Assalamu alaikum, everyone. I hope you are doing well. Today is Tuesday, April twenty second. And my, my, what a day we'll make in what a difference a day will make. We got a green day today. Nasdaq is up two point six percent. S&P is up two point five percent. Dow Jones is up two point six percent. Russell is up to let's call it six percent, two point five nine percent. The dollar index is up one point three four percent. We will talk about why this is in a second. Everything was basically green and it turned green in a big way and it turned even more green after hours because of some comments that Trump made. We'll talk about those. If you look at Tesla, they reported earnings today. We'll talk about those earnings. It closed the day up four percent and then added another five percent after the close. We are now at two fifty, but we closed that two thirty seven. Bitdeer. Bitdeer was, as one PIF member put it, was on crack today. It's up twenty three percent. So Bitdeer is one of those few stocks that takes the stairs going down and takes the elevator going up, which is the opposite of what most stocks do. Iris Energy was up ten percent and Bitcoin was up seven percent, Solana up nine percent and Doge, the future global reserve currency, was up close to twelve percent. All right. So let's talk about Tesla earnings. But before that, looking at our map, looked very green and looked like the Libyan flag under Gaddafi. But thank God that is no longer the case. But There you have it, folks. By the way, RTX, what's going on with that? They're down ten percent, whereas everything else is a sea of green. I can't feel that good about yourself if you're a major holder in RTX today. So what happened today? Besant says he expects de-escalation in U.S.-China terror fight in the very near future. Now, I don't know if this is actually a product of talks that are going on with China or just him... wanting to strike a friendlier tone and perhaps encourage more talks with China. I don't know what's going on behind the scenes. I don't think anyone outside the administration really knows. So far, this administration hasn't really performed at a high level, if I'm going to put it nicely. But we'll see. We'll see what happens here. I think they realize that Yeah, it's probably not a good idea to try and basically throw a neutron bomb over global trade. It's probably going to end up driving this country not only into a recession, but a depression. I think the administration slowly... started realizing that and now kind of wants to backtrack uh the things that they said I think that they thought there would be you know a lot more concessions made to it so far I haven't heard of a single trade deal being done and perhaps they overplayed their hand and so now the administration it seems is striking a much softer friendlier tone talking about trade And Trump says he has no intention of firing Fed Chair Powell. This came after market close. And obviously, this is something that the market welcomed. If Trump were to fire Powell and appoint someone of his choosing, that would really throw a a lot of doubt on the integrity of even more doubt on the integrity of the markets integrity of the monetary system and how politically motivated decisions that are extremely consequential how politically motivated those decisions are investors would start assigning a higher and higher political risk premium to US assets. And so this is something that investors were trying to avoid at all costs. And Trump, I think someone kind of told him that's a really bad idea. The optics of it are terrible for investors who are maybe interested in US assets. And so we got a bit of backtracking today from Trump which really helped calm investors' nerves. And we can see that in the after-hour performance. And a wise commenter today said, we're basically in a single-issue market now, and that single issue is tariffs. If they're rolled back, if a deal is done, and I'm hoping a deal can be done. But I also suspect that after the trust that was destroyed between the United States and many of its trading partners, the situation that we end up with from a trade perspective is not going to be as good as we had it before Liberation Day. And so I do think trade deals will be done. Most people will understand the terms. But I think if you understand the terms, the terms will be less favorable to the United States than what they were. That being said, the. tariffs that were proposed on liberation day were draconian and so if they were pulled back a bit we could rally here in the markets but if they're held firm where they are we don't get trade deals although I do think we will if we don't get trade deals soon then You know, we really risk a stagflation, we risk an increase in inflation from these tariffs and then a slowing down of the economy, which would put us in a very bad situation. Again, this is one of the reasons why I think Trump and his administration are sort of walking back some of the comments that they made. Let's go to Tesla, one of our biggest positions, PIF portfolio, and If you just look at the headlines, they missed on revenue and earnings, but the stock has performed well after market. The reason for that is obviously the macro that I just touched upon. But also, I think a lot of what was reported today was already priced in. This is what we were expecting. If you look at total automotive revenues, they were down twenty percent. But if you look at energy generation and storage, that was up sixty seven percent services and other that includes things like charging stations, in-car entertainment and so on. That's up fifteen percent. So. Again, if