Tesla: we’re going to miss you when you’re gone

(Tesla (TSLA) filed their 2Q earnings report last night, and while I really should wait until they file their 10-Q to make this more complete, I really just can't help myself.) In late January, TSLA reported an optically-impressive Q4'18 result (91k deliveries, 24% automotive gross margins, $140mm in net profits), and on the post-Q conference … Continue reading Tesla: we’re going to miss you when you’re gone

The never-ending story: Netflix and the ever-escalating cost of content

Regular readers will recall I have been following Netflix (NFLX) for many years (I wrote up some initial thoughts on this blog a few years ago), but as the service has grown from 'challenger' to 'near-ubiquitous', I find myself returning more often to the company, its growth philosophy, and the underlying existential question for any … Continue reading The never-ending story: Netflix and the ever-escalating cost of content

Tesla’s unit growth, and the art of spurious comparisons

There's a fairly fundamental concept in most retail industries: the concept of same-store sales ('like-for-like sales', 'equivalent-store sales', 'existing-store sales', etc). This is a pretty intuitive concept, but to recapitulate by example, let's say I'm a McDonald's franchisor, and last year I had 100 stores that did $100mm in revenues ($1mm/store), and sold 250k Big … Continue reading Tesla’s unit growth, and the art of spurious comparisons