The first rule of money management is never to have to say you are sorry. That’s why money managers never tell you in real time what their holdings are. It’s why they don’t hold monthly meetings. It’s why they don’t take questions. To which I say this: We run a club. We are open about what we do. How can you learn if you can’t even admit your mistakes? With our “Monthly Meeting” for December now in the books, here’s a look at how we misstepped in 2022 — and what we learned along the way. What we learned 1. Market cap matters. Some of our best stocks got out of hand. At one point Nvidia (NVDA), a very good company, was worth more than $820 billion, or more than 29 times sales. It didn’t matter that Nvidia is one of the finest, most innovative companies around. Just like there is a buy price for pretty much everything there is a sell price, too. When you have a very high price-to-sales ratio, you must ask yourself if there’s too much enthusiasm and not enough that can still take it higher? You must scrutinize whether the company has something up its sleeve in the next 12 months, not the next 12 years, that backs up the premium. If you’re creating answers to justify a valuation that has become unjustifiable, then you have to exit the position — as we should have done with Nvidia. 2. It’s key that a company be communicative with shareholders. Or does it dodge you and treat you unfairly? That’s been our experience with Bausch Health (BHC). No matter what we do they will not talk to us. They will not call us back. They won’t validate the thesis they laid out on “Mad Money.” So we are frozen, we don’t know what to do. This belligerence is unacceptable and puts us in limbo, a terrible place to be. 3. Don’t fall for the grand tour, or the grand lunch for that matter. You have no idea how many executives I go out with each week. Of course, each has a good story. Same with the executives who come on “Mad Money.” It’s always sunny. That’s why meeting with an executive can be fatal. CEOs are salespeople for their institution. They are incredibly effective. You have to be skeptical and resist the sirens. 4. Beware of stories based on the total addressable market size. You can get all bulled up for nothing. So often a company says an opportunity is so huge you have to get in on it. I didn’t fall into this trap with SmileDirectClub (SDC), the braces company, which told us that the worldwide total demand for its products was $500 billion. That may have been true when the stock was at $15 a share two years ago. But it also may be true at 53 cents a share, where it is now. Remember these more pertinent words: show me the money. 5. Don’t fight the Federal Reserve. No matter how rock solid your story might be, no matter how much the earnings could ramp up, if the Fed is trying to knock down inflation, it will knock down your stock, too. A hawkish Fed is your enemy. When we forgot this, we lost a lot of money. In a bear market, capital preservation trumps all. And, now… What we got right 1. Make things and do stuff. Last November, we made a determination that we were going to buy stocks of companies that ‘make things and do stuff’ at a profit. This one phrase saved us hundreds of thousands of dollars because the world changed from being in love with companies that may, one day, make stuff, but certainly not at a profit. Those all turned out to be losers. 2. And don’t be expensive. As the Fed grew more vociferous we had to add a new corollary to our favorite statement: the company had to make things and do stuff profitably, and not be expensive. The Fed’s actions shrunk the multiples of stocks that grew sales and earnings but the price to earnings was just too high to own. The more we sold of these kinds of stocks the more money we saved. 3. We never fell for fads. The market went gaga for all sorts of themes this past year that we felt had little validity — everything from charging stations to green hydrogen and electric vehicles and car parts. We never took the bait. We never trusted the street. We knew not to buy what Wall Street was selling. 4. Boring is good. As the year went on, we found ourselves being drawn more and more to companies that simply weren’t interesting. They were just cheap relative to their peers in ways that made no real sense, so we held them and their values came out over time. They paid out dividends every quarter and reduced their share counts through steady repurchases, thereby increasing our ownership. They were consistent and dependable with their earnings. The job of a money manager is to make as much money as possible with the least amount of risk. Boring reduces risk and volatility, but also increases reward. 5. Don’t panic. If you’ve done your homework and are confident that the story of a company is a good one, don’t panic even if the market says you’re wrong. Some of the best buys we had this year — buys like that of Estee Lauder (EL), Devon (DVN) or Honeywell (HON) — were opportunities because we knew the story and would not let the market shake us out of them. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
A trader watches as Federal Reserve Chair Jerome Powell speaks on a screen on the floor of the New York Stock Exchange (NYSE), November 2, 2022.
Brendan McDermid | Reuters
The first rule of money management is never to have to say you are sorry. That’s why money managers never tell you in real time what their holdings are. It’s why they don’t hold monthly meetings. It’s why they don’t take questions.
That network of dependable high-speed chargers, paired with solid app integration that makes it easy for Tesla drivers to find available chargers just about anywhere in the US, gave the brand a leg up – but no more. By opening up the Supercharger network to brands like Ford, Hyundai, Kia, and others, Tesla has given away its biggest competitive advantage.
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Add in charging and route-planning apps like Chargeway, that make navigating the transition from CCS to NACS easier than ever with its intuitive colors and numbers and easy on/off switch for vehicles equipped with NACS adapters, and it feels like the time is right to start suggesting alternatives to the old EV industry stalwarts. As such, that’s exactly what I’m going to do.
