The latest iteration of Tesla self drive software, v13.2, the first of the 13 branch distributed to final customers is hot, delivering awesome drives, navigating very well in highways and roads, and it’s really impressive watch it managing so well in and out of parking lots and tight awkward spaces.
Example:
Example 2:
In the bureaucratic front, the Incoming White House A.I. & Crypto Czar, David Sacks (a Silicon Valley veteran and Elon’s bestie) has promised the needed federal regulations hinting a much sooner than expected deployment of unsupervised FSD.
And Mr Market is starting to believe they can pull this thing off. We are now up 50% with $tsla trading at 390. I’m holding nfa.
Roughly three years ago I wrote some thoughts about the upcoming revolution in transportation, electrification and autonomy. Time for a quick update.
In the electrification front, sales of battery electric vehicles (BEV) in Europe (EU + EFTA + UK) + US have been blooming1,
BEV sales in units
I have excluded China and hybrid sales, because in both situations basically anything with a wheel and a battery can (and will) be considered an electric vehicle, which distorts the data to the optimist side.
Bottom line in the electrification sales in Europe+USA have reached 3.2 millions units in 2023, a 164% increase from 2021.
There is some near term concern with interest rates, sold out media to big oil and legacy auto (pumping hybrids and denigrating electric cars), and looming price wars with China… but despise all this, the long game is playing out very well, and in my mind it’s already won due to Wright’s law and the learning curve effect. The learning curve model posits that for each doubling of the total quantity of items produced, costs decrease by a fixed proportion (observed experience curve effects for various industries ranged from 10% to 25%).
Every battle is won before it’s ever fought
Sun Tzu
For instance, from 2020 with 800k units (Europe + USA data) and a cumulative production trough 2023 of 6400k units, we can calculate with a conservative 10% learning slope curve a 27.1% cost improvement over these last 3 years. In the real world EV prices actually have been dropping and the specs getting better each year. It’s kind of comparing apples to oranges, to compare a battery electric vehicle (EV) to an internal combustion engine (ICE) car, but I believe point of sale price parity is just around the corner, and the trend will be cheaper EVs than ICE in the (near) future.
It’s important to notice ICE industry doesn’t benefit pretty much from scale anymore, Earth currently has circa 1.5 billion cars2 in the world and a yearly 75 million production (an average 20 years renew of the fleet) so it would take at least 40 years to double the cumulative production… I’m convinced we will experience a curve discontinuity, when existing processes become obsolete by technological change.
Actually in the beginning of the ICE industry we can visualize Wright’s law working hard in Ford model T yearly price/units produced.
Also has expected, battery tech is progressing fast. At pack level (more relevant than cell level) the energy density trend is pretty self explanatory and there is still plenty of room for progress, while combustion engine is at the end of the technical development line.
YET… I reiterate, the true revolution it’s not the disruption of ICE, but it’s brewing in the autonomous vehicle (AV) front. And in the world of silicon chips and code lines, the frenetic Moore’s law is king. Dictating an expected doubling of capacity for the same cost every two years, hence a compound annual growth rate of 41%, Moore’s law predicts 180% better systems from 2021 to 2023 at the same cost (300% better by this year end, 21x better by decade’s end at the same cost… that’s the power of the compounding effect).
And boy there are big practical developments in the computers world, forget about machines playing chess (or go) at super human level, forget about image and text recognition. Artificial intelligence (AI) large language models (LLM) bots, being ChatGPT the most known to the general public, can now pass the Turing test!
Proposed by Alan Turing, it tests for intelligence in a computer, requiring that a human being should be unable to distinguish the machine from another human being by using the replies to questions put to both.
Also AI can now easily generate images and videos according to the user prompt. Let’s say, “draw me a picture of a dirt bike popping a wheelie on Mars with several spaceships in the sky” and after a couple of seconds… booom there you go….
So, as expected lots of progress going on, but can a machine drive a car safely in the real world with other road users around?
And the short answer is: YES IT CAN. Google’s Waymo currently operates daily commercial robotaxi services in parts of Phoenix, San Francisco and Los Angeles.
Google’s Waymo in SF
Also General Motors launched Cruise, a robotaxi service, but after several incidents, like cars freezing causing gridlocks, and crashes involving pedestrians and third party vehicles resulted in the suspension of the license to operate without a safety driver, and GM opted to halt it’s AV efforts “while undertakes a comprehensive safety review”4. Once again Mary Led and it matters.