we're looking at a year-over-year basis. Now, while these two revenue streams are not as big as total automotive revenues, I do think eventually they will be bigger than automotive revenues. That is their energy generation and storage, and then also their services and others, which will include things like FSD and other software products that they provide. That will be more than automotive revenues. And that's why many investors like myself continue to say that this is really not, if you have vision into the future, this is really not a car company. It is an AI robotics company. Cars are sort of one form factor of robots, but there's a much bigger opportunity here. We'll talk about that. Now, if you look at something that I always like to see in companies I invest in, they have a very large and growing cash pile. So if you look at their cash and cash equivalents, that grew year over year by close to forty percent. They had twenty six point eight billion of cash, just a stack of cash in Q one twenty twenty four. That stack of cash is now close to thirty seven billion. And they also, even though revenues weren't, you know, revenues decreased twenty percent comparing year over year, they also have positive free cash flow. And by the way, they were profitable for the quarter. So they generated six hundred and sixty four million in cash. This is this free cash flow. So it's after the capital expenditures that they made, which were close to one and a half billion. And so this six hundred and sixty four million, they can throw it on top of the. cash pile that they already have which is great because in these times of uncertainty tariff talks you know there's a lot of nervousness in the market you want to invest like I said yesterday you know focusing on highest conviction names first you want to invest in companies that have fortress balance sheets and I really think that tesla has that even this quarter where you know, revenues declined, they were able to generate healthy amount of free cash flow to add to their already healthy amount of cash. By the way, the reason why revenues were down, it's obviously a legitimate question to ask, is because for several weeks in their factories across the globe, their production stopped because they were retooling for the new Model Y. And so this quarter is an exception. It was not business as usual. There was... several weeks in this quarter, which itself is only twelve weeks, several weeks of this quarter where production had basically stopped while they prepped and updated their manufacturing lines to produce the updated Model Y. So I'm not worried about the decline in automotive revenue. Another reason for the decline in automotive revenue was the decline in the average selling price for Tesla cars. They brought down their prices and they're still profitable. And so this is good. I think bringing down prices is what you need in order to appeal to a broader market, in order to compete with the Chinese. And so they were able to do that profitably, which I think No other EV company can do besides BYD. If you look at FSD miles, this is something where I think they have a moat. And this, I mean, FSD on its own could be a multi-trillion dollar business. And if you look at the red, which is using their latest version, version twelve of their FSD software, the the line is going increasingly parabolic in terms of the cumulative miles driven with their full self-driving. They're now close to four billion in total miles driven in full self-driving. This is very important because full self-driving can improve the software can improve the more miles are driven the more miles it has to use and learn from and improve from so this is something that other car companies don't really have they don't have this data and this is very important it's not something that you can necessarily simulate you'll never have a simulation of reality that's as good as reality at least We don't have right now. And so Tesla is the only one privy to this data and it's training its model on it. And this is creating a moat around their FSD business. which is very important, it's going to be very hard for other companies to compete with Tesla. And they did something very noteworthy, Tesla did in the previous quarter, which is that they launched FSD, full self-driving, in China without training it on any Chinese specific data. They didn't train it on Chinese roads. But they launched FSD in China. The reason why they were able to do that, whereas Waymo can only launch in very geo-fenced and mapped out locations, the reason why they're able to do that is because they have a general full self-driving solution that relies on vision. and not geofenced areas that are well mapped out prior to self-driving. So this is an area where Tesla clearly has a technological edge. I'm preparing myself for something to come out from China like a deep seek that perhaps shortens the perceived distance that we previously saw between Tesla and other EVs and EV companies and perhaps that moat is not as wide as we think. In the back of my mind, there's maybe a five percent or ten percent probability that we have a deep-seek moment from China regarding FSD. But still, even in the case of that happening, I just think the distribution that Tesla has with the cars that it has already sold. And those cars' ability to actually run the FSD software puts it in a league of its own. So even if some other company were to have similar software, they can't really distribute it to as many cars as Tesla can. BYD may be an exception, but I think that one of the things people miss about BYD is that BYD is a heavily subsidized