Evil Knievil: The $1 million grab

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Evil Knievil: The $1 million grab

When I yesterday sold a further 200 Tesla (NASDAQ:TSLA) short the broker told me that I was being brave. Brave? Greedy more like it. $1m is on its way.

TSLA is perhaps making $300m a year in contrast to a capitalisation of $300bn. This is a completely mad valuation. and caused by religious fervour on the part of buyers. It opened at c. $1,630 and shot up to $1,690 a minute or two later. This is caused by the ingenues placing orders for execution on the opening bell. This was a perfect selling moment.

Much more strikingly (and here I am indebted to Mirabaud) TSLA actually makes its money selling regulatory credits to its competitors. Put another way, TSLA is not sustainably making money at all.

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The Kamanis have bought Boohoo (LON:BOO) at circa 235p. They cannot believe that this is sensible. The explanation is surely that by betting £10m in this manner they are beating an elegant retreat. This is nothing to do with investment.

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Meanwhile gold continues to power ahead. So I yet again bought Golden Prospect subscription shares (LON:GPSS) – this time at 20p. Bear in mind that the subscription price is 46p by the end of November. This contrasts with the current bid of 68p. I see no point in shorting the ordinary against the subscription shares.

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It is mooted that residential property, currently the basis of the principal private residence exemption might be subjected to capital gains tax. This is madness since it will have to reflect current values (great for valuers) and makes no allowance for improvement costs (and all the debate that this would entail).

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Finally, for those who would like to know how to keep a kebab quiet, one merely instructs it: Ssssssh, kebab.


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