CEO, Ivy Asset Management, portfolio manager of IVYAI on the JSE. AI, energy, biotech. Authorised FSP 660, FSCA-regulated. Views mine, not advice.

Johannesburg, South Africa
Joined April 2011
Why we built IVYAI: AI runs on chips, data, software, security and power, and leaders change. One JSE share spans the chain. Q3 brochure: cdn.prod.website-files.com/6… Ivy Asset Management, authorised FSP 660, regulated by the FSCA. Aggressive, high risk; capital at risk. Not advice.
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The technology in this vehicle is at the absolute threshold of engineering. These safety features and tech will, over the years, become standard in mass-production cars. For those able to afford this version, a true marvel of speed and style.
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Tesla Q3 beyond the cars: first production-quality Optimus bots on Fremont lines, Cybercab live in Austin since 3 Sep, 13.7 GWh of storage deployed. Energy revenue fell 16% y/y though. #TSLA @AssetIvy @rossrandall16 @Matthew_Bernath @stoffie54
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Tesla now guides 2026 capex at ~$20bn, down from >$25bn, paid mainly from operating cash flow. But it says capex grows from here: Optimus, AI compute, Robotaxi and a chip fab. Still a big bet on physical AI. #TSLA @AssetIvy @rossrandall16 @Matthew_Bernath @stoffie54
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The number that surprised me in Tesla's Q3: free cash flow of +$1.53bn when the Street had pencilled in about -$4.5bn (Tesla-compiled consensus). Down 62% y/y, but positive. #TSLA @AssetIvy @rossrandall16 @Matthew_Bernath @stoffie54
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Tesla Q3: adjusted EPS $0.48, ahead of the ~$0.44 the Street expected. GAAP EPS was $0.22, with net income down 29% y/y. Both numbers matter. #TSLA @AssetIvy @rossrandall16 @Matthew_Bernath @stoffie54
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Correction: Tesla's Q3 GAAP net income of $787m was down 43% y/y (from $1.37bn), not 29%. Source: Tesla Q3 update. #TSLA
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Tesla delivered 486,532 cars in Q3, down 2% y/y but well ahead of the ~463k expected. Revenue $28.05bn, roughly in line. Volumes held up better than feared. #TSLA @AssetIvy @rossrandall16 @Matthew_Bernath @stoffie54
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Time to obliterate the Aussies and set up a banger for Newlands. A banger that I'm going to watch!
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Bruce Main retweeted
🚨 I spend an enormous amount of time trying to understand the chaos we're living through. Not the headlines. The machine behind them. 🚨 If you want to understand what Elon Musk is really fighting, and who is really fighting him, this is the clearest map I can give you. Expensive houses. Expensive schools. Expensive healthcare. Taxes that rise every year while everything gets worse. Borders nobody voted to open. Speech rules nobody voted for. Most people look at this and blame capitalism. The market failed, they say, so the state has to step in and fix it. They have it exactly backwards. What they want to fix it with is what broke it. This isn't chaos, and it isn't capitalism. It has a direction, a method, and a hundred-year history. Let me reverse-engineer it. In 1926, Mussolini's regime threw Antonio Gramsci, co-founder of the Italian Communist Party, into prison. From his cell he asked the question that would shape the next century: why did the revolution win in Russia but fail in the West, where Marx said it was inevitable? His answer: in Russia, the state was everything, so seizing it was enough. In the West, the state was only the outer wall. Behind it stood the real fortress: the church, the family, the school, the press, the culture. Western workers never revolted because the culture held them. So the conclusion was simple. Don't storm the palace. Capture the culture. Win the institutions and you never have to win the argument, because you decide which arguments are allowed. In 1967, the German student leader Rudi Dutschke gave it a slogan: the long march through the institutions. Paris supplied the intellectual software, and I've already apologized for my country's part in that. Then came the most patient operation in modern history. The students of the 60s became the professors of the 80s. Their students became the journalists, judges, civil servants and HR directors of the 2000s. Their students now run the foundations, the NGOs and the agencies. No single step looked like a revolution. That's exactly why it worked. The method was communist. The ambition became global. And it grew like a cancer. A cancer never attacks the body head-on. It hijacks the body's own cells and feeds on the body's own resources. This system never had to defeat the West. It just had to make the West pay for it. In America, the machine found a political home: the Democratic Party. Not the millions of decent people who vote for it. The apparatus. The donor networks, the activist groups, the consultants, the captured agencies that keep moving in the same direction whoever wins. In Europe, it found something even better. The EU's founders, Schuman, Adenauer, De Gasperi, were Catholic anti-communists who wanted to make war impossible. But they built exactly what the long march dreams of: power that never has to face a voter. A Commission nobody directly elects holds the right to propose laws for 450 million people. Chat Control. The