Here, then, are my picks for the best Tesla S3XY (and Cybertruck) alternatives you can buy.
Less Model S, more Lucid Air
Lucid Air sedans; via Lucid.
Developed by OG Tesla Model S engineers with tunes from Annie Get Your Gun playing continuously in their heads, the Lucid Air promises to be the car Tesla should and could have built, if only Elon had listened to the engineers.
With panel fit, material finish, and overall build quality that’s at least as good as anything else in the automotive space, the Lucid Air is a compelling alternative to the Model S at every price level – and I, for one, would take a “too f@#king fast” Lucid Air Sapphire over an “as seen on TV” Model S Plaid any day of the week. And, with Supercharger access reportedly coming later this quarter, Air buyers will have every advantage the Supercharger Network can provide.
HONORABLE MENTIONS
Less Model 3, more Hyundai IONIQ 6
2025 Hyundai IONIQ 6 Limited; via Hyundai.
Hyundai has been absolutely killing it these days, with EVs driving record sales and new models earning rave reviews from the automotive press. Even in that company the IONIQ 6 stands out, with up to 338 miles of EPA-rated range and lickety-quick 350 kW charging available to make road tripping easy – especially now that the aerodynamically efficient IONIQ 6 has Supercharger access through a NACS adapter (the 2026 “facelift” models get a NACS port as standard).
Once upon a time, Mrs. Jo Borrás and I were shopping three-row SUVs and found ourselves genuinely drawn to the then-new Model X. Back then it was the only three-row EV on the market, but it wasn’t Elon’s antics or access to charging, or even the Model X’s premium pricing that squirreled the deal. It was the stupid doors.
We went with the similarly new Volvo XC90 T8 in denim blue, and followed up the big PHEV with a second, three years later, in Osmium Gray. When it’s time to replace this one, you can just about bet your house that the new 510 hp EX90 with 310 miles of all-electric range will be near the top of the shopping list.
The sporty EV6 GT made its global debut by drag racing some of the fastest ICE-powered cars of the day, including a Lamborghini, Mercedes-AMG GT, a Porsche, even a turbocharged Ferrari – and it beat the pants off ’em. Combine supercar-baiting speed with an accessible price tag, NACS accessibility, $10,000 in customer cash on remaining 2024 models ($3,000 on 2025s) and just a hint of Lancia Stratos in the styling, the EV6 is tough to beat.
If you disagree with that statement and feel like driving a new Tesla Cybertruck is the key to happiness, I’m not sure an equally ostentatious GMC Hummer EV or more subtle Rivian R1T will help you scratch that particular itch – but maybe therapy might!
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BYD Shenzhen, the world’s largest car transport ship (Source: BYD)
Republicans launched multiple attacks against EVs, clean air and American jobs this week, at the behest of the oil industry that funds them. These attacks won’t be successful, and EVs will continue to grow regardless, and inevitably take over for outdated gasoline vehicles.
However, these republican attacks on EVs will still have some effect: they will diminish the US auto industry globally, leading to job losses and surrendering one of the jewels in the crown of American industry to China, where there is no similar effort to destroy its own domestic EV industry.
But they should inspire worry for Americans, because they will only harm the country’s domestic manufacturing base in the face of a changing auto industry.
Republicans keep trying to kill clean cars
The last time a republican occupied the the White House, we saw similar efforts to try to raise fuel and health costs for Americans, and to block superior EV technology from flourishing. That didn’t work in the end, and EVs continued to grow both during that period and after.
All the while, fossil fuels have maintained their privileged policy position, being allowed to pollute with impunity and costing the US $760 billion per year in externalized costs. Much of that subsidy is accounted for in the cost of pollution from gas cars, which are one of the primary uses of fossil fuels, which means that, in fact, gasoline vehicles receive much more subsidy than EVs do.
And yet, EVs still managed to grow substantially, despite these headwinds. EV sales have continued to grow, both in the US and globally, even as headlines incorrectly say otherwise. The republican party’s attempts to kill them were futile, and will continue to be.
It didn’t work, but it did delay progress
However, anti-EV actions from Mr. Trump and the republican party did manage to delay progress from where it could have been if America actually instituted smart industrial policy earlier.
Surely the American auto industry would be ahead of where it is now if those investments had had time to come online. But instead, republicans are currently trying to kill those jobs, which has already led to several manufacturing projects being cancelled this year, depriving Americans of the economic boost they need right now.
Meanwhile, there’s one place that this sort of stumbling isn’t happening: China.
China is taking advantage
China has spent more than a decade focusing on securing material supply, building refining capacity, developing their own battery technology, and encouraging local EV manufacturing startups.
This has paid off recently, as Chinese EVs have been rapidly scaling in production in recent years. It took a lot of the auto industry by surprise how rapidly Chinese companies have scaled, and how rapidly Chinese consumers have adopted them, after having an initially slow start.
