I just read that Cathie Wood dumped $12.7 million of Tesla stock and snapped up some in General Motors. She is one of the original Tesla supporters and has been constantly bullish on the company. Many follow her lead, so her latest move is shocking and could drive many to follow her. All in all, this could be a very good development for us.
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I read this from Reuters "The share of consumers planning to buy a motor vehicle over the next six months dipped. Fewer consumers intended to buy major household appliances like refrigerators, washing machines, dryers and television sets."
I read this from InvestingAnswers.com about durable goods like automobiles "During a recession, when consumers have less confidence in the economy, durable goods sales will decrease and the stock value will follow."
Here is an article titled The Rise and Fall of Cathie Wood
https://nymag.com/intelligencer/2022/05/the-rise-and-fall-of-cathie-wood.html
An excerpt from the article:
“I think that Cathie Wood is the kiss of death,” Cramer said on live TV.
This is good news to executives who have stock as a large part of their compensation and are already wealthy. Everybody else gets paid using operating revenue from selling cars. If the revenue isn't there, the jobs aren't there. The executives will still be there.
If you want to make a fortune in the market, don't follow anyone on TV, or the spotlight. They don't know anything about anything. They're motive is only to deceive, especially if they manage a lot of money.
Their mantra, is that it's always a good time to buy. Buy the dip, but the dip of the dip, and buy the falling kn--e.
Yet, not a f**king single one of them saw the rollover at 36k. Funny how that works.
Her funds have been in the toilet ever since her luck streak propelled her up to being famous.
Tesla isn't going anywhere and they'll be a massive player in EVs alongside the surviving legacy manufacturers and incoming Chinese manufacturers. VW appears to be positioned well too, as are the Chinese, however, the market doesn't seem to be confident that GM or Ford will be significant players in the coming years.
Before anyone calls me a shill-I work for GM and also don't see our company as being competitive nor capable of becoming competitive.
Sometimes decisions are made for political or other reasons. Doesn't make financial sense but gives them the warm fuzzy angle and optics to suit a given crowd at the time.
Yeah and she's also an id--t. Just look at how her fund has done lately. She got lucky a while back and got famous for it