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- 5032a6e55032a6e5
  ·2021-12-13
  Nice
  Visa Warns It Will Crack Down On Cannabis Retailers' Use Of Cashless ATM Payment 'Scheme'
  The burgeoning recreational marijuana industry – illegal at the federal level and in some 18 U.S. st
  Visa Warns It Will Crack Down On Cannabis Retailers' Use Of Cashless ATM Payment 'Scheme'
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- 5032a6e55032a6e5
  ·2021-11-22
  Nice
  Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.
  Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point
  Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.
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- 5032a6e55032a6e5
  ·2021-11-18
  Nice
  非常抱歉，此主贴已删除
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- 5032a6e55032a6e5
  ·2021-11-10
  Ok
  非常抱歉，此主贴已删除
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- 5032a6e55032a6e5
  ·2021-11-06
  Strong job report but market did not close that fantastic to be honest. Hiking of rates might be near.
  非常抱歉，此主贴已删除
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Banking, of course.</b></p>\n<p>As in life,&nbsp;<b>retailers have had to find a way to work around the system</b>. Some&nbsp;cannabis merchants have begun using cashless ATMs to bypass&nbsp;limitations on the types of sales payment cards they can legally accept.</p>\n<p>One of the largest payment processors in the&nbsp;world,&nbsp;<b>Visa Inc.</b>&nbsp;(NYSE:V)&nbsp;<b>recently issued a compliance memo to customers warning them that incorrectly coding point-of-sale transactions via cashless ATMs could be penalized or punished by unspecified enforcement procedure</b>,&nbsp;reported Marijuana Moment.</p>\n<p>Visa’s warning comes&nbsp;<b>on the heels of the marijuana banking reform bill that was recently</b>&nbsp;<b>chopped from Congress’ defense bill.</b>&nbsp;The&nbsp;latest version of the Congressional defense bill left out several key provisions that were in the House-approved&nbsp;<b>National Defense Authorization Act</b>(NDAA), including the much-anticipated&nbsp;<b>marijuana banking reform</b>&nbsp;known as the&nbsp;<b>Secure and Fair Enforcement (SAFE) Banking Act</b>, which would&nbsp;protect banking and financial institutions that work with state-legal cannabis companies.</p>\n<p><b>Aware Of A Scheme</b></p>\n<p>Visa’s memo from Dec. 2 obtained by Marijuana Moment revealed&nbsp;that&nbsp;<b>the company is “aware of a scheme”</b>in which retailers are utilizing cashless ATMs to avoid limitations on the types of sales for which payment cards are allowed to be used.</p>\n<p>“Cashless ATMs are POS devices driven by payment applications that mimic standalone ATMs. However, no cash disbursements are made to cardholders,” the memo clarified. “Instead, the devices are used for purchase transactions, which are miscoded as ATM cash disbursements. Purchase amounts are often rounded up to create the appearance of a cash disbursement.”</p>\n<p>Although the Visa&nbsp;directive does not&nbsp;specifically&nbsp;mention cannabis, it highlights&nbsp;that cashless ATMs (also called reverse ATMs) “are primarily marketed to merchant types that are unable to obtain payment services—whether due to the Visa Rules, the rules of other networks, or legal or regulatory prohibitions,” a category that covers marijuana businesses.</p>\n<p><b>Nathaniel Gurien</b>, CEO of&nbsp;<b>Fincann,</b>which&nbsp;provides financial services to cannabis businesses, estimates that&nbsp;<b>thousands of marijuana retailers in the U.S. rely&nbsp;on this scheme.</b></p>\n<p><b>A Desperate Move With Catastrophic Potential</b></p>\n<p>“What keeps me up at night is that when, not if one or more eager assistant U.S. attorneys with their eye on advancement sinks their teeth into this, it&nbsp;<b>has the catastrophic potential to derail our industry’s momentum and inflict great damage</b>,” Gurien told the outlet.</p>\n<p>While it remains&nbsp;clear that marijuana retailers are in an&nbsp;untenable situation&nbsp;– having no access to banking services – they should be aware that<b>&nbsp;relying on the use of cashless ATMs can endanger their operations.</b></p>\n<p>Corporate and banking compliance lawyer&nbsp;<b>Kasim Carbide</b>&nbsp;noted that violating&nbsp;Visa's regulations&nbsp;“<b>may result in a disciplinary action against the Merchant, as well as a potential fine of $200,000 or $2,500 per day</b>&nbsp;(which can be retroactively applied [sic] to and from the first day of noncompliance),&nbsp;<b>and termination of the Merchant’s account</b>.”</p>\n<p>What’s more, according to the&nbsp;<b>Chicago Bar Association</b>, miscoding cannabis sales is not only a violation of payment processors' (in this case Visa’s) policies but a&nbsp;<b>“violation of federal law as well.”</b></p>\n<p><b>Confused Yet?</b></p>\n<p>To exacerbate an already&nbsp;complicated situation,<b>&nbsp;Jessica Billingsley</b>, CEO of cannabis technology company Akerna (NASDAQ:KERN)&nbsp;pointed out that there are&nbsp;<b>probably many businesses that are&nbsp;unaware that&nbsp;cashless ATM practice is illegal.</b></p>\n<p>“With the number of unique complexities and challenges the cannabis industry faces, many operators don’t understand that they have been sold misrepresented products that may not be legal,” Billingsley said in a statement. “The work of a few bad actors cannot undermine the important legal work the majority of ancillary providers have been doing.”