Joe Biden notable remarks in 2021 Detroit Evs conference. Since, in 2023 Tesla sold 1.81 million (1.81 x 1000000) EVs, and GM sold 66 thousand EVs (66 x 1000) or about 3,6% of Tesla EVs sales…..
Also in the legacy auto world, Ford and Volkswagen, shut down Argo AI5 their joint effort to develop self-driving cars without achieving nothing relevant.
Meanwhile Mercedes has launched Drive Pilot, the first (and so far only) SAE Level 3 system (you can take hands out of wheel and eyes out of road) approved for sale in Europe and the US. Highly publicized It’s a mere marketing gimmick, because it only works on specific pre-mapped highways, during daytime, in good weather, and up to 40 mph in traffic jam situations (following a car).
Really what to expect from legacy auto in AV? As in 2024 they still struggle with simple software stuff like over the air updates and infotainment systems.I really don’t expect nothing but marketing.
From the tech world, Mobileye an Israeli spinoff from chip giant Intel focused only in AV technology, is currently valued at 26 billions, and it develops AV hardware and software to auto makers. Mobileye actually was the original provider of Tesla first autopilot, but after a deadly crash Tesla decided to pursuit AV on it own6. Also worth mention is Comma.ai, creation of George Hotz (the Iphone and Playstation jail brake hacker) that develops Openpilot, an open source (find it on github) effort that provides advanced driver assist features to several car makers trough purpose built hardware designed to be installed in the car.
There are clearly two different approaches to solve the AV problem, the legacy auto (and Waymo) using highly detailed and up-to-date maps combined with a suite of sensors like high precision GPS, lidar, radar, 5G connectivity. And the tech world going for cameras (vision only) and AI solution.
While the first approach, can bear fruit much quicker in geofenced applications like Waymo or Mercedes Drive Pilot it’s non practical or economical to scale, it’s a nightmare and expensive to produce and keep updated 3D maps at millimeter precision, and all those sensors come with a hefty cost, so (at least by now) it’s a non economic and non scalable solution. A general AV solution is needed, and in my mind this will be achieved with cameras and AI neural nets, you have to teach a F*g machine to see and react in real time to the world circumstances and changes.
$TSLA
So, if you read the original Transportation 2.0 post back in the day and decided to invest some hard earned money in $TSLA (260.20 close at the posting day) you are now a certified bag holder carrying a 7% loss.
General sentiment is not great, inflation, interest rates, waging wars are taking a toll in the markets generally, and Tesla specifically is also victim of a strong negative narrative from main stream media, and some US government harassment specially since Elon Musk bought Twitter.
So, is this the end? Better to sell all and move along? CNBC, Bloomberg, CNN heck most of the main stream media and Zuck social networks are spoon feeding the viewers with the same message, Elon Musk is bad, EVs suck, Tesla is doomed, FSD is a public danger, Cybertruck rusts overnight, the electric small/affordable car will never be produced, Tesla is doomed. investing in Tesla is crazy, the Chinese are coming, the end of world is upon us…
They must be right? Right? When, in doubt zoom out (and filter signal from noise).
Tesla # Cars Delivered per Year
Tesla GAAP Net Income Per Second (in USD)
I personally feel some 2018 vibes, when the company was between 2 growth waves, the first wave was the proof of concept with luxury segment Roadster, Model S and model X (tens of thousands units production), and the second wave was the EV mass production with Model 3 and Model Y (millions of units production). Back in the day, just like today, main stream media (with the best compliments of legacy auto and big oil advertising dollars) was pumping the don’t buy a Tesla and don’t touch TSLA stock narrative, they were soon to be bankrupt they say, DOOMED they say.
Tesla is doomed…
fate loves irony as Bob Lutz was a former vice chair of GM bailed in 2009 at a cost in excess of 10 billion USD to the tax payer.
I love it, it shows the fear and desperation of the bears.
Tesla FSD solution is now in 12.5 supervised, meaning it can do all the trips for you without touching the controls, but it requires a person at the driver seat supervising and being ready to intervene and override any error of the system. It’s not geofenced, it works well in rain or night conditions, with or without traffic (leading cars). A general solution for all, that is driving more and more miles.
