Nutstuff out tomorrow…
Wow! TESLA NEW ATH!
🍃 WEED ON FIRE AGAIN: Portfolio is: TCNNF US/ VFF US / GTBIF US / OGI US / GLASF US.
Focus is: MSOS US CANABIS ETF: “money where mouth is”!
I've been buying a few short dated 2026 MSOS cannabis call options. Its punting money but if they work =30x to 50x+ return. Feels like a good risk reward. ( 🎩 Scott!)
DYNAMITE BLOCKCHAIN/ KAS CN: solid moves here. NAV is going up too. ( is a spec-sit minnow but anyone who cares RWA tokenisation. As an Equity on a specialist fund, this is an interesting/good play…
Buy NFLX: Warner Bros. Discovery has been completely hijacked by deal risk, and the tape is telling you that plainly. -15% absolute and -20% relative to Disney and Comcast in a month, the stock is no longer trading on fundamentals but on an increasingly fragile takeover narrative.
Today’s recommendation by Warner’s board to accept the Netflix bid is the tell: if Netflix is the preferred buyer, there is no incentive for them to raise terms; the feared upside squeeze simply evaporates. More importantly, the Paramount counterbid is now structurally impaired. Jared Kushner’s withdrawal of backing matters less for the headline than for what it implies: Larry Ellison financing credibility is weakening just as Oracle equity rolls over, and political oxygen around the Paramount path is gone. At the same time, Trump’s previously hostile stance towards a Netflix deal looks eminently malleable. Warner’s board backing Netflix is not ideological, it is pragmatic. That closes the asymmetry. WBD now carries all the downside of deal failure with little residual optionality, while Netflix consolidates its position as the only credible global streaming consolidator with balance sheet, scale, and regulatory survivability. This is no longer a spread trade, it is a regime change. Rotate out of WBD. Own Netflix.
https://nutstuff.co.uk/disclaimer
Wow! TESLA NEW ATH!
🍃 WEED ON FIRE AGAIN: Portfolio is: TCNNF US/ VFF US / GTBIF US / OGI US / GLASF US.
Focus is: MSOS US CANABIS ETF: “money where mouth is”!
I've been buying a few short dated 2026 MSOS cannabis call options. Its punting money but if they work =30x to 50x+ return. Feels like a good risk reward. ( 🎩 Scott!)
DYNAMITE BLOCKCHAIN/ KAS CN: solid moves here. NAV is going up too. ( is a spec-sit minnow but anyone who cares RWA tokenisation. As an Equity on a specialist fund, this is an interesting/good play…
Buy NFLX: Warner Bros. Discovery has been completely hijacked by deal risk, and the tape is telling you that plainly. -15% absolute and -20% relative to Disney and Comcast in a month, the stock is no longer trading on fundamentals but on an increasingly fragile takeover narrative.
Today’s recommendation by Warner’s board to accept the Netflix bid is the tell: if Netflix is the preferred buyer, there is no incentive for them to raise terms; the feared upside squeeze simply evaporates. More importantly, the Paramount counterbid is now structurally impaired. Jared Kushner’s withdrawal of backing matters less for the headline than for what it implies: Larry Ellison financing credibility is weakening just as Oracle equity rolls over, and political oxygen around the Paramount path is gone. At the same time, Trump’s previously hostile stance towards a Netflix deal looks eminently malleable. Warner’s board backing Netflix is not ideological, it is pragmatic. That closes the asymmetry. WBD now carries all the downside of deal failure with little residual optionality, while Netflix consolidates its position as the only credible global streaming consolidator with balance sheet, scale, and regulatory survivability. This is no longer a spread trade, it is a regime change. Rotate out of WBD. Own Netflix.
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
Happy New Year! Brutal reminders right away of reality…
( washington Pizza wait is a key metric to pentagon activity!)!
Well guess what, morality is an optional extra in a “Rules based order”! Caracas scenes overnight simply affirms this and what I hope we have articulated well on connecting geo-political dots.
Nutstuff says again; turn the map upside down and it all makes a bleak sort of sense. Washington is tidying its backyard, deal done with Putin with Donbas etc for Venezuela.