</p>\n<p><b>Many cannabis advocates reacted to&nbsp;Visa's statement, arguing that such a large company should support&nbsp;marijuana retailers instead of placing obstacles in their paths.</b></p>\n<p>“It is unfortunate that Visa is unwilling to work with the cannabis industry, which is legal in dozens of states and represents billions of dollars in economic activity, at a time when this country needs all the financial options it can use,” said&nbsp;<b>Morgan Fox</b>, media relations director for the National Cannabis Industry Association. “But it is even worse that they are trying to discourage alternative solutions that are primarily utilized by small businesses to protect themselves and their customers from theft and violent crime.”</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Visa Warns It Will Crack Down On Cannabis Retailers' Use Of Cashless ATM Payment 'Scheme'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVisa Warns It Will Crack Down On Cannabis Retailers' Use Of Cashless ATM Payment 'Scheme'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-13 22:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cannabis/21/12/24568435/visa-warns-it-will-crack-down-on-cannabis-retailers-use-of-cashless-atm-payment-scheme><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The burgeoning recreational marijuana industry – illegal at the federal level and in some 18 U.S. states – has faced multiple challenges throughout the years, mostly because of the Schedule 1 status ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cannabis/21/12/24568435/visa-warns-it-will-crack-down-on-cannabis-retailers-use-of-cashless-atm-payment-scheme\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://www.benzinga.com/markets/cannabis/21/12/24568435/visa-warns-it-will-crack-down-on-cannabis-retailers-use-of-cashless-atm-payment-scheme","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136475604","content_text":"The burgeoning recreational marijuana industry – illegal at the federal level and in some 18 U.S. states – has faced multiple challenges throughout the years, mostly because of the Schedule 1 status of the cannabis plant.\nThe biggest problem? Banking, of course.\nAs in life, retailers have had to find a way to work around the system. Some cannabis merchants have begun using cashless ATMs to bypass limitations on the types of sales payment cards they can legally accept.\nOne of the largest payment processors in the world, Visa Inc. (NYSE:V) recently issued a compliance memo to customers warning them that incorrectly coding point-of-sale transactions via cashless ATMs could be penalized or punished by unspecified enforcement procedure, reported Marijuana Moment.\nVisa’s warning comes on the heels of the marijuana banking reform bill that was recently chopped from Congress’ defense bill. The latest version of the Congressional defense bill left out several key provisions that were in the House-approved National Defense Authorization Act(NDAA), including the much-anticipated marijuana banking reform known as the Secure and Fair Enforcement (SAFE) Banking Act, which would protect banking and financial institutions that work with state-legal cannabis companies.\nAware Of A Scheme\nVisa’s memo from Dec. 2 obtained by Marijuana Moment revealed that the company is “aware of a scheme”in which retailers are utilizing cashless ATMs to avoid limitations on the types of sales for which payment cards are allowed to be used.\n“Cashless ATMs are POS devices driven by payment applications that mimic standalone ATMs. However, no cash disbursements are made to cardholders,” the memo clarified. “Instead, the devices are used for purchase transactions, which are miscoded as ATM cash disbursements. Purchase amounts are often rounded up to create the appearance of a cash disbursement.”\nAlthough the Visa directive does not specifically mention cannabis, it highlights that cashless ATMs (also called reverse ATMs) “are primarily marketed to merchant types that are unable to obtain payment services—whether due to the Visa Rules, the rules of other networks, or legal or regulatory prohibitions,” a category that covers marijuana businesses.\nNathaniel Gurien, CEO of Fincann,which provides financial services to cannabis businesses, estimates that thousands of marijuana retailers in the U.S. rely on this scheme.\nA Desperate Move With Catastrophic Potential\n“What keeps me up at night is that when, not if one or more eager assistant U.S. attorneys with their eye on advancement sinks their teeth into this, it has the catastrophic potential to derail our industry’s momentum and inflict great damage,” Gurien told the outlet.\nWhile it remains clear that marijuana retailers are in an untenable situation – having no access to banking services – they should be aware that relying on the use of cashless ATMs can endanger their operations.\nCorporate and banking compliance lawyer Kasim Carbide noted that violating Visa's regulations “may result in a disciplinary action against the Merchant, as well as a potential fine of $200,000 or $2,500 per day (which can be retroactively applied [sic] to and from the first day of noncompliance), and termination of the Merchant’s account.”