Tantallon Fund Report,
June 2024
The fund rose +.97bps, taking us to +33.84% ytd.
A frustrating month, with some sharp gains in our tech names offset by weakness in our copper positions, a dip in shipping and, most infuriatingly, a 25% surge in TSLA in the last week of the month, sparked by some jaw-dropping comments from Cathy Wood predicting a 2029 price of $2600/share on the back of its robo-taxi development; interestingly her prediction attached zero value to reports that Musk is donating his sperm to start a colony on Mars. Tesla now commands a price/earnings multiple double that of Nvidia, whose valuation is increasingly the cause of much hand-wringing on the sustainability of the AI theme. I know who I’d back to be at $2600 in 2029!