company, subsidized by the Chinese government. So we're not talking about a company that is necessarily sort of... trailing its own path. It's actually heavily subsidized by the Chinese government. And therefore, I don't think it's as efficient as something like tesla I don't think it's going to be as innovative innovative as something like tesla I I just think tesla is number one in this race you know byd is number two for sure and then all the other other evs are you know the number three is a distant three but I do think tesla is still in the lead here all right energy storage deployments are really ramping up nicely here our record deployments we had in the previous quarter this is very important because this is the most profitable business line for tesla continues to grow like weeds I think it will continue to grow at an accelerating rate in light of my understanding of the needs for energy storage and what AI specifically is demanding in terms of energy generation and storage, this is something that they're going to sell basically as much as they can produce. They have been, and they have enough cash to really reinvest heavily here and increase capacity. And they're definitely planning on doing that. Some photos for you. This is a Tesla semi-truck, which I often forget about. This is the factory for the semi-truck. And construction is ongoing. Hopefully, we get some trucks off the production line here soon. And this kind of just shows you how diversified, how big this company is, Tesla. I mean, they have so many massive trucks. lines of business, massive factories all over the world with localized production, which gives it an edge in case of a trade war. And, you know, top-notch technology, they're always on the bleeding edge in whatever area they are in, business in. So it continues to be a very impressive, impressive company, probably going to be the biggest company on earth at one point in the next decade. Also something that we didn't mention was Optimus. I take a good look. This is the Fremont pilot production line. And this is, I believe that this product will be more popular than the iPhone. I think it's going to be more popular because I think that it will be common for people to have more than one of the same product and, you know, for, wealthier you are I mean do you want do you want to have one servant with you or do you want to have ten you want to have twenty I I think that a lot of people will have you know many uh optimist robots helping them out and so uh this is this may be the most popular product you know, humanity has seen in the last hundred years. I think like energy, they'll sell as much as they can produce. So that should be, we should have the start of the production line by the end of this year, actually. And the initial place where this is going, where Tesla is going to use these robots is in their own production lines. So that will make them more efficient, increase their margins, and then once they've once they're satisfied with uh the amount that they have uh perhaps they'll start selling uh to customers outside of tesla but first they're gonna benefit themselves from the robots that they build and why wouldn't you that makes all the sense in the world so some other takeaways that from tesla's earnings fortress balance sheet as I mentioned uh sgna so uh Sales and administrative expenses were actually down. But research and development was up, and I love to see that. SG&A going down means the company is getting more efficient, reducing overhead. R&D means they're not sort of resting on their laurels. They're trying to improve and hopefully maintain their technological edge. And perhaps looking into things that haven't been made public yet. I love seeing increases in R&D. That's kind of a chef's kiss for me. If I like a company, so the cherry on top would be R&D going up that number, even though it's an expense, but I love seeing that expense going up. Record orders for a single day in the Asia Pacific region when they launched the new Model Y. This is very important because there's been a lot of talk about, oh, well, you know, is Tesla losing its position in places like China that are ultra competitive, especially in the EV space? And the fact of the matter is they're selling as much as they can produce in that country. So they're able to compete with the Chinese companies. I don't think any other company outside of China is able to compete with China. Chinese EV company. So this was very, I think, important and kind of a reminder that, yes, Tesla is still able to compete and not to get too taken with some of the headlines that you read every now and then. And then this was something on my mind. I heard some ex-posts claiming that the new vehicles, the more affordable models will not be happening in twenty twenty five. They remain on track for start production in first half twenty twenty five. At least that's per their report. So I was very happy to see that. I think that will be a big catalyst for the company. And. think more affordable models especially for if we're entering a a period of you know tough economic conditions more affordable models will be sort of you know very appropriate very well received by the market so this is very important I was glad to see it in this later the latest investor update so with that let's take some questions Yeah. Salam, Dr. Khaled. Salam, Rashad. Nice to see you. Thanks for moderating. What's a better buyer, Bitcoin or Doge? Upside potential? If you're just looking at upside potential, I would say Doge. How do you feel about Uber as a platform for hailing an autonomous Tesla? I don't think it's needed at all. Uber