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.
After nearly a year of speculation online, Rivian has confirmed it will begin offering a new purple exterior color, and we now have the name – Borealis. Inspired by its own community, Rivian’s latest color will be available for a limited time on select variants and arrives as part of a broader design initiative focused on sensory experiences.
Welp, Rivian is actually offering purple EVs.
We had a feeling that this news might be coming at some point, and the confirmation has been nearly a year in the making. Earlier in 2025, some Redditors in the Rivian community started posting images of what appeared to be a purple R1S Quad out in the wild.
We covered the news about 8 months later when fresh images once again emerged of the same truck and the same dealership plates. We could confirm there was at least one purple Rivian, still owned and operated by the American EV automaker, in existence.
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What we could not confirm was whether the Grimace-mobile was a one-off or a hint at plans for a new exterior color option. At the time, representatives for Rivian said they could not comment on speculation, but also did not dismiss any indications that a new purple exterior could be in the works.
This morning, Rivian made its presence known at Collins Park during Art Week Miami Beach, where it has set up a multi-sensory exhibition that includes scent, touch, and, of course, the sight of the new Borealis purple exterior. Check it out.
Source: Rivian
Rivian to offer customers a purple exterior option
During Art Week Miami Beach 2025, which kicked off earlier this week, Rivian has unveiled an exhibition called “Rewilding the Future,” an “immersive exploration of the natural systems” that shape Rivian’s design process.
This multi-sensory exhibit will expose visitors to a range of experiences, including a tactile “touch” where they can create their own objects from recycled and upcycled materials. Rivian also shared that it is exploring scents and has developed one for the exhibit highlighted in The Scent of Terrain. Visitors can first deconstruct the unique scent by smelling the individual top, mid, and base notes in glass flasks before sniffing an oil that combines them all into one sensory experience. Liz Guerrero, Sr. Director of Marketing Experiences at Rivian, elaborated:
Scent is uniquely memorable and we want to get to a place where we have a scent that becomes synonymous with the Rivian brand, sparking that amazing recall that you almost don’t realize you have. This is the next step in the learning process, and we’re excited to see the response.
It is unclear whether there is a specific goal in mind for Rivian’s scent-tric “learning process,” but it could involve brand-specific aromas inside or outside its EVs. Perhaps that new car smell will be “Terrain,” or you will be able to buy some Rivian cologne next holiday season. Rivian has not confirmed any of this, although we did request more information on its plans to integrate scent into design (or not).
Last but not least, Rivian’s Miami exhibit is focused on sight – more specifically, the public debut of its new Borealis purple exterior color. Per Rivian:
This color is a dynamic, deep velvety purple that shifts with the light and captures the essence of the aurora borealis, nature’s most spectacular light show. The inspiration for Borealis came directly from our community. During a 2024 solar event, a group of Rivian owners shot photos of their vehicles glowing under the surreal, purple-washed sky and it captured our design team’s imagination. Borealis pays homage to the spirit of exploration that defines our owners and celebrates the unexpected beauty found in mother nature.
In addition to Borealis, Rivian also debuted a new 20″ All-Terrain Burnished Bronze wheel (pictured above), available exclusively on its new Quad-Motor R1 lineup. As for the purple, Rivian said it is available to customers now on Tri and Quad configurations, but only for a limited time.
The Borealis debut is just one of several color stories being told at the Rivian art exhibit, and those purple EVs will be joined by the automaker’s R1S Quad Miami Edition, which will be on display at Miami Rivian Spaces in Aventura and Brickell beginning today.
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Tesla has received a brutal reality check from Germany this week. The country’s closely watched TÜV Report 2026 has not only ranked the Tesla Model Y as the absolute worst car for reliability in its age group but noted that it has the highest defect rate of any vehicle tested in the last ten years.
It’s a tough look for the world’s best-selling car, though the details paint a more nuanced picture than just “the car is falling apart.”
The TÜV Association (Technischer Überwachungsverein) is the organization responsible for mandatory vehicle safety inspections in Germany. These aren’t just consumer surveys; they are rigorous mechanical exams that every car must pass to remain road-legal.
In its latest “TÜV Report 2026,” which analyzed 9.5 million vehicle inspections, the Tesla Model Y came in dead last among all cars in the 2-to-3-year-old category.
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According to the data, 17.3% of Model Ys failed the inspection with “significant” or “dangerous” defects. For context, the average failure rate for this age group is roughly 6.5%. The Model Y didn’t just fail; it failed spectacularly, posting the worst score TÜV has seen in a decade.
The Model 3 didn’t fare much better, landing in the third-to-last spot with a 13.1% failure rate.
So, what is actually breaking?
According to the report, the main culprits are the same ones we’ve been hearing about for years: suspension components and brakes.
TÜV inspectors flagged frequent issues with axle suspension parts, such as the notorious control arm bushings that have plagued Tesla owners for a long time. They also found significant problems with brake discs. Because EVs use regenerative braking for most deceleration, the physical friction brakes rarely get used. In Germany’s wet climate, this leads to rust and corrosion on the discs, causing them to fail safety inspections even if they “work” mechanically.
Lighting defects were also a major contributor to the failure rate.
In stark contrast, other EVs performed exceptionally well. The Mini Cooper SE had a defect rate of just 3.5%, and the Audi Q4 e-tron sat at 4.0%, proving that this isn’t an “electric vehicle problem”—it’s a specific Tesla problem.
Electrek’s Take
We need to separate the signal from the noise here.
First, let’s address the brakes. Failing a safety inspection because of rusty brake discs is a known issue for all EVs, but it seems to hit Tesla harder. If that’s the case, we should look into why that’s happening.
While it’s technically a “defect” in the eyes of TUV as it doesn’t achieve the required safety standards, it doesn’t mean the car is unreliable in the sense that it will leave you stranded. That said, Tesla owners should be careful. I enjoyed one pedal driving more than anyone, but I do make an effort to use my brain regularly. You don’t want to have a problem with them when you actually need them.
The suspension issues are a different story.
We have been reporting on Tesla’s suspension problems for years. They have been NHTSA investigations about it and recalls. It is disappointing to see that even on 2-to-3-year-old Model Ys, these parts are still failing at an alarming rate. When nearly one in five cars is failing its first mandatory inspection, you can’t just wave that away as “FUD.”
The good news is that Tesla’s powertrain is solid and doesn’t contribute much to the poor reliability rate.
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Traffic on Interstate 80 in San Pablo, California, US, on Wednesday, Nov. 26, 2025.
David Paul Morris | Bloomberg | Getty Images
The White House will announce new fuel economy standards on Wednesday, according to administration sources.
The Trump administration will propose rolling back the standards implemented by former President Joe Biden last year, sources told Reuters. Biden required passenger cars and light trucks to have a fuel efficiency of about 50 miles per gallon by 2031.
President Donald Trump is scheduled to make an announcement at 2:30 p.m. ET from the Oval Office. Executives from Ford, General Motors and Stellantis are expected to attend the announcement.
The Biden fuel efficiency standards were expected to stimulate the sale of elecric vehicles in the U.S. Trump has sought to roll back all federal support for EVs since taking office.
The oil industry group the American Petroleum Institute has lobbied the Trump administration to repeal the Biden fuel economy standards, arguing that they aim to phase out liquid fuel vehicles.
The Corpoate Average Fuel Economy (CAFE) standards date back to 1975 and have been tightened over the years to make vehicles more efficient.