\nWhat’s more, according to the Chicago Bar Association, miscoding cannabis sales is not only a violation of payment processors' (in this case Visa’s) policies but a “violation of federal law as well.”\nConfused Yet?\nTo exacerbate an already complicated situation, Jessica Billingsley, CEO of cannabis technology company Akerna (NASDAQ:KERN) pointed out that there are probably many businesses that are unaware that cashless ATM practice is illegal.\n“With the number of unique complexities and challenges the cannabis industry faces, many operators don’t understand that they have been sold misrepresented products that may not be legal,” Billingsley said in a statement. “The work of a few bad actors cannot undermine the important legal work the majority of ancillary providers have been doing.”\nMany cannabis advocates reacted to Visa's statement, arguing that such a large company should support marijuana retailers instead of placing obstacles in their paths.\n“It is unfortunate that Visa is unwilling to work with the cannabis industry, which is legal in dozens of states and represents billions of dollars in economic activity, at a time when this country needs all the financial options it can use,” said Morgan Fox, media relations director for the National Cannabis Industry Association. “But it is even worse that they are trying to discourage alternative solutions that are primarily utilized by small businesses to protect themselves and their customers from theft and violent crime.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872551263,"gmtCreate":1637550629261,"gmtModify":1637550652850,"author":{"id":"4099089188693290","authorId":"4099089188693290","name":"5032a6e5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099089188693290","authorIdStr":"4099089188693290"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872551263","repostId":"1105163070","repostType":4,"repost":{"id":"1105163070","kind":"news","pubTimestamp":1637549873,"share":"https://www.laohu8.com/m/news/1105163070?lang=&edition=full","pubTime":"2021-11-22 10:57","market":"us","language":"en","title":"Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.","url":"https://stock-news.laohu8.com/highlight/detail?id=1105163070","media":"Barrons","summary":"Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point","content":"<p></p>\n<p>Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as&nbsp;Ford Motor&nbsp;and&nbsp;General Motors&nbsp;combined.</p>\n<p>But maybe there is a way for traditional auto makers to close that valuation gap: Take a page from Liberty Media’s John Malone’s playbook and issue tracking stocks. “The way to solve this is for GM and Ford to issue tracking stocks for their next-gen vehicle operations, such as EV, robo-taxi, etc.,” Scion Asset Management’s Michael Burry told <i>Barron’s</i> in an email exchange. “This is an absolute no-brainer.”</p>\n<p>Burry is best known for a successful bet against the housing market ahead of the subprime mortgage collapse. He is a major character in Michael Lewis’s book <i>The Big Short</i>, and the movie based on it.</p>\n<p>A tracking stock “tracks” the financial performance of a specific business unit. Shareholders of a tracking stock have a financial interest only in the division tracked, rather than in the entire business.</p>\n<p>Burry’s idea builds on another, similar call from earlier in the week. On Wednesday, Data Trek Research’s Nick Colas, a former Wall Street auto analyst, wrote that Ford (F) and GM (GM) needed to spin out their EV businesses. “When it was just Tesla with a crazy valuation, they could afford to dismiss this [spinoff] idea. Now, with Rivian [RIVN], Lucid [LCID], etc., they can’t,” Colas wrote. “Automotive is a capital-intensive business, so cost of capital matters.”</p>\n<p>Put it this way: Building a new EV plant that could produce, say, 500,000 EVs a year, along with the batteries to power them, costs several billion dollars. That‘s less than 1% of Tesla’s (TSLA) market cap, but roughly 5% to 10% of Ford’s or GM’s.</p>\n<p>Not that Colas believes spinoffs will actually happen. Car makers are too complex, with many manufacturing plants doing several jobs for other factories in a network.</p>\n<p>Tracking stocks, though, might be feasible.Liberty Media Formula One&nbsp;(FWONA), for instance, tracks the financial performance of the Formula One racing series. And General Motors did the first tracking stock ever, for Ross Perot’s Electronic Data Systems, or EDS, back in 1984.</p>\n<p>How to value a Ford or GM tracking stock? The possibilities are tantalizing.</p>\n<p>Ford, like Rivian, is launching an EV truck and it already sells the electric Mustang Mach E. Ford’s EV business should be about four times the size of Rivian’s by 2023, if the company hits its goals.</p>\n<p>As for GM, it’s essentially the second-largest U.S. EV maker behind Tesla. GM’s global EV volume is at about 300,000 units when factoring in sales from GM’s Chinese joint ventures. With Lucid worth almost as much as GM and planning to sell roughly just 20,000 units in 2022, GM’s EV company could be worth multiples of Lucid.</p>\n<p>If all electric-vehicle companies and EV tracking stocks were valued like some EV shares, auto industry valuation could easily top $4 trillion, roughly four times the value before Tesla went on its epic 2020 run.</p>\n<p>That might be a bit aggressive.