Is it perfect? No, it’s a ongoing effort, and as time goes by It’s actually learning to drive better and better. Many FSD users report most of trips now are zero interventions, and it’s pretty easy to find Youtube videos of the car driving itself on FSD flawlessly for hours (the videos are getting quite boring).
We also know that in AI systems more data and more compute are always better. This is a big advantage to Tesla, because it’s the only auto maker with 6 million + vehicles with data collection and reporting capability. Talking about more compute, Tesla is developing a huge supercomputer cluster, code name Cortex, in Giga Texas scheduled to be operational in a few months, powered by a system up to 500MW specifically designed to train AI models.
Tesla has the biggest fans
So, when will the Tesla FSD be unsupervised? When will it drive around without no driver? Well my best guess (yes, it’s a guess) it will be available for customers in the next couple of years. There is a massive effort going, results are coming in. Back in 2021 it could drive for a couple of minutes without disengagements, now we are in the days mark and pretty sure weeks without disengagements are coming in. Tesla is getting closer and closer to the holy grail.
Pretty soon in 10/10 Tesla is doing the robotaxi unveil in the Warner Bros studios, and for sure we will have juicy updates and more visibility about the current state and future developments.
Other toughts amd considerations ex manufacturing and FSD
Biden administration is clearly anti Elon Musk, maybe because Tesla is not a unionized company, maybe because he’s a billionaire, maybe because he leans more to the center right, maybe because he bought and freed Twitter from left bias, maybe because he is a free thinker. The bottom point is that if Kamala wins the November USA presidential election, the federal harassment will continue, so let’s hope for a Trump win and a free market normal operation.
The media bias, as most of the media is left wing biased and on top of that Tesla doesn’t advertise (so they don’t get their money) it’s a daily stream of false information against Tesla that can eventually take it’s toll. The good point is that someone said any advertising is good advertising, and the facts speak for themselves and most persons with a functional brain can dismantle the lies and the bias really fast.
and….
so…. probably the Norwegians are just stupid or the news is stupid?
The TSLA stock chart is very promising with a massive symmetrical triangle ready to pop.
Symmetrical triangles represent a pause in the prevailing trend as bulls and bears reach an equilibrium. However, once the price breaks out decisively from the triangle, it often signals the start of a new trend or continuation of the prior trend. The direction of the breakout, whether above the upper trend line or below the lower trend line, tells you which side has gained the upper hand
Yesterday the Federal Reserve reduced the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%. The first drop in 4 years signaling the beginning of an easing cycle that is historically very positive for stocks.
So if you are holding the bag since the 2021 post, be excited about the future and hold, there is a bright future ahead, and your patience can (and will) be very well rewarded (nfa).
Personally I wouldn’t bet against Tesla and Elon Musk.
Data sources: European Automobile Manufacturers Association, Kelley Blue Book ↩︎
Data source: fair estimate from automotive industry research firm Hedges & Company. ↩︎
https://www.youtube.com/watch?v=iWOD55f2mEk by https://x.com/LimitingThe ↩︎
In a world full of lengthy video reviews here goes my information packed, honest review of the refreshed Tesla Model 3 “Highland” after 5000 kilometers. It does have some flaws like the rest of us, but overall it’s an awesome product.
Dynamic performance
The car acceleration is fucking great for a cheap base non sport model, it pulls really good from stopped all the way to the maximum top speed with no hesitations what so ever. Is quite stable at high speed and turns really good in the twisties (the low center of gravity makes wonders), the ABS and TC are effective and actually let some wheel spin for fun factor. It can sustain top speed for extended periods of time, I never saw the dreaded “battery hot, reduced power available” warning that I always get when pushing in the “autobahn” previous electric models.
It’s a bummer that the car electronically cuts power at 200 kph when you feel enough to reach 220/230 kph no problem. The brakes are effective for every day usage, but rubbish for intense driving as they get too hot very easy (removing the aero wheel covers helps). So, don’t even think about track fun without changing brakes. Also, you can’t turn off ABS and TC… another fail in my book. The engine braking is omnipresent (kind of remembers a motorcycle) and non configurable, but when you change to a combustion car you really miss the control and security it grants to driving, and when you change back to EV you really don’t miss coasting. Suspension is awesome, it hides the car weight really well, but the weight is there and it’s felt in wet conditions and corner transitions, so be careful and take your time to know the handling in these conditions and avoid any scary situation.
