarter, but still below Wall Street estimates.
Need to stop pretending the market is rational and not manipulated by the big players
Christ! You keep saying stuff like this and other nonsense.
What big players? And how? Put up or shut up (preferably the latter).
Lost more today than I made in my best days last week.
Expect to lose big on my bets against the market on days like this.
Did not expect Tesla to lose over 10% on a day the market went way up -- my hedge failed today
3 months left in the year. Watch the market do a big rally the rest of the year.
I told Carmine to sell Tesla and keep HSGFX, which by the way was only down 0.43% when the S&P 500 was up 2.59%. The fund maintains its excellent performance YTD of 14.92%. A great fund for those skeptical of market valuation, but not willing to go net short.
In regards to Sally’s big rally call, it is a pipe dream. Inflation remains persistent, the Fed will take a hard stand, but more importantly corporate earning are deteriorating rapidly. So we will continue to see multiples contract. Today is another bear market rally. I suspect it will be considerably weaker than the last one. Petering out at 3,850-3,950, with the market collapsing to 3,000-3,200 into the New Year.
Tesla did not drop so drastically today because it is over valued.
Wall Street reaction to a report dropped on Sunday.
On Sunday, Tesla (ticker: TSLA) reported that it delivered 343,830 cars and produced 365,923 in the third quarter. The deliveries were a jump compared with the 254,695 vehicles Tesla handed over to customers in the second quarter, but still below Wall Street estimates.
Need to stop pretending the market is rational and not manipulated by the big players
Christ! You keep saying stuff like this and other nonsense.
What big players? And how? Put up or shut up (preferably the latter).
What Big Players? Investment banks, hedge funds, media shysters. You really don't know this?
Look at the past 2 days.
The market is deleriously happy after weeks of meltdown.
You think that's being driven by millions of small investors?
3 months left in the year. Watch the market do a big rally the rest of the year.
Place your bets.
I am betting the other way
I am with you, re-loading short bets yesterday and today after big cut end of last week. EMD and FAX up with weakening dollar. UK went chicken, along with Aussies. Falling yields and dollar just giving Fed more cover to raise rates, and continue QT. At least for now, as I see it.
"Bullock noted other central banks around the world would be facing similar losses on their emergency stimulus programmes, though many did [not] mark their assets to market like the RBA."