The power in any society is with those who get to impose the fantasy. It is no longer, as it was for centuries throughout Europe, the church that imposes its fantasy on the populace, nor is it the totalitarian superstate that imposes the fantasy, as it did for 12 years in Nazi Germany and for 69 years in the Soviet Union. Now the fantasy that prevails is the all-consuming, voraciously consumed popular culture, seemingly spawned by, of all things, freedom. The young especially live according to beliefs that are thought up for them by the society’s most unthinking people and by the businesses least impeded by innocent ends. Ingeniously as their parents and teachers may attempt to protect the young from being drawn, to their detriment, into the moronic amusement park that is now universal, the preponderance of the power is not with them.
I agree that it’s been a good time for the novel in America, but I can’t say I know what accounts for it. Maybe it is the absence of certain things that somewhat accounts for it. The American novelist’s indifference to, if not contempt for, “critical” theory. Aesthetic freedom unhampered by all the high-and-mighty isms and their humorlessness. (Can you think of an ideology capable of corrective self-satire, let alone one that wouldn’t want to sink its teeth into an imagination on the loose?) Writing that is uncontaminated by political propaganda — or even political responsibility. The absence of any “school” of writing. In a place so vast, no single geographic center from which the writing originates. Anything but a homogeneous population, no basic national unity, no single national character, social calm utterly unknown, even the general obtuseness about literature, the inability of many citizens to read any of it with even minimal comprehension, confers a certain freedom. And surely the fact that writers really don’t mean a goddamn thing to nine-tenths of the population doesn’t hurt. It’s inebriating.
What characterizes Baby Boomers? They got an education where their parents didn’t. They had a lot fewer kids than their parents did. They had much higher incomes than their parents did. And there are a lot of them. This is a good description of current Hispanic kids. If your growth relied on young, educated, materialistic whites, this is your best hope to plug your demographic gap. Again, I’m looking at you New England, higher education, and the Republican Party.
It is hard to make things of very poor quality succeed — though after you meet a basic standard of quality, what becomes a huge hit and what doesn’t is essentially a matter of chance.
Everyone who has argued so vehemently against [Romantimatic] could have just as easily quietly noted its existence, decided it wasn’t for them, and moved on, without moral obligation or qualm. But this is the Internet, and such things do not happen.
Beginning in June 2011, Goldman Sachs Bank USA, an affiliate of Goldman, Sachs & Co., has made extensions of credit in the aggregate amount of $275 million to Elon Musk and the Elon Musk Revocable Trust dated July 22, 2003, or the Trust, a portion of which Mr. Musk used to purchase shares of common stock in our public offering in May 2013 and private placements in June 2011 and June 2013. Interest on the loan accrues at market rates. Goldman Sachs Bank USA received customary fees and expense reimbursements in connection with these loans. As a regulated entity, Goldman Sachs Bank USA makes decisions regarding making and managing its loans independent of Goldman, Sachs & Co. Mr. Musk and Goldman have a long-standing relationship of almost a decade. In addition, Morgan Stanley Smith Barney LLC, an affiliate of Morgan Stanley & Co. LLC, has made a loan to Mr. Musk in the aggregate amount of $25 million. Interest on this loan accrues at market rates. Morgan Stanley Smith Barney LLC received customary fees and expense reimbursements in connection with this loan.
We are not a party to these loans, which are full recourse against Mr. Musk and the Trust and are secured by pledges of a portion of our common stock currently owned by Mr. Musk and the Trust and other shares of capital stock of unrelated entities owned by Mr. Musk and the Trust. The terms of these loans were negotiated directly between Mr. Musk and Goldman Sachs Bank USA and Morgan Stanley Smith Barney LLC.
If the price of our common stock declines, Mr. Musk may be forced by Goldman Sachs Bank USA and/or Morgan Stanley Smith Barney LLC to provide additional collateral for the loans or to sell shares of our common stock in order to remain within the margin limitations imposed under the terms of his loans.
- Elon Musk, TSLA’s largest shareholder, has taken out $300 million of personal debt from GS and MS, for which he’s pledged his shares of the company as collateral. When you hear people say that “Musk invested $100m of his own money in Tesla,” understand that, in reality, he invested $100m of borrowed money. Not the same thing.
- Musk has a greater interest in Tesla’s share price going up than the average owner. If that sounds counterintuitive — after all, doesn’t every owner want their share price to go up? — consider the difference between the equity in your home going down when you own it free and clear versus seeing your mortgage head underwater. My point is, when Tesla announces anything, try to remember the incentives at play.
- Morgan Stanley and Goldman also have a greater interest in Tesla’s share price than the average research desk. This is especially important given that today MS doubled their price target on TSLA to >$300 the day before underwriting a dilutive $1.6b bond offering. Nothing to see here.
Enterprise only pretends to itself to be mainly actuated by the statements in its own prospectus, however candid and sincere. Only a little more than an expedition to the South Pole, is it based on an exact calculation of benefits to come.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.