Moscow is finishing its dinner, and everyone else is asked to applaud the process as “stability”. Ukraine drags on not because it must, but because it’s useful but is idiocy: toothless Europe is strong-armed into buying weapons it cannot afford, with money it does not have, for soldiers who are increasingly not there to use it. Russia, meanwhile, has stopped posturing and has started drone farming a territory a kilometre a day, drones humming like flies over a carcass. If no deal. Donbas first, then Odesa and more when the appetite returns. No escalation, no drama just the quiet efficiency of power doing what power always does. What shocks is not the brutality, but the pretence that the ongoing wake up that this isn’t exactly how the world has always worked and armchair Generals and half witted western journalists in the pockets of ever more useless politicians need to wise up. Brutal tragic harsh reality.
https://nutstuff.co.uk/disclaimer
( washington Pizza wait is a key metric to pentagon activity!)!
Well guess what, morality is an optional extra in a “Rules based order”! Caracas scenes overnight simply affirms this and what I hope we have articulated well on connecting geo-political dots.
Nutstuff says again; turn the map upside down and it all makes a bleak sort of sense. Washington is tidying its backyard, deal done with Putin with Donbas etc for Venezuela.
Moscow is finishing its dinner, and everyone else is asked to applaud the process as “stability”. Ukraine drags on not because it must, but because it’s useful but is idiocy: toothless Europe is strong-armed into buying weapons it cannot afford, with money it does not have, for soldiers who are increasingly not there to use it. Russia, meanwhile, has stopped posturing and has started drone farming a territory a kilometre a day, drones humming like flies over a carcass. If no deal. Donbas first, then Odesa and more when the appetite returns. No escalation, no drama just the quiet efficiency of power doing what power always does. What shocks is not the brutality, but the pretence that the ongoing wake up that this isn’t exactly how the world has always worked and armchair Generals and half witted western journalists in the pockets of ever more useless politicians need to wise up. Brutal tragic harsh reality.
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
NUTSTUFF ON VENEZUELA; CONNECTING SOME DOTS: Well well Media Babblers, “Rules based orders”, “illegal invasions” and all that!
So it seems we all like to pretend that invasions come with instruction manuals. Page one: Evil. Page two: Good but regrettable. Page three: Humanitarian, but please don’t shout. In reality, they simply arrive wearing whatever moral coat happens to fit the moment! Sovereignty, that grand off used old word, is treated rather like a speed limit: sacred when it suits us, purely advisory when it doesn’t. We invoke it with misty eyes and sanctimony until it becomes inconvenient, at which point we discover an urgent, previously overlooked enthusiasm for human rights. The rights, one should note, oft self-serving tend to become most visible in countries sitting atop something sticky, black and rather useful and flammable!
The Putin comparison is irresistible because it is also so uncomfortable. He would, of course, make precisely the same argument, protection, legitimacy, history, grievance and he would deliver it with the straight face of a man who believes geography is destiny and tanks are footnotes. Isnt a multipolar world as simple as owning or controlling what goes on in your own back yard?
The difference in interpretation is inconveniently, not about the words but simply the audience interpreting them.
Once you concede that sovereignty can be overridden sometimes, you are no longer in the realm of morals but simply those of whim or taste. Judgement replaces law. Power replaces purity. And my guess is Taiwan, hovering right now quietly in the background, is somewhat nervously taking careful notes. This is why these debates will never end. We are not arguing about right and wrong at all here. We are arguing about who we trust to break the rules and whether we like the look of them when they do.
As for invading France again: it would at least have the virtue of honesty.
Nutstuffs question is an even simpler one: What are the odds that Trump hatched this plan a few weeks ago and just traded Maduro for Zelenskyy with Russia? If I was Zelenskyy, I would be on a plane to Tel Aviv pronto!
https://nutstuff.co.uk/disclaimer
So it seems we all like to pretend that invasions come with instruction manuals. Page one: Evil. Page two: Good but regrettable. Page three: Humanitarian, but please don’t shout. In reality, they simply arrive wearing whatever moral coat happens to fit the moment! Sovereignty, that grand off used old word, is treated rather like a speed limit: sacred when it suits us, purely advisory when it doesn’t. We invoke it with misty eyes and sanctimony until it becomes inconvenient, at which point we discover an urgent, previously overlooked enthusiasm for human rights. The rights, one should note, oft self-serving tend to become most visible in countries sitting atop something sticky, black and rather useful and flammable!
