Golf

Justin Thomas on improving putting.

Earnings on April 24, 2025

• Revenue up 13% and Operating income up 16%.

• Revenue up 16% YoY and operating income up 27%!
• 3.4 billion unique users they estimate.
• Investment thesis:
  • Instagram and Reels. WhatsApp
  • AI
  • Physical glasses

Play at 2:05. Morning routine. Dropping F-bomb! Socially awkward. “I’m really smooth!” Does wonders for confidence!! 🤣 Smooth talker. Self-effacing.

Earnings release.

• All time highs. $1100+
• Recession proof.

shared a comment from its Board Chair.

“Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company. This is absolutely false (and this was communicated to the media before the report was published)

Autonomous

FSD Supervised ride-hailing service is live for an early set of employees

Trump Admin to ease restrictions

Tesla has secured a 2 year exemption to run FSD on public roads in Norway

Tesla and NHTSA crash Data

• So 10x safer than human alone
• https://www.tesla.com/VehicleSafetyReport

Tesla Semi progress. Tesla has announced that they will be building 46 Semi truck megawatt level charging sites in the next couple years. They will all be built by early 2027.

Waymo has announced they are now providing over 250,000 paid Robotaxi trips per week, up from 200,000 per week two months ago.

Slate Car company

• Why do I feel like Slate is gonna be the Android to Tesla’s Apple.I

• Leaders in defense and warfare.
• This video is sick! Electro-magnetic pulse to take drones down.
• Ted Talk with Palmer Lucky.

I like these leaders (Palmer and Alex Karp).

Warren Buffet on importance of reducing trade deficit.

Tariffs
Great post from Ackman. Kind of game theory on why China has incentive to settle.

DOGE

$250 MILLION for "Transparency for the Uzbekistan Cotton Industry"

Recommendations:

• Palmer Lucky.
• Theo Von and Zuck.

Markets are volatile, but its very important to keep things in perspective.

• S&P 500 16% off all time high.
• 5 and 10 year annualized returns of 15% and 11%.
• CAPE Ratio still high at 33.

“The reality is, in the future, most people are not going to buy cars.”

Letter and Financials

FSD Supervised ride-hailing service is live for an early set of employees in Austin & San Francisco

• Model Y best selling car on Earth. 2 years in row. Transition lines in all factories (Fremont, Austin, Shanghai, Berlin) in ~6-8 weeks
• World leader in real-world AI. Unsupervised self-driving will dominate the US.
• Leader in manufacturing. No other EV biz in US makes money and even ICE divisions will struggle with tariffs
• Tesla stressed their focus on localizing supply chain
• They will “turn-on” Austin, then other cities push-button
• Millions of cars driving autonomously mid to late next year
• Optimus
• China: Optimus Humanoid Robot will be #1 with China in spots 2-10

Investor Call here on YouTube

• Will spend less time at DOGE
• Play 12:12: future of company is based on large scale autonomous cars and robots. At scale at low cost. Value is staggering. Believes Tesla will be most valuable company in world by far. More than next 5 combined. (so $15 trillion?).
• Play at 20:20. 1000’s of Optimus robots working if factories by end of this year. Will scale faster than any product in history. Million units/yr in 4-5 years. 2030 1 million per year (maybe 2029).
• Play at 35:40 . Model Y’s on track for paid rides in Austin in June. Many other cities by end of year. S-curve. Robotaxi’s operating at scale in millions by 2H 2026.
• Play at 40:16. Many days without knowing if improvement is happening. 10,000 miles/ intervention. Teslas driving everywhere in Austin. Average person drives 10,000 miles/ year.
• Play at 47:18. “Waymo money”. Tesla costs 20% less. Doesn’t see anyone competing with Tesla at present. Tesla will have 99% or 90% something market share! Millions of cars deployed. Risk: Regulatory risk. In a few years will have 10m cars on road.
• Play at 1:01.30. We make also make our own cells! Tesla is the most competitive battery.
• Play at 1:11.58. Why are people still buying other car, like BMW’s. This is an Iphone moment.
• Elon: “Reality is most people won’t buy cars in future”. Flip phone analogy. Not perfect, but not bad.
• Elon: “Buying a gasoline car is like riding a horse. People still do it, but rare.”
• Play at 1:30.25. Who is ahead in Drones and AI? Vassal state. 100% of drones have a reliance on China. “China is amazing!”. Humanoid robots. No company in world that can match Tesla. Concerned that #’s 2-10 are Chinese companies.

Conclusion:
Buy the future

• Appreciation for life and feeling good.
• Punta Mita. W. Golf
• Masters: Rory completed a career grand slam.
• Men’s Golf Career Grand Slam Winners
• Jeff Bezos Blue Origin sends women to space

People are freaking, but is it that bad? NO!!

• Was at a $1058. After market $1006
  • 3 years ago in June was $170!!!
  • Almost a 6x return!!!

Revenue up 12.5% YoY. I like at least 10%.

Greg says will double Ad-tier revenue in 2025 (big statement).

Price targets:

• Wedbush $1150
• JP $1025
• Morgan Stanley $1150

Tesla

• $776b market cap. $240 stock price. Was $428.
• Biggest news coming is Cybercab in June in Austin…just wait.

Sales:

Tesla’s Market Leadership:

• Tesla sold approximately 128,100 EVs in the U.S. during Q1 2025, outperforming the combined sales of the next 10 EV brands.
• Teslas Super Charger in LA. Two 45 ft screens.
• Giga Texas production now uses FSD Unsupervised to deliver cars from end of line to the outbound logistics lot. Over 50,000 driverless miles have been accrued between California and Texas factories so far.
• NEWS: Five years after debuting Indiana's first @Tesla police car, the Bargersville Police Department says it has saved them nearly $500,000 in maintenance and repairs.
• Joe Rogan now tweeting about Tesla: I had my Tesla model S drive me home the other day with FSD, and it’s fucking wild. Changes lanes to avoid slow traffic, stops at red lights and stop signs, hits the blinkers and turns for you. It’s bananas.
• My FSD works great!!!

Nvidia

• Blog on $500b investment and building in Arizona

Walmart & Amazon - Drone Delivery

Columbia University:

• With an endowment of $14.8 billion

Harvard University:

• With an endowment of $53 billion.

Govt Transparency

The Washington Times claimed that Trump’s nearly 100 questions answered in three 2025 cabinet meetings is nearly 20 times the number answered by Biden during cabinet meetings over his entire four-year term

DOGE

24.5k people over 115 years old claimed $59M in benefits

28k people between 1 and 5 years old claimed $254M in benefits

9.7k people with birth dates over 15 years in the future claimed

• Brecka on Joe Rogan:
• Den of Thieves on Netflix.
• White Lotus
• Play guitar!