Nightview Capital

The Gold Mine Metaphor: Tesla $TSLA In my mind, owning shares of Tesla is like owning shares in a gold mine—it’s about long-term value, not short-term earnings. It’s a working capital project. The heavy capex is spent, and now it’s time to reap the rewards. We’ve committed both capital and duration, and I believe we’re on the verge of unlocking that value. Like a gold mine, I think Tesla is about to tap into its two richest veins: Full Self-Driving (FSD) and Optimus. Zoom out. Think about the next 2-3 years.

Why I’m Optimistic About the Market Markets test conviction. Always have. Always will. Right now? Pessimism is everywhere—inflation, rates, war, tariffs. A hundred reasons to sell. I don’t buy it. After 40 years in this game, one truth holds: I believe progress wins, fear fades, and betting against innovation is a losing strategy. This time is no different. Three forces, in my view, are driving the next bull market: AI, transportation, and the accelerating pace of technological breakthroughs. Let’s break it down. 1. AI Is Just Getting Started AI isn’t a fad—it’s the most transformative shift since the internet. It’s already reshaping the P&L, driving profit expansion. Here’s what people miss: I think AI is making everything more efficient—slashing costs, automating tasks, and unlocking new revenue streams. It’s happening now. Software. Healthcare. Logistics. The early adopters are pulling away. The laggards will be left behind. The market doesn’t get it yet. I believe it will. 2. Expand Your Lens Markets obsess over the short term. We think in 2-3 year cycles. That’s our advantage—time arbitrage. What’s ahead? A favorable interest rate curve. A reset after reckless fiscal spending. Catalysts stacking up. I believe this is where patient investors win. 3. Innovation Compounds Technology doesn’t move in straight lines—it stacks, it compounds. AI is fueling breakthroughs in robotics, energy storage, materials science, and healthcare. These forces reinforce each other. Take batteries—costs are falling, efficiency is rising. This isn’t just good for EVs; it changes the economics of energy itself. Same with AI-driven drug discovery—faster trials, cheaper medicine, more lives saved. We’re in a golden age of innovation. I don’t think the market fully appreciates this yet. The Market Will Turn—It Always Does Fear never lasts. Every bull market begins in doubt, then reality takes over. Progress doesn’t stop. Technology doesn’t stop. I believe the companies leading these shifts will be worth multiples of what they are today. The real question isn’t whether the market will recover—it’s whether you have the patience to hold while it does. I’m optimistic. Not because it’s easy, but because I believe in where we’re headed. The market will turn. It always does. And when it does? Those who stayed the course will win—big. Disclosures The opinions expressed herein are those of Nightview Capital and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. This is not a recommendation to buy, sell, or hold any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. It should not be assumed that any of the securities transactions, holdings or sectors discussed were or will be profitable, or that the investment recommendations or decisions Nightview Capital makes in the future will be profitable or equal the performance of the securities discussed herein. Nightview Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.

Two thoughts today: 1. Long-term investing is about strong hands vs. weak hands. Develop conviction. Have patience. Don't listen to the noise. 2. In my opinion: Institutions have historically been underweight Tesla. Subjective biases and noise may hold them back, but this can create opportunities for active investors. The market rewards those who can separate signal from noise. In my experience, the biggest opportunities emerge where consensus diverges. $TSLA