The Putin comparison is irresistible because it is also so uncomfortable. He would, of course, make precisely the same argument, protection, legitimacy, history, grievance and he would deliver it with the straight face of a man who believes geography is destiny and tanks are footnotes. Isnt a multipolar world as simple as owning or controlling what goes on in your own back yard?
The difference in interpretation is inconveniently, not about the words but simply the audience interpreting them.
Once you concede that sovereignty can be overridden sometimes, you are no longer in the realm of morals but simply those of whim or taste. Judgement replaces law. Power replaces purity. And my guess is Taiwan, hovering right now quietly in the background, is somewhat nervously taking careful notes. This is why these debates will never end. We are not arguing about right and wrong at all here. We are arguing about who we trust to break the rules and whether we like the look of them when they do.
As for invading France again: it would at least have the virtue of honesty.
Nutstuffs question is an even simpler one: What are the odds that Trump hatched this plan a few weeks ago and just traded Maduro for Zelenskyy with Russia? If I was Zelenskyy, I would be on a plane to Tel Aviv pronto!
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
Heck of a Market and Nutstuff Portfolio is already +11% YTD, I am currently writing mondays edition when some changes to the Portfolio will be published!
I honestly remain somewhat incredulous at all the caution and questions ( and utter macro babble) out there..
Those who dont see what is going on and why please try a 1mth trial of NUTSTUFF.
Our Consistency of thematics is paying off.
In terms of Geopolitics and Investments.
2 here to highlight!
Nutstuff “ spec sit” North sea & Energy basket and Uranium baskets are now roaring!
1. NORTH SEA & ENERGY: you’ve all had the Nutstuff UK pitch on ludicrous valuations and the asymmetric opportunities. Add in Offshore services & drillers. Poised for secular growth after many years of underinvestment and debt paydown.
Stocks: 4 of max alpha: REABOLD & ORCADIAN, WFRD & HALIBURTON ( new ‘26 add)
URANIUM; its so boring endlessly talking inevitability. Great to finally see these moves. No, this isn’t about being “pro-nuclear” anymore; it’s simply about betting on who can actually turn uranium into electrons at scale. Nuclear is finally moving from “future solution” to procurement cycle, and equities are responding accordingly. The real tell is where the torque is showing up; not just in the reactor names, but upstream in enrichment and fuel security. Capital should be and now is rotating from AI compute into AI power. And guess what beyond Cameco/ CCJ there is next to no index weight and fook all mkt cap!
Stocks: 4 of max alpha: UEC ASPI LTBR BWXT
Best.
I honestly remain somewhat incredulous at all the caution and questions ( and utter macro babble) out there..
Those who dont see what is going on and why please try a 1mth trial of NUTSTUFF.
Our Consistency of thematics is paying off.
In terms of Geopolitics and Investments.
2 here to highlight!
Nutstuff “ spec sit” North sea & Energy basket and Uranium baskets are now roaring!
1. NORTH SEA & ENERGY: you’ve all had the Nutstuff UK pitch on ludicrous valuations and the asymmetric opportunities. Add in Offshore services & drillers. Poised for secular growth after many years of underinvestment and debt paydown.
Stocks: 4 of max alpha: REABOLD & ORCADIAN, WFRD & HALIBURTON ( new ‘26 add)
URANIUM; its so boring endlessly talking inevitability. Great to finally see these moves. No, this isn’t about being “pro-nuclear” anymore; it’s simply about betting on who can actually turn uranium into electrons at scale. Nuclear is finally moving from “future solution” to procurement cycle, and equities are responding accordingly. The real tell is where the torque is showing up; not just in the reactor names, but upstream in enrichment and fuel security. Capital should be and now is rotating from AI compute into AI power. And guess what beyond Cameco/ CCJ there is next to no index weight and fook all mkt cap!
Stocks: 4 of max alpha: UEC ASPI LTBR BWXT
Best.
❤4
“How about Bitcoin with a seatbelt?!”
Well done Charlie Morris at Byte tree.
