It shows what people want to talk about. I write maybe 20 posts on commodities and get x page views. I write a post on Tesla and get 10x....

One reader mentioned that if I believe the situation in yesterday's post I should be buying Tesla bonds. My thesis was that Tesla has a lot of intellectual capital that is not counted on its books. So even if Tesla has to issue more equity to survive, the bonds should be money good. In fact, if Tesla was to go Chapter 11, it might be great for the bonds. You would get control of an undervalued asset. Just think of what Germany Inc. or China would be willing to pay for Tesla.

The bonds are yielding about 8.5%. Normally I only buy junk bonds when there is a scare catalyst, like a default. But I may start a position here.