Whitney Tilson’s email to investors discussing his friend’s comments on the NFT insanity; Tesla shares up 5% after ARK drops meteoric $3,000 price target; Tesla’s “full self driving” beta is just laughably bad and potentially dangerous.
Q4 2020 hedge fund letters, conferences and more
The NFT Insanity
1) A friend’s comment:
It's not the same kind of bubble as crypto assets, of course, but the insanity is reaching peak levels in so many ways that it's hard to even begin to argue against ever-increasing absurdities: https://nypost.com/2021/03/18/nyc-man-sells-fart-for-85-cashing-in-on-nft-craze/
For hundreds of years, people will look back at how a loss-making (sans subsidies) automaker with 0.7% global market share could be worth about as much as the other profitable 99.3% of the industry combined. It will be relegated to the same memory bin of history as Jonestown (1978) and Enron (2001), among other mind-boggling beauties where people said, after the fact, "What the heck were they thinking?"
And the company has been charging thousands of dollars for Level 5 (driverless) functionality since October 2016, without delivering on more than Level 2, and hasn't even filed for approval to test anything more than Level 2, and has reported zero testing to the authorities of any testing beyond Level 2. If this had been Trump University, every career-ambitious prosecutor in the country would have spent the last five years on this case.
2) ZeroHedge:
by Tyler Durden
Tesla shares are up about 5% in pre-market trading Monday after ARK Invest's Cathie Wood released a batshit crazy "new and improved" price target on the company of $3,000 per share at the end of the week last week.
Last week was an eventful week last week for those watching the perpetual saga that is Tesla motors. At right about the same time the stock's - err, company's - biggest fan wound up releasing a new financial "model" with a new astronomical price target on the name, Elon Musk withdrew the company's latest Full Self Driving beta v8.2 after it was absolutely thrashed by critics like Road and Track who called it "laughably bad" and "potentially dangerous".
"If you think we're anywhere near fully autonomous cars, this video might convince you otherwise," Road and Track wrote about Tesla's Full Self Driving feature. The article referred to the feature as "morally dubious, technologically limited, and potentially dangerous".
Read the full article here by ZeroHedge
Tesla's "Full Self Driving" Beta Is Just Laughably Bad and Potentially Dangerous
3) Here’s the Road & Track article that the ZeroHedge article links to:
If you think we're anywhere near fully autonomous cars, this video might convince you otherwise.
By Mack Hogan
A beta version of Tesla's "Full Self Driving" Autopilot update has begun rolling out to certain users. And man, if you thought "Full Self Driving" was even close to a reality, this video of the system in action will certainly relieve you of that notion. It is perhaps the best comprehensive video at illustrating just how morally dubious, technologically limited, and potentially dangerous Autopilot's "Full Self Driving" beta program is.
Read the full article here by Road & Track