Pro tip: when high speed driving turn off the lane assist feature, because the little wheel vibration it sends when crossing lines on the road can sometimes unsettle the precision of the car.
Just a note for European tight city centers road users, the car is a bit too big. When Tesla launches the compact/city car it will be just perfect for tight city driving.
Range, efficiency, charging and battery
The declared WLPT range is 513 kilometes, but whoever conjured this laboratory test should be sodomized by a gang of Senegal males in their prime because it’s utter unrealistic. So, full blast emergency mode with a knife on the teeth doing the best to trash the battery, hard accelerations and braking, long top speed segments expect a range around 150km, a more relaxed but yet sporty (going faster than most of traffic) expect about 250km range, city stop and go driving or/and single carriage in the 90/100kmh speed expect around 400km range. It can probably reach 500km autonomy hypermiling driving, personally I didn’t test it because I’m so not it the mood to waste life time driving for 6.5 hours at 70kmh.
Yes, this car wants and makes you feel good about going fast, because at home charging overnight you get 0.07 cents a Kwh, so lets say you charge from 0-100% it costs you 3.85 euros. In daily driving , no worries about the right pedal, expect a range of 250km or the mind blowing cost of 1.5 euros per 100km. So, if you are used to a diesel for daily driving like I was, each month lets say you spend 100 euros in fuel with this you spend 12.5 euros. So, really in my mind it makes no sense to go slow for saving energy/money.
If you are road traveling, and fast charging then expect the rip-off, around 60 cents Kwh in public networks that puts it a little above the average cost of a 2.0 diesel car, or around 30 cents Kwh in the fantastic Super Charger Tesla network which puts it a bit below the average cost of a diesel car.
Many friends ask me how much time it takes to charge, so in everyday use it takes zero time, you don’t have to go to the pump, you don’t have to wait in line for the person in front to get his coffee and snacks, when it’s under 70% of state of charge I simply plug a cord at night and go to sleep. in road tripping expect a stop of 15 to 20 minutes fast charging for every 2.5h driving (the car computer calculates and navigates the needed charging pit stops auto magically)
Other point, this version has a LFP battery, so no cobalt in it, but more important for me you can charge it everyday to 100% no problem with battery degradation. Also the expected degradation over the years of usage is expected to be minimal (maybe a report on this in some years).
The main point is, if you can daily charge it at home or work with normal energy rates is a great option. If you do lots of road trips then please do your research and the math because probably it’s not the best choice. It’s ridiculous all this government taxes and fees, probably Portugal is the worst example in the whole world, that in the end makes the user pay almost 10x more for the same energy in fast charging than home charging… what a rip-off.
UI
First things first, the highly controversial stalk less wheel design that was bashed all over main stream media. So, if you read news articles about this “issue” you have been click baited, as this is really a non-issue because after some weeks driving stalk less not only you get used to it, but when you go back to an old car with stalks it seems clumsy and stupid to take the hand out of the wheel to push a stick up or down.
Now the stalks remind me of a big old classic Pong style controller, and the wheel buttons feel like a modern Playstation controller. Ask yourself which one would you rather use?
I have two complaints about the Tesla big touch screen that controls basically all the car functions, and no I don’t miss the knobs and buttons cluttering the console at all.
First a minor complaint, it bugs me that there is no way to shut down the screen and keep the music and climate. I’m not the kind of person to be parked sitting in the car, but this car is so fucking comfortable with great seats, awesome sound system and climate control (and no worries about battery depletion) that I find myself resting a bit in beautiful places, and Youtube is fine, Netflix is fine, Disney+ is fine, the games are fine, but sometimes I just want the darkness to stargaze at night, and the only way is to throw a black shirt over the screen (so boomer…).
Second is a major complaint, probably the thing that bugs more in the whole car. You are connected, you have GPS, you have a big processor to serve you, you have a beautiful big screen in front of you, yet you have to use the phone to run Waze to protect yourself against the speed traps, accidents, traffic jams, construction, and other obstacles. It feels so stupid to ditch Tesla navigation and look down at tiny phone screen…. and for sure a company that is working in AI, Full Self Driving, humanoid robots could for sure develop in a couple of days a social navigation tool.
Speaking of AI, in Europe we still don’t have access to Full Self Driving but the Auto Pilot on highways work just fine, a little bit too cautious sometimes it tends to get a scared and brake a little too much, also the nag its quite boring and should be deleted in my opinion (will order a Alliexpress weighted hand to defeat this regulatory shit), also the inside camera watching you can be easily defeated with a bit of black tape. Damn how I hate these paternalists bureaucrats running the European Union.