</p>\n<p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRivian Topped Ford and GM Combined. How the Old-School Car Makers Could Get a Boost From EVs.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-22 10:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/rivian-ford-gm-ev-51637373655?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as Ford Motor and General Motors combined.\nBut ...</p>\n\n<a href=\"https://www.barrons.com/articles/rivian-ford-gm-ev-51637373655?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/rivian-ford-gm-ev-51637373655?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105163070","content_text":"Old-school auto makers must envy the sky-high valuations of electric-vehicle start-ups. At one point this past week, Rivian Automotive was worth as much as Ford Motor and General Motors combined.\nBut maybe there is a way for traditional auto makers to close that valuation gap: Take a page from Liberty Media’s John Malone’s playbook and issue tracking stocks. “The way to solve this is for GM and Ford to issue tracking stocks for their next-gen vehicle operations, such as EV, robo-taxi, etc.,” Scion Asset Management’s Michael Burry told Barron’s in an email exchange. “This is an absolute no-brainer.”\nBurry is best known for a successful bet against the housing market ahead of the subprime mortgage collapse. He is a major character in Michael Lewis’s book The Big Short, and the movie based on it.\nA tracking stock “tracks” the financial performance of a specific business unit. Shareholders of a tracking stock have a financial interest only in the division tracked, rather than in the entire business.\nBurry’s idea builds on another, similar call from earlier in the week. On Wednesday, Data Trek Research’s Nick Colas, a former Wall Street auto analyst, wrote that Ford (F) and GM (GM) needed to spin out their EV businesses. “When it was just Tesla with a crazy valuation, they could afford to dismiss this [spinoff] idea. Now, with Rivian [RIVN], Lucid [LCID], etc., they can’t,” Colas wrote. “Automotive is a capital-intensive business, so cost of capital matters.”\nPut it this way: Building a new EV plant that could produce, say, 500,000 EVs a year, along with the batteries to power them, costs several billion dollars. That‘s less than 1% of Tesla’s (TSLA) market cap, but roughly 5% to 10% of Ford’s or GM’s.\nNot that Colas believes spinoffs will actually happen. Car makers are too complex, with many manufacturing plants doing several jobs for other factories in a network.\nTracking stocks, though, might be feasible.Liberty Media Formula One (FWONA), for instance, tracks the financial performance of the Formula One racing series. And General Motors did the first tracking stock ever, for Ross Perot’s Electronic Data Systems, or EDS, back in 1984.\nHow to value a Ford or GM tracking stock? The possibilities are tantalizing.\nFord, like Rivian, is launching an EV truck and it already sells the electric Mustang Mach E. Ford’s EV business should be about four times the size of Rivian’s by 2023, if the company hits its goals.\nAs for GM, it’s essentially the second-largest U.S. EV maker behind Tesla. GM’s global EV volume is at about 300,000 units when factoring in sales from GM’s Chinese joint ventures. With Lucid worth almost as much as GM and planning to sell roughly just 20,000 units in 2022, GM’s EV company could be worth multiples of Lucid.\nIf all electric-vehicle companies and EV tracking stocks were valued like some EV shares, auto industry valuation could easily top $4 trillion, roughly four times the value before Tesla went on its epic 2020 run.\nThat might be a bit aggressive.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878641770,"gmtCreate":1637192943512,"gmtModify":1637192943512,"author":{"id":"4099089188693290","authorId":"4099089188693290","name":"5032a6e5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099089188693290","authorIdStr":"4099089188693290"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878641770","repostId":"2184547718","repostType":4,"isVote":1,"tweetType":1,"viewCount":1109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847624562,"gmtCreate":1636515719040,"gmtModify":1636515719113,"author":{"id":"4099089188693290","authorId":"4099089188693290","name":"5032a6e5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099089188693290","authorIdStr":"4099089188693290"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847624562","repostId":"1188205095","repostType":4,"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842587797,"gmtCreate":1636202577614,"gmtModify":1636202577693,"author":{"id":"4099089188693290","authorId":"4099089188693290","name":"5032a6e5","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099089188693290","authorIdStr":"4099089188693290"},"themes":[],"htmlText":"Strong job report but market did not close that fantastic to be honest. Hiking of rates might be near.&nbsp;","listText":"Strong job report but market did not close that fantastic to be honest. Hiking of rates might be near.&nbsp;","text":"Strong job report but market did not close that fantastic to be honest. Hiking of rates might be near.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842587797","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":1608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}