Thanks for the early suggestions.

I've just been catching up with the latest Tesla (US:TSLA) news.

Elon Musk wrapped up his latest call with Wall Street analysts by refusing to answer a couple of questions. Now perhaps there is a larger context which explains it better, but I've listened to an excerpt and it's quite extraordinary.

Analyst: Where specifically will you be in terms of capital requirements?

Elon Musk: Excuse me, excuse me. Next, next. Boring bonehead questions are not cool.

After the next analyst tried to ask a question about car reservations, Musk said "Sorry, these questions are so dry. They're killing me." And moved on to talk to retail investors, instead.

Ben wrote a nice article on Stocko looking at Tesla's red flags. All of the Stocko metrics have deteriorated since he wrote that article:


What's particularly interesting about Musk's attitude to analysts and to "bonehead questions" is that Wall Street has, overall, been good to Tesla. Even today, with the stock being one of the most heavily derided among the professional investor community, there are still more Wall Street analysts with "Buy" ratings than "Sell" ratings on the stock.

The other point is that if Tesla needs to raise more funds (that's a point of controversy), it will benefit from friendly relationships with Wall Street. Musk appears quite sure that he can afford to step on a few toes. It looks to me like the pride which so often precedes a fall.

Is this of any relevance for UK small-cap investors, I hear you asking. Perhaps not too much. But it is a $56 billion dollar company (in equity + debt), and for me it's a barometer of the general levels of exuberance in the marketplace. It's one of the reasons I'm happy to keep some powder dry for now.

Incidentally, Tesla is one of the most shorted stocks in the market - 30% of the float has been borrowed. This makes it a consensus trade in the bear community. It could also make a bear squeeze incredibly painful. There is no easy way to make money!

Games Workshop (LON:GAW)

  • Share price: 2435p (-0.2%)
  • No. of shares: 32.3 million
  • Market cap: £787 million

Trading Update

Shareholders in this publisher of fantasy war-games must have already…

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