Final toughts
The Tesla phone app is awesome, sentry mode is awesome (I always park my motorcycle in front of car for security), love the phone key, love the ability to use the phone to open/close the car and grant via a shareable link access to it makes keys feel so outdated (I hope one day all vehicles will work like this), it’s so easy and simple to go fast and efficient from point A to point B, the solid overall build and feel, the spacious interior and luggage storage, the lack of oil changes and maintenance, the great price point make this a five star product.
It’s no wonder the Model Y was the best selling car of the world (of any type). Congrats and thank you Tesla.
This post is on drafts now for about 2 years, it’s a concise summary of my Tesla investment thesis. My mental carburetor chocked at AI and autonomous driving… and guess what? I still have a shallow understanding of machine learning, neural nets, PyTorch, TPUs and all the technical stuff to deep dive into the AI stuff. And bear with me this stuff is crucial in my mind rational as Tesla’s business model is like a Trojan horse to deploy autonomous driving.
BUT no way that I could overcome my technical limitations… SO this post could stay in Drafts indefinitely, OR just like a IRL conversation with friends (congrats for the ones that actually invested) just wrap it up, and put out the general ideas to all my friends that unfortunately don’t have the opportunity to meet IRL so often.
Disclaimer: this is just my stream of consciousness, do not to take it as financial advise. DO YOUR OWN research and thinking. This can be the ramblings of a insane mind.
Humans, are quite an unsuccessful species about self conservation. We have a (declared) stockpile of nukes to destroy the total earth landmass SEVERAL times. The most important leader today doesn’t “believe” in climate change, and most of the others humans happily let the poison of the atmosphere, the water and the land to continue despite all the warnings.
Imagine a visitor from another world looking at this madness, probably we would be cataloged as “Technological savvy but totally schizophrenic species”. One must ask what legacy are we leaving to the next generations?
Anyway let’s be optimistic, continue the exercise and indulge into random thoughts and speculations about the future. Look and behold when one day the measure of computer RAM will be not in gigabytes, but in terabytes.
Transportation 2.0
There is a revolution about the way people and cargo move around, probably the Jetsons flying car is not coming around soon (or probably it is in the form of electric VTOLs), but billions and billions are being spent into electrification of vehicles.
And this an extremely good thing, because a big chunk of total world CO2 and pollution is generated by burning stuff inside ICE (internal combustion engines), and the BEV (battery electric vehicle) is so much more efficient that it’s operation is much cleaner. And as the power grid gets greener with more renewables in the mix, the overall gap just gets bigger and bigger.
There are two metrics about batteries that don’t lie, the energy density Wh/L and the cost USD/kWh, and the trend is simple for both, higher energy density and less cost every year. It’s nothing at all like Moore’s law, much slower, but even predicting a very conservative 5% increase in density and 5% decrease in price every year, around 2050 (perhaps much sooner considering the massive resources allocations) BEVs will have the equal energy density at a fraction of cost of ICE. Factoring in the difference in engine efficiency, supply chain, and environmental impact, probably much sooner than 2050 will be the end of the ICE age.
Perhaps in a far future there will be internal combustion engines in museums showing the exquisite materials and craftsmanship of a time that the world was powered by an ordered symphony of tiny explosions. I imagine like something like a starting up and revving up event with all the attendees in highly protective gear…
Sometimes i see this video (that as quietly been deleted from everywhere, but the Internet never forgets) of Jim Cramer on CNBC about Tesla IPO just for the comic entertainment value:
It’s so funny, this was June 2010, each TSLA share was selling at 17USD (1.13 USD August 2022 split adjusted…). Guess the market had different view… why was Jim Cramer so wrong?
Because he couldn’t understand inside his primate brain that the real transportation revolution is not the transition from liquid fuel to electric. No, that is just tip of the iceberg, the real revolution that’s going to turn everything upside down, it’s autonomous driving.
Think of all business around moving people and cargo, think of all the payrolls for professional drivers, think of all social security for professional drivers, think of all the road fatalities, think ride sharing and no ownership, think of long distance truck hauling, think of your car leave you on the spot and then proceed to park itself, think about drinking a coffee and finishing that report on your boring morning stop and go commute, think about going home drunk with no problem at all, think about catching some sleep on that long journey, think about elderly or disabled people who want to continue to go places by themselves…. etc, etc, etc…. it’s going to be a beautiful new world.