is just an app. And right now, their value is in the network of drivers that they have. completely not needed their network of drivers that is because the Robotaxi network will not have drivers it will have vehicle owners and there's basically no overlap between them and Uber's network and Tesla already has distribution every Tesla owner has a Tesla app and If it wants to launch a robo taxi network, all it has to do is have a robo taxi app that people are aware of and they'll download it and they'll download it and use it because the cost per mile of a robo taxi is half of what it is with a human driven car. So I just don't see the argument for. I don't see the argument for partnering with Uber. I think Tesla should take all the profit for itself. Do you see an opportunity to pair trade crypto coin and Tesla crypto coin? What's crypto coin? Since crypto seems recovering faster. I don't know what crypto coin is. Can we put a, by the way, I've said this before, Ahmed, but I just want to reemphasize your number one job is right now is to get to at least three hundred shares in Tesla and never lose them. Don't sell. Don't do anything. Just try and get to three hundred shares in Tesla and don't lose them. That's my that's my advice. That's my non-financial advice opinion, I should say. Can we put a stop loss for Tesla so we don't go below our average buy price? That's not what I would do. Why do you not want to go below your average buy price? If we go below our average buy price, it's a great opportunity to buy and lower our average price even more. Uh, so I mean, you shouldn't be investing money that you need in the short term. That's for sure. Uh, if you do need the money, um, and you can't afford in the short term, a loss beyond a certain point, then yeah, I would put a stop loss. Uh, but I don't think you should have the mentality that my investment should always be in the green. I should never see red and, you know, I'm going to put a stop light so that I never see red going to put a stop loss on my average price. Because, you know, stop losses, you know, they can burn. You may end up selling and then, you know, it goes up and you lost a few shares. For me, when, you know, if I like something at ten, I like it more at eight. I like it more at seven. I'm not really a trader. I'm not a short term focused investor. So. Hopefully that helps, Khaled. Renegade, what do you think about XRP? I'm just not interested. That dilution dynamics make it unattractive to me. What do you think about the current surge of crypto? Short rise before a bigger fall or real bull run? So obviously there'll be volatility. I think focusing on things that have supplies, this is the most important thing of crypto right now. The most important thing when you're investing in crypto is just look at the supply. Nothing in crypto does anything useful. So far. If you argue that something like Solana does something useful, it does something useful to the extent that it enables people to trade cryptos that are stores of value. It also enables people to trade crypto that is just complete garbage and most crypto is garbage so the real value in crypto is in the stores of value and the story of value comes from having a limited supply and that supply not being subject to changes and so obviously the biggest or the crypto with the longest track record of maintaining its integrity in terms of supply is Bitcoin. And I'm also a fan of Litecoin. I'm a fan of Dogecoin because they have similar supply dynamics. I think they'll probably do well. And so that's really what I would focus on. I would not, I would not try to sort of catch one of the altcoins. Although many of them will run in a big way, I'm sure. But it's just the fact of the matter is they're not producing meaningful revenue. If you try and value them on using a discounted cash flow model, you'll get a fraction of a fraction of a fraction of their market cap in almost every situation. And therefore, I just don't see a compelling reason to invest in them. And the number one priority in investing, the number one priority you should always remember, always remind yourself, never forget this. The number one priority in investing is capital preservation. That's the number one priority. And so, or I should say purchasing power preservation. You want to at least not lose your purchasing power. So keep that in mind and don't, fall into the trap of greed. Obviously not saying that that's what you're suggesting at all. I'm just saying general advice. Quiznos, I remember that place. Given Elon's immorality, how can you justify owning Tesla stock? Well, I'm invested in Tesla. I'm not invested. I don't own Elon. I own Tesla. Elon owns thirteen percent of Tesla. If you were to exclude all of the companies whose other owners you disagree with, I don't think you're going to have many companies left. Like BlackRock basically owns everything. And BlackRock is involved in things that I don't agree with. And so am I just going to not invest in anything because BlackRock also has a share in them? I think that's putting too sort of high a bar that you have to agree with all other owners, could be in the tens of thousands, in order to be comfortable owning a particular company. That's just how I think about it. Great, Khaled. I'm glad it helped. Was this a financial advice? No, no, not financial advice. Okay. Hey, if you enjoyed this live, do leave a like. I'd really appreciate that. Become a PIF member. I haven't said that in a while, but if you're not a PIF member, you should become one. A link to do so is in the description. Love you all. Take care. As-salamu alaykum and peace be upon you all.