But that adoption hasn’t just been local, it’s also global. Last year, China became the largest auto exporter in the world, taking a crown that Japan had held for decades. But the change was even more dramatic than that – as recently as 2020, China was the sixth-largest auto exporter in the world, just behind the US in 5th place.
China’s dramatic turn upward started in 2020, and now it’s in first place. Meanwhile, because of all the faffing about, the US remains exactly where it was in 2020 – still in fifth place. Well, sixth now, since China eclipsed us (and everyone else).
But tariffs have been tried before, and they didn’t work. When Japan had a similarly meteoric rise to global prominence as an auto manufacturer in the 1970s and 80s, largely due to their adoption of new technology, processes, and different car styles which incumbents were ignoring, the US tried to stop it with tariffs.
All this did was make US manufacturers complacent, and Japan still managed to seize and maintain the crown of top auto exporter (occasionally trading places with Germany) from then until now.
Then as now, the true way to compete is to adapt to the changing automotive industry and take EVs seriously, rather than giving the auto industry excuses to be complacent. But instead, republicans aren’t doing that, and in fact are working to ensure the American auto industry doesn’t adapt, by actively killing the incentives that were leading to a boom in domestic manufacturing investment.
US auto industry jeopardized by republicans
Make no mistake about it: destroying EV incentives, and allowing companies to pollute more and innovate less, will not help the US auto industry catch up with a fast moving competitor.
As we at Electrek have said for years, you cannot catch up to a competitor that is both ahead of you and moving faster than you.
It also applies to nations, which could have spent the last decade doing what the Chinese auto industry has been doing, but instead non-Chinese automakers have been begging their governments for more time, even though it’s not the regulations that threaten them, it’s competition from a new and motivated rival that is moving faster and in a more determined manner towards the future.
The way that we get around this should be clear: take EVs seriously.
But that’s not what republicans are doing, and in doing so, they are signing the death warrant for an important US industry in the long term.
Another thing republicans are trying to kill is the the rooftop solar credit, which means you could have only until the end of this year to install rooftop solar on your home before the cost of doing so goes up by an average of ~$10,000. So if you want to go solar, get started now, because these things take time and the system needs to be active before you file for the credit.
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International equipment manufacturer Vermeer has unveiled a full-scale prototype of its Interlune excavator, a machine designed to ingest 100 metric tons of rocks and dirt per hour, extracting valuable helium as it makes its way across the surface … of the Moon.
Helium plays a critical role in the manufacturing of semiconductors, chips, optics, and all the other stuff that makes EVs, autonomy, the Internet, and the rest of twenty-first century life possible. The problem is that, despite being the second-most common element in the universe, helium is pretty rare on Earth – and we are rapidly running out. As such, there are intense economic and political pressures to find new and reliable sources of helium somewhere, anywhere else, and that demand has sparked a new modern space race focused on harvesting helium on the Moon and getting it back home.
To that end, companies like American lunar mining startup Interlune and the Iowa-based equipment experts at Vermeer are partnering on the development of suite of interplanetary equipment assets capable of digging up lunar materials like rocks and sand from up to three meters below the surface, extract helium-3 (a light, stable isotope of helium believed to exist in abundance on the Moon), then package it, contain it, and ship it back to Earth.
“When you’re operating equipment on the Moon, reliability and performance standards are at a new level,” says Rob Meyerson, Interlune CEO. “Vermeer has a legacy of innovation and excellence that started more than 75 years ago, which makes them the ideal partner for Interlune.”
The company showed a scaled prototype of the machine at the 2025 Consumer Electronics Show (CES) in Las Vegas (above), emphasizing the need to develop new ways to operate equipment assets in the extreme temperatures of extraplanetary environments beyond diesel or even hydrogen combustion.
On the airless surface of the moon, it would be impossible for an internal combustion engine to operate on the moon’s surface because there is no oxygen for combustion. Electrically powered machines seem the obvious solution with solar power generation supplying the electricity. But the answer is not that simple.
Temperature changes on the surface of the moon are extreme. They can soar to 110° C and plummet to -170° C. Developing electric construction machinery to perform in this environment is no easy task, but Komatsu is tackling issues one by one as they appear. Using thermal control and other electrification technologies, we are engineering solutions.
Despite Komatsu’s apparent head start, however, Vermeer seem to pulled ahead – not just in terms of machine development, but in terms of extraction potential as well.
“The high-rate excavation needed to harvest helium-3 from the Moon in large quantities has never been attempted before, let alone with high efficiency,” said Gary Lai, Interlune co-founder and CTO. “Vermeer’s response to such an ambitious assignment was to move fast. We’ve been very pleased with the results of the test program to date and look forward to the next phase of development.”
Interlune is funded by grants from the US Department of Energy and NASA TechFlights. In 2023, the company received a National Science Foundation (NSF) Small Business Innovation Research award to develop the technology to size and sort lunar regolith (read: dirt). Interlune has raised $18 million in funding so far, and is planning its first mission to the Moon before 2030.
Electrek’s Take
Interlune helium harvester concept; via Interlune.
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