Research Reports

There is a lot wrong with this company. The complication is that its permits and place in various infrastructure queues may still have option value to a better-funded buyer that has money but not time.

I am not bullish on the basic idea of borrowing at a very high preferred yield to buy Bitcoin. The opportunity I see is narrower: isolate a premium in the common equity that should be difficult to sustain.

I think PureCycle has a real product aimed at a real demand. My skepticism is about unit economics and product quality, not whether recycled polypropylene has customers. That also means my confidence is limited.

I do not think commercial deep-sea mining is currently economic. The permit debate gets most of the attention, but permission to mine does not answer the harder question: can anyone collect, lift, process, and sell these nodules at an acceptable cost?

Plug Power's forklift product is real and serves a real indoor-warehouse use case. My short thesis is simpler: hydrogen remains too expensive as a commercial fuel, and the company's unit economics and cash needs keep reflecting that problem.

Tesla is a real and important company. My disagreement is with the price: revenue has stalled, earnings have declined in several quarters, and the valuation still assumes that multiple future businesses become both enormous and unusually profitable.

I think profitable quantum computing is at least decades away, if it proves broadly useful at all. Hardware is only half the problem: useful algorithms and real-world workloads are also hard, and that difficulty is routinely waved away.

SpaceX is an exceptional operating company. I still think the IPO valuation is severely stretched, and the deliberately tight initial float plus rapid index demand may push the stock even further away from business value before that gap closes.