How much does it worth to have a total autonomous car system that can drive better than the top human drivers? That can operate 24/7 and doesn’t get tired, sleepy, drunk, nervous, over optimistic or distracted? A lot, really a LOT.
The race for the jackpot is on, with billions and billions being invested now. And where there is strong competition there will be results, and here Moore’s law is king, so expect this future to be nearer than generally expected. The company in the pole position is Tesla, and if they can deliver first probably they will become one of the most valuable companies in the world, probably the most valuable company in the world as autonomous driving implies solving computer vision, and computer vision achieved unlocks much more than autonomous driving.
Pushing forward deep into the future. We can ask this question, when an autonomous vehicle will be say 10x, 20x, or 100x safer than an average human driving, will human driving in public roads should be even allowed? Guess not, so I bet a lunch in the best restaurant in town with everyone that accepts the bet, that in 100 years from now human driving in Sweden (or Norway) will only be allowed in closed circuits (lets us hope the Nurburgring is still up and running).
AI
1951 First AI program
1956 Los Alamos chess is the first program to play chess
1997 Deep Blue defeats Garry Kasparok
2007 Checkers is solved paper published
2015 Baidu Deep Image outperforms average human in image sorting and recognition
2017 AlphaZero learns chess self playing itself 24h and crushes the strongest chess AI
2017 AlphaGo beats Lee Seedol in the game of Go (10^170 valid board configurations)
as we can see with these few examples the machines are learning, and are learning more complex tasks and are learning faster. As of now machines are already at super human level at many tasks.
Sure driving is a task that one must parse several complex inputs (vision, sound, proper acceleration) and compute with context real time outputs (turning, accelerating, braking), but there is nothing magical or physical impossible for a machine to perform, and perform well better than an human.
Assuming hardware will keep improving offering better performance at lower price each year, and computer science AI and machine learning will also keep improving over time, there will be a point in time that these factors will compound and intersect to unlock autonomous driving, and Tesla with silicon valley tech know-how, best engineers in the world, huge fleet collecting real world data for training the neural networks, own chip designed specifically for artificial intelligence, etc, etc… will be (in my mind) the one company to unlock it first.
According to Tesla 2021 2q safety report, they recorded one crash for every 4.41 million miles driven in which drivers were using Autopilot technology (Autosteer and active safety features). For drivers who were not using Autopilot technology (no Autosteer and active safety features), they recorded one crash for every 1.2 million miles driven. By comparison, NHTSA’s most recent data shows that in the United States there is an automobile crash every 484,000 miles.
Some of the typical questions i have been asked IRL about the thesis:
Won’t legacy auto crush Tesla by sheer volume?
Well if that was to happen, it should have happened many moons ago. Tesla is a big boy now, growing fast with probably the strongest balance sheet in the industry. Besides legacy auto strength is in metal casting and folding, it can’t even put up a decent infotainment system… much more develop an autonomous driving system.
Besides legacy auto is in a world of pain, declining sales, convert factories and human resources to electric powertrains, battery supply, huge debts…. they are giants on clay feet.
OK, but the actual stock value has already risen tremendously, didn’t I missed the boat?
It’s a fact, the stock price already skyrocketed. If you invested 1000 USD back in the IPO and hold it (Jim told you to sell… big shout out to Jim) you would have today around 200.000 USD…
You can make a solid case to justify the current valuation on current business alone, you can go trough profit margins, growth rates, CAGR, ROI and other financial indicators, you can value Elon Musk as the modern Edison, but for me the equation is really simple, if you can envision a near future with autonomous driving with Tesla leading, the valuation is cheap. If you can’t envision this, probably the valuation is more on the pricey side.
I’m not a big fan of reasoning by analogy, but I must also point that for disruptive companies, companies that change the world, with strong leadership and mission, companies that enter a positive loop feedback system it doesn’t make much sense to cap an upper limit.
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” – Benjamin Graham
Humans, are quite an unsuccessful species about self conservation. We have a (declared) stockpile of nukes to destroy the total earth landmass SEVERAL times. The most important leader today doesn’t “believe” in climate change, and most of the others humans happily let the poison of the atmosphere, the water and the land to continue despite all the warnings.