BOLD just launched in UK!🇬🇧
Yes, think of BOLD as Bitcoin with a seatbelt. Instead of raw exposure to crypto’s volatility, it pairs Bitcoin with Gold and forces monthly discipline trimming what’s run hot, topping up what’s been left behind. Analogically same destination, fewer crashes. Since 2022 it’s quietly delivered Bitcoin-like returns with Gold-like nerves, using volatility-weighting rather than gut feel.
Ask Why it matters? Well, in a world of expanding money supply, debt-soaked governments and financial repression, scarce assets win but timing kills most investors.
BOLD automates the hard bit.
What to buy: 21Shares Bitcoin & Gold ETP (BOLD in GBP, BOLU in USD) on the LSE. How to buy: any UK investment platform, intraday like a share.
In a world of monetary debasement, think of it as owning the engine (Bitcoin) and the shock absorbers (Gold) in one vehicle built to go the distance without throwing you through the windscreen!
https://nutstuff.co.uk/disclaimer
Well done Charlie Morris at Byte tree.
BOLD just launched in UK!🇬🇧
Yes, think of BOLD as Bitcoin with a seatbelt. Instead of raw exposure to crypto’s volatility, it pairs Bitcoin with Gold and forces monthly discipline trimming what’s run hot, topping up what’s been left behind. Analogically same destination, fewer crashes. Since 2022 it’s quietly delivered Bitcoin-like returns with Gold-like nerves, using volatility-weighting rather than gut feel.
Ask Why it matters? Well, in a world of expanding money supply, debt-soaked governments and financial repression, scarce assets win but timing kills most investors.
BOLD automates the hard bit.
What to buy: 21Shares Bitcoin & Gold ETP (BOLD in GBP, BOLU in USD) on the LSE. How to buy: any UK investment platform, intraday like a share.
In a world of monetary debasement, think of it as owning the engine (Bitcoin) and the shock absorbers (Gold) in one vehicle built to go the distance without throwing you through the windscreen!
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
As DIGITAL ASSETS & BITCOIN re-awaken, keep this minnow on your radar: KAS CN.
BLOCKCHAIN/DePIN a way to pay via a tiny tiny Canadian Public Listing!
Dynamite Blockchain (KAS CN) is a sort of mini listed crypto venture fund, at the sweet spot between liquidity, token upside, and small-cap equity optionality. Conceptually it fits the
My framework for this is, real optionality on utility-token monetisation without being hostage to Bitcoin or Solana beta.
Think of this as a Sycamore Gap meets Galaxy Digital, but at 1/500th the valuation.
Dynamite Blockchain (KAS CN) isn’t trying to be another proxy on Bitcoin it’s aiming to be a public-market bridge into the token-equity hybrid world that’s emerging this cycle. They’re effectively buying early-stage positions in fixed-supply utility tokens (MOT, mPWR etc.), incubating them, and monetising both token appreciation and equity stakes.
Think of it as “listed seed round exposure” in the next wave of on-chain infra, but without the VC lock-ups or 2/20 fees. (Usual regulatory caveats!)
At C$18m mkt cap, if even one or two of those tokens re-rate aggressively, the NAV torque is enormous; NAV can double just on mark-to-market, and the stock can easily trade at 2–3x NAV as the story gains traction.
The Caveats are there: It’s still very small and the disclosure around underlying holdings / token custody needs to be watched. Liquidity may be “surprisingly good,” but that’s relative, a few $100k through the door can move it fast.
If they can actually show NAV transparency and rotation into yield-bearing or burn-driven utility tokens (vs pure speculation), it could be a sharp asymmetric play into the utility phase of crypto, exactly what the next 18 months are supposed to be about.
https://nutstuff.co.uk/disclaimer
BLOCKCHAIN/DePIN a way to pay via a tiny tiny Canadian Public Listing!
Dynamite Blockchain (KAS CN) is a sort of mini listed crypto venture fund, at the sweet spot between liquidity, token upside, and small-cap equity optionality. Conceptually it fits the
My framework for this is, real optionality on utility-token monetisation without being hostage to Bitcoin or Solana beta.
Think of this as a Sycamore Gap meets Galaxy Digital, but at 1/500th the valuation.
Dynamite Blockchain (KAS CN) isn’t trying to be another proxy on Bitcoin it’s aiming to be a public-market bridge into the token-equity hybrid world that’s emerging this cycle. They’re effectively buying early-stage positions in fixed-supply utility tokens (MOT, mPWR etc.), incubating them, and monetising both token appreciation and equity stakes.
