Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Vicki Bryan founded Bond Angle in 2018, after more than 20 years in investment management and research, with a primary focus in high yield and distressed markets and selected coverage in investment-grade fixed income and equity. 

Vicki Bryan's Bond Angle provides insightful commentary and analysis on high yield bond markets and market movers, including financial, economic, and industry catalysts, noted for spotting management stumbles and shenanigans early and often. Follow Vicki at bondangle.substack.com and on Twitter @VickiBryanBondA and LinkedIn.

Founder & CEO Bond Angle, LLC

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Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

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<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> announced Tuesday morning that it plans to raise up to <a href="https://www.wsj.com/articles/tesla-plans-stock-sale-closing-year-of-soaring-gains-11607444177?mod=article_inline" target="_blank" rel="noopener">$5 billion in new sales of stock</a> over time at prevailing market prices. As the third offering this year, including just three months ago, Tesla stands to raise more than $12 billion.And why not, say Tesla fans. With the stock up 674% so far this year, it has become only the <a href="https://www.barrons.com/articles/tesla-becomes-only-the-sixth-company-to-top-600-billion-in-value-51607377650" target="_blank" rel="noopener">sixth company ever to hit $600 </a><a href="https://www.barrons.com/articles/tesla-becomes-only-the-sixth-company-to-top-600-billion-in-value-51607377650" target="_blank" rel="noopener">billion</a> in market value. <a href="https://www.wsj.com/articles/tesla-to-be-added-to-s-p-500-index-11605566006?mod=article_inline" target="_blank" rel="noopener">In two weeks it will added</a> to the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a>.Such blind enthusiasm dismisses Tesla's problematic sales trends, its chronic lack of core unprofitability and free cash flow, it's increasingly threatened prospects, and more.Or that Tesla needs to borrow every quarter and stretch its payables and sell record amounts of stock after reporting last January that it had “<a href="https://tesla-cdn.thron.com/static/O7WXQA_TSLA_Update_Letter_2019-4Q_BPWOH4.pdf" target="_blank" rel="noopener">grown to the point of being self-funding</a>.” Not even close.Yet investors remain unconcerned, and Tesla knows it.<div class="content-highlight">The full Bond Angle report continues below.</div>

Tesla Motors (TSLA US) announced Tuesday morning that it plans to raise up to $5 billion in new sales of stock over time at prevailing market prices. As the third offering this year, including just three months ago, Tesla stands to raise more than $12 billion.And why not, say Tesla fans. With the stock up 674% so far this year, it has become only the sixth company ever to hit $600 billion in market value. In two weeks it will added to the S&amp;P 500 (SPX INDEX).Such blind enthusiasm dismisses Tesla's problematic sales trends, its chronic lack of core unprofitability and free cash flow, it's increasingly threatened prospects, and more.Or that Tesla needs to borrow every quarter and stretch its payables and sell record amounts of stock after reporting last January that it had “grown to the point of being self-funding.” Not even close.Yet investors remain unconcerned, and Tesla knows it.The full Bond Angle report continues below.

Tesla to Sell Another $5 Billion in Stock—Might As Well