The Future Fund

An SEC Registered Investment Advisor Investing in Businesses That Change the World

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[The Future Fund @futurefund]

Here are FFND Holdings Data as of 6-18-2026. https://t.co/MpFMXM7gIy

[The Future Fund @futurefund]

Here are FFLS Holdings Data as of 6-18-2026. https://t.co/MpFMXM7gIy

[The Future Fund @futurefund]

https://t.co/2VruGIcgXT

[The Future Fund @futurefund]

The Future Fund LLC Exceeds $200 Million in Assets. Read more at https://t.co/Tr1tnHrv39

[Gary Black @garyblack00]

In equities, bad news has become good news again. So far this year growth +8.3%, value +4.6%, and S&P +6.0%. Within growth, high P/E names are up the most. Driving this: Fed is signaling a pivot with inflation receding and leading econ indicators turning negative.

[Yahoo Finance @YahooFinance]

“The fourth quarter itself was kind of unspectacular,” Future Fund Managing Partner @garyblack00 says on $TSLA earnings. “The gross margins were weak. If you look back at all of the non-recurring things in the quarter, they actually missed."

[AleXandra Merz 🇺🇲 @TeslaBoomerMama]

"Tesla Boomer Mama writes": So, I got appointed to my first Advisory Board https://t.co/qz596Qw40V

[Gary Black @garyblack00]

With inflation data clearly easing (PCE MoM core +0.2% in Dec) the market’s perception of future int rate hikes remains below the Fed’s dot plot, a disconnect that caused the Fed to caution against “unwarranted” loosening of financial conditions in the latest Fed minutes.

[Gary Black @garyblack00]

Tesla shares will bounce back despite poor delivery numbers, says shareholder Gary Black $tsla https://t.co/7YsC6Tvi61

[Gary Black @garyblack00]

An open letter to Tesla’s Board of Directors - see attached.

With $TSLA selling at its lowest forward P/E (37x on WS 2023 EPS) since Covid, with $18.9B in cash and no debt and an investment grade rating, now seems an ideal time for Tesla’s BOD to consider a $10B+ share buyback.

[Liz Claman @LizClaman]

The Future Fund managing partner @garyblack00 and Barron's senior special writer @DowJonesAl discuss how Elon Musk's Twitter turmoil is negatively impacting Tesla stock on @ClamanCountdown https://t.co/Lo0Qwthpbd

[Gary Black @garyblack00]

Case for Growth: YTD R1000G is -32% while R1000V -18%. On EV/Sales, growth stocks nearing their lowest multiple since 1960. The trailing return of growth vs value has never been this bad. Once the Fed hints of a lower than exp rate hike, or delays a hike, growth bounces sharply.

[The Future Fund @futurefund]

@sova123k @garyblack00 No specific limits. TSLA is our largest position at 12% but could go higher.

[The Future Fund @futurefund]

@freebutdeep @garyblack00 Absolutely!

[The Future Fund @futurefund]

@hillariousEllie @garyblack00 Sure. You’ll be able to listen to the recording and get the charts at a later date.

[The Future Fund @futurefund]

@elchivo78 @garyblack00 Electric motorcycles

[Gary Black @garyblack00]

Nasdaq continues to oscillate between worrying about inflation/rising rates and the sharp acceleration in Omicron cases, which is triggering shutdowns of restaurants, schools, and places of employment. If this makes you wonder why the Fed is embarking on tightening, so is Nasdaq.

[Gary Black @garyblack00]

I use a 10yr TY of 2.0% in my 11.6% discount rate (2% 10yr TY, 6% equity risk premium, 1.6x TSLA beta), so my $1,400 $tsla PT won’t change, given the 10yr TY is still just 1.47%.

[Gary Black @garyblack00]

2/ Fed projected inflation will fall from 5.3% in 2021 to 2.6% in 2022, to 2.3% in 2023. Fed dot plot implies a terminal Fed funds rate of 2.1% by 2024, vs 1.46% (+1.9 bp today) 10yr TY. As indicated earlier, we expect $TSLA to react modestly positive to the Fed announcement.

[Gary Black @garyblack00]

Fed announced it would double tapering to $30B per month, allowing it to wrap up QE by March and setting the stage for 3 int rate hikes in 2022, economic growth permitting. With bad news baked in prior to the announcement, NDX is rallying (+0.4% vs -0.6% before the decision).