Think of it as “listed seed round exposure” in the next wave of on-chain infra, but without the VC lock-ups or 2/20 fees. (Usual regulatory caveats!)
At C$18m mkt cap, if even one or two of those tokens re-rate aggressively, the NAV torque is enormous; NAV can double just on mark-to-market, and the stock can easily trade at 2–3x NAV as the story gains traction.
The Caveats are there: It’s still very small and the disclosure around underlying holdings / token custody needs to be watched. Liquidity may be “surprisingly good,” but that’s relative, a few $100k through the door can move it fast.
If they can actually show NAV transparency and rotation into yield-bearing or burn-driven utility tokens (vs pure speculation), it could be a sharp asymmetric play into the utility phase of crypto, exactly what the next 18 months are supposed to be about.
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
Nutstuff writing and watching & thinking.
First: Very happy to awake to reports EQT bidding for OXB LN I hear £12+.. thats been a 3X from entry; a reminder I have 4 other biotechs, all shocking in 2025, all I sense are where to be ( if you can) in 2026.
On a wider sense: I guess it goes back that old adage that the real opportunity sits away from the 80%+ trades everyone can recite in their sleep gold, silver, uranium, defence , AI megacaps, etc; and talk of ever more buying weakness in what most machines already own. Staying closer to the constraint layer the market keeps mis-labelling seems a better strategy for 2026: uranium as the physical substrate of AI power, biotech where AI genuinely collapses drug-discovery timelines and saves lives, HAL and SLB as applied energy physics quietly underwriting the entire compute stack, and even your / my Qualcomm, whose “demise” is being declared by rear-view-mirror thinkers just as power efficiency becomes the binding constraint in data centres, the very problem it has spent decades solving. I’d add as would Conor I am sure that Bitcoin and Ethereum belong in this same bucket: not just broker narratives, but monetary and settlement infrastructure for an increasingly digital, energy-intensive world. I wonder how the Iranian leadership hold their cash?! Bitcoin as portable, censorship-resistant energy capital, Ethereum ( I’d own via BMNR!) as programmable financial plumbing all just far more interesting than recycled macro chatter. Yes, everyone owns the obvious stuff as its where index weight is, but alpha rarely lives where consensus already feels clever; it lives where the system is strained, incentives are shifting, and the market hasn’t yet updated its mental or index weightings & model.
Nutstuff looks at some of the welcome but crazy moves in my Portfolio ytd but apart from INTEL, f*** all large cap. Well AVIO IM maybe , but UEC US and other Uranium names etc..all fairly spec sit.
Thats uncorrelated alpha and thats what Nutstuff has tried to do, now in our 6th year!
https://nutstuff.co.uk/disclaimer
First: Very happy to awake to reports EQT bidding for OXB LN I hear £12+.. thats been a 3X from entry; a reminder I have 4 other biotechs, all shocking in 2025, all I sense are where to be ( if you can) in 2026.
On a wider sense: I guess it goes back that old adage that the real opportunity sits away from the 80%+ trades everyone can recite in their sleep gold, silver, uranium, defence , AI megacaps, etc; and talk of ever more buying weakness in what most machines already own. Staying closer to the constraint layer the market keeps mis-labelling seems a better strategy for 2026: uranium as the physical substrate of AI power, biotech where AI genuinely collapses drug-discovery timelines and saves lives, HAL and SLB as applied energy physics quietly underwriting the entire compute stack, and even your / my Qualcomm, whose “demise” is being declared by rear-view-mirror thinkers just as power efficiency becomes the binding constraint in data centres, the very problem it has spent decades solving. I’d add as would Conor I am sure that Bitcoin and Ethereum belong in this same bucket: not just broker narratives, but monetary and settlement infrastructure for an increasingly digital, energy-intensive world. I wonder how the Iranian leadership hold their cash?! Bitcoin as portable, censorship-resistant energy capital, Ethereum ( I’d own via BMNR!) as programmable financial plumbing all just far more interesting than recycled macro chatter. Yes, everyone owns the obvious stuff as its where index weight is, but alpha rarely lives where consensus already feels clever; it lives where the system is strained, incentives are shifting, and the market hasn’t yet updated its mental or index weightings & model.
Nutstuff looks at some of the welcome but crazy moves in my Portfolio ytd but apart from INTEL, f*** all large cap. Well AVIO IM maybe , but UEC US and other Uranium names etc..all fairly spec sit.
Thats uncorrelated alpha and thats what Nutstuff has tried to do, now in our 6th year!
https://nutstuff.co.uk/disclaimer
Nutstuff
Disclaimer | Nutstuff
Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
❤1
Nutstuff in Daily Mail on Why Now it might be time for Bitcoin. https://mol.im/a/15485953
Early comments show few Mail readers are buying it!
The lack of even basic understanding of what it is amazes still:
Herewith some education for a Central Banker from Brian @COINBASE.
Early comments show few Mail readers are buying it!
The lack of even basic understanding of what it is amazes still:
Herewith some education for a Central Banker from Brian @COINBASE.
Mail Online
WILL NUTTING: Why this year cryptocurrencies will go mainstream
One of the last things my late father did, before his death aged 89, was to invest in Bitcoin.
More on Nutstuff but feel this needs to be said…
TESLA: “Amazing Abundance”. ( still 28 buys, 19 holds, 14x Sells!) Yes, clearly the Wall Street jury is still out! That shouldn’t surprise anyone. Lets just hope now a few of these retire and go back to writing about cars. Tesla is moving on!
Tesla is no longer being valued as a car company and, crucially, is no longer behaving like one. Think batteries, solar, power.
The near-term auto slowdown, margin pressure and market-share loss are being deliberately tolerated to fund a transition into physical AI, autonomy and robotics, frankly the only businesses capable of justifying a $1.5tn valuation. By retiring the Model S and X ( likely a scrabble now to buy!) to build Optimus at scale, launching fully unsupervised paid robotaxi rides in Austin, integrating xAI into its manufacturing stack, and doubling CapEx with $37bn of net cash behind it, Tesla is assembling the infrastructure for labour-replacing systems rather than chasing incremental vehicle growth. Energy storage has already emerged as a real profit stabiliser, now contributing over 20% of gross profit ( this matters!), while autonomy and Optimus remain large but plausible call options rather than fantasies. The buy case is not that Tesla sells more cars next year, but that it is one of the very few companies with the data, factories, balance sheet and institutional appetite to industrialise intelligence at scale. I would size exposure as wanting some optionality, not faith. If even one of autonomy or humanoid robotics works, today’s valuation ceases to look excessive and simply starts to look merely early. This is infrastructure optionality, not cash flows. You may ask, Why own it? Well, Labour replacement is the single biggest deflationary force of the next decade.
Tesla is one of very few companies attacking it physically, not just digitally.
Having Factories + data + cash + a willingness to offend regulators = real asymmetry.
• Nutstuff pairs it with: Energy equities (oil, gas, uranium): hedging the power intensity of AI.
•Semis & Chips / infrastructure (TSM, ASML, NBIS-type compute plays): picks-and-shovels.
•Hard assets: if Optimus works, money velocity explodes; you want scarcity elsewhere.
•What Tesla is NOT!!
•Not a “Magnificent 7 quality compounder”. •Not a near-term earnings story.
•Not something to believe in blindly.
Finally, Yesterday the “key man risk” argument about Musk came up again, sorry but to Nutstuff this is the sort of timid logic that mistakes conformity for opportunity . Musk isn’t a fragility; he is the system architect. Tesla, SpaceX, Neuralink, Starlink and now AI/compute are not personality cults, they are manifestations of a single, rare skill: the ability to identify civilisation-scale bottlenecks and then bully physics, capital and bureaucracy into submission until they break. You don’t get factories that look like alien ships, rockets that land themselves, global satellite networks spun up in a few years, or vertically integrated AI-manufacturing stacks by accident or committee from the normal safe or boring. The risk isn’t that Tesla depends on him; the risk is that without him it becomes just another cautious, optimised, slowly irrelevant industrial firm run by people who believe innovation can be scheduled. The personal-life sniping is intellectual laziness. Markets don’t price morality, they price tangible outcomes. Tesla’s advantage isn’t vibes, it’s first-principles engineering, manufacturing learning curves, software-defined vehicles, autonomy data, energy integration and an organisational culture that tolerates failure in pursuit of scale. Musk’s “controversy” is the same quality that lets him ignore consensus when consensus is wrong. History is unkind to the idea that world-changing companies are built by well-adjusted moderates with impeccable dinner-party manners. They are absolutely built by obsessives who don’t ask permission and don’t stop when told something is impossible.
TESLA: “Amazing Abundance”. ( still 28 buys, 19 holds, 14x Sells!) Yes, clearly the Wall Street jury is still out! That shouldn’t surprise anyone. Lets just hope now a few of these retire and go back to writing about cars. Tesla is moving on!
Tesla is no longer being valued as a car company and, crucially, is no longer behaving like one. Think batteries, solar, power.
The near-term auto slowdown, margin pressure and market-share loss are being deliberately tolerated to fund a transition into physical AI, autonomy and robotics, frankly the only businesses capable of justifying a $1.5tn valuation. By retiring the Model S and X ( likely a scrabble now to buy!) to build Optimus at scale, launching fully unsupervised paid robotaxi rides in Austin, integrating xAI into its manufacturing stack, and doubling CapEx with $37bn of net cash behind it, Tesla is assembling the infrastructure for labour-replacing systems rather than chasing incremental vehicle growth. Energy storage has already emerged as a real profit stabiliser, now contributing over 20% of gross profit ( this matters!), while autonomy and Optimus remain large but plausible call options rather than fantasies. The buy case is not that Tesla sells more cars next year, but that it is one of the very few companies with the data, factories, balance sheet and institutional appetite to industrialise intelligence at scale. I would size exposure as wanting some optionality, not faith. If even one of autonomy or humanoid robotics works, today’s valuation ceases to look excessive and simply starts to look merely early. This is infrastructure optionality, not cash flows. You may ask, Why own it? Well, Labour replacement is the single biggest deflationary force of the next decade.
Tesla is one of very few companies attacking it physically, not just digitally.
Having Factories + data + cash + a willingness to offend regulators = real asymmetry.
• Nutstuff pairs it with: Energy equities (oil, gas, uranium): hedging the power intensity of AI.
•Semis & Chips / infrastructure (TSM, ASML, NBIS-type compute plays): picks-and-shovels.
•Hard assets: if Optimus works, money velocity explodes; you want scarcity elsewhere.
•What Tesla is NOT!!
•Not a “Magnificent 7 quality compounder”. •Not a near-term earnings story.
•Not something to believe in blindly.
Finally, Yesterday the “key man risk” argument about Musk came up again, sorry but to Nutstuff this is the sort of timid logic that mistakes conformity for opportunity . Musk isn’t a fragility; he is the system architect. Tesla, SpaceX, Neuralink, Starlink and now AI/compute are not personality cults, they are manifestations of a single, rare skill: the ability to identify civilisation-scale bottlenecks and then bully physics, capital and bureaucracy into submission until they break. You don’t get factories that look like alien ships, rockets that land themselves, global satellite networks spun up in a few years, or vertically integrated AI-manufacturing stacks by accident or committee from the normal safe or boring. The risk isn’t that Tesla depends on him; the risk is that without him it becomes just another cautious, optimised, slowly irrelevant industrial firm run by people who believe innovation can be scheduled. The personal-life sniping is intellectual laziness. Markets don’t price morality, they price tangible outcomes. Tesla’s advantage isn’t vibes, it’s first-principles engineering, manufacturing learning curves, software-defined vehicles, autonomy data, energy integration and an organisational culture that tolerates failure in pursuit of scale. Musk’s “controversy” is the same quality that lets him ignore consensus when consensus is wrong. History is unkind to the idea that world-changing companies are built by well-adjusted moderates with impeccable dinner-party manners. They are absolutely built by obsessives who don’t ask permission and don’t stop when told something is impossible.
❤1
The real bull case is that Musk is doing what almost no CEO even attempts: compressing decades of industrial progress into years by running multiple, mutually reinforcing systems at once energy, compute, manufacturing, transport, AI. That’s not key man risk, that’s key man optionality. If Elon was replaceable, none of this would exist. And that, inconveniently for the critics, is precisely why he’s such an incredible asset. ( Nutstuff).
Mean reversion!
GOLD & SILVER. Nutstuff said 2 days ago; spare me from the Reams and reams of utter “BS” now being spouted by various Sell side firms and fin-twitters. Oh, of course JP Morgan suddenly has an $8000 target for Gold and prob even more for Silver. The only question for anyone to ask is what do these do from here? what really is the likelihood of another 50-100% from here at $38 trillion combined and > 40% of GDP …..?
I know another much smaller asset I would rather have a bet on and if I am right, own some PANDORA / PNDRY US as a hedge too!
Then there is the New Fed chair!
For those thinking Bitcoin & Mean reversion:
Interesting to note Kevin Warsh was an investor in a cryptocurrency project called Basis, which described itself as an algorithmic central bank. He has also served as an adviser for Electric Capital.
…Just saying ….
Nutstuff.
https://nutstuff.co.uk/disclaimer
GOLD & SILVER. Nutstuff said 2 days ago; spare me from the Reams and reams of utter “BS” now being spouted by various Sell side firms and fin-twitters. Oh, of course JP Morgan suddenly has an $8000 target for Gold and prob even more for Silver. The only question for anyone to ask is what do these do from here? what really is the likelihood of another 50-100% from here at $38 trillion combined and > 40% of GDP …..?
I know another much smaller asset I would rather have a bet on and if I am right, own some PANDORA / PNDRY US as a hedge too!
Then there is the New Fed chair!
For those thinking Bitcoin & Mean reversion:
Interesting to note Kevin Warsh was an investor in a cryptocurrency project called Basis, which described itself as an algorithmic central bank. He has also served as an adviser for Electric Capital.
…Just saying ….
Nutstuff.
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Nutstuff
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Important Disclosure Statement from North Breache Limited, trading as ‘Nutstuff’.
Makes total sense..
USAR US acting well.
UEC & LTBR US Nutstuff still maintains could be beneficiaries here….
https://www.bloomberg.com/news/articles/2026-02-02/trump-launches-12-billion-minerals-stockpile-to-counter-china
Trump plans to launch a $12 billion strategic critical minerals stockpile, called Project Vault, designed to shield US manufacturers from supply shocks and reduce reliance on China, combining $1.67 billion of private capital with a $10 billion loan from the US Export Import Bank to procure and store materials such as gallium, cobalt and rare earths used across automotive, technology, aerospace and energy industries; backed by major companies including GM, Boeing, Google and Stellantis and operated with the help of global commodities traders, the initiative mirrors the strategic oil reserve model, allowing participating firms to lock in prices, manage volatility and access supplies during disruptions, while reinforcing a broader US push to diversify mineral supply chains after Chinese export controls exposed significant economic vulnerabilities.
https://nutstuff.co.uk/disclaimer
USAR US acting well.
UEC & LTBR US Nutstuff still maintains could be beneficiaries here….
https://www.bloomberg.com/news/articles/2026-02-02/trump-launches-12-billion-minerals-stockpile-to-counter-china
Trump plans to launch a $12 billion strategic critical minerals stockpile, called Project Vault, designed to shield US manufacturers from supply shocks and reduce reliance on China, combining $1.67 billion of private capital with a $10 billion loan from the US Export Import Bank to procure and store materials such as gallium, cobalt and rare earths used across automotive, technology, aerospace and energy industries; backed by major companies including GM, Boeing, Google and Stellantis and operated with the help of global commodities traders, the initiative mirrors the strategic oil reserve model, allowing participating firms to lock in prices, manage volatility and access supplies during disruptions, while reinforcing a broader US push to diversify mineral supply chains after Chinese export controls exposed significant economic vulnerabilities.
https://nutstuff.co.uk/disclaimer
Bloomberg.com
Trump to Launch $12 Billion Critical Mineral Stockpile to Blunt Reliance on China
President Donald Trump is set to launch a strategic critical-minerals stockpile with $12 billion in seed money, a bid to insulate manufacturers from supply shocks as the US works to slash its reliance on Chinese rare earths and other metals.
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Nutstuff Comes Alive - Feb 2, 2026
https://nutstuff.co.uk/disclaimer
https://nutstuff.co.uk/disclaimer