digital euro. Speech rules written in Brussels. Nobody stormed anything. They just drafted it. Add the World Economic Forum, the UN agencies and the global foundation circuit, and you have the full map. You don't need a secret meeting when everyone went to the same schools, reads the same papers, funds the same NGOs and flies to the same conference in Davos every January. It's not a conspiracy. It's a class with shared incentives. That's harder to fight, because there's no headquarters to raid. And the billionaires? Most people who became the richest in the world got absorbed. They built something real, then traded it for an aura. Bill Gates is the perfect example: he built the software that ran the world, then became the bankroller of global health bureaucracies and the funder of newsrooms covering his own causes. Laurene Powell Jobs bought The Atlantic. Benioff bought Time. You're not buying a business. You're buying the right to be called good by the people who decide who is good. That's the corruption. Not suitcases of cash. Money for aura, grants for loyalty, NGOs for policy. All legal. All invisible. Here's the proof it's one system and not a hundred separate problems. Look at what happened to prices over the last 25 years. Everything exposed to markets and technology got cheaper: TVs, software, phones, clothing. Everything controlled by institutions exploded: college, healthcare, childcare. And housing, where you need a committee's permission to build anything. Same country, same economy, same decades. The difference isn't the product. It's who controls it. Taxes go up and services get worse, because the money doesn't reach the services. It feeds the layers. Immigration happens at a scale no electorate clearly chose, because for a system that lives on managing problems, more problems means more budget. And a two-income family today can't buy the house their parents bought on one salary. That's real poverty, manufactured by a machine that is rewarded for looking good, never for being good. MAGA isn't the cause of the chaos. It's the immune response. Brexit, the farmers' revolts, the votes shaking every European capital: same thing. The body finally noticed the tumor. So what we're living through is not a normal political cycle. It's a fight to the death between two models. One runs on the perception of goodness. The other runs on reality. And it had to be the richest man in the world. Anyone smaller would have been bought, sued or cancelled. Every billionaire before him took the deal. Elon walked out of the club and turned the lights on. He bought Twitter for $44 billion, opened the Twitter Files and gave the world back a public square where any narrative can be checked in real time. He went inside the government and helped shut down USAID. Now Politico announces that the Democrats' gavels are coming for him. His answer: he'll find out who is really pulling the strings and go after them, not just their puppets. He has one line he keeps coming back to: he cares about the reality of goodness, not the perception of it. That sentence is the whole war. Now the part that makes me certain of how it ends. A lie is expensive to maintain. It needs gatekeepers, censors, fact-checkers, friendly journalists, a budget, and constant repairs every time reality contradicts it. The truth costs nothing to maintain. It just keeps being true. AI is driving the cost of checking anything toward zero. Any budget, any study, any statistic, any promise, audited in seconds by anyone with a phone. Yes, AI can generate lies at scale too. But producing a lie is cheap. Defending it against a billion instant audits is impossible. That's what acceleration really means. It doesn't pick sides. It speeds up feedback loops. Systems aligned with reality compound. Systems built on lies hit the wall faster. And you cannot build rockets, design chips or cure diseases with a false model of the world. Physics doesn't read op-eds. The more intelligence we pour into the world, the more expensive every lie becomes. You cannot scale a lie. You can only scale what's true. We are close to the collapse of the old order and the birth of a new one. Not the one from the WEF's own 2016 video, "you'll own nothing and you'll be happy." The opposite. An order built on truth-seeking, efficiency, science, private property and free markets. You will own things. You will build things. And you'll be happy, because it will be real. Gramsci's long march took a century. Its collapse will take years. History will remember this moment. A man walked into the most powerful machine ever built, refused the deal everyone else took, and chose reality over perception. I have never been more optimistic.
🤖 Made with AI
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Bruce Main retweeted
Replying to @ThomasSowell
Gibney is a fraud and his fake documentary hit piece has utterly failed. Nobody wants to see it.
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Huge SpaceX beat, a core IVYAI holding: Q3 rev $14.6bn (+161%), EPS $0.35 vs $0.10. My view: a Tesla + SpaceX merger makes a lot of sense. Could be the most iconic company in history. IVYAI on @EasyEquities: etfs.easyequities.co.za/easy… FSP 660. Not advice. Investments carry risk.
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Bruce Main retweeted
The new Tesla Roadster accelerates faster than a fighter jet taking off from an aircraft carrier
The new Tesla Roadster produces more thrust than an F-16 fighter jet at military power Roadster Thrust augment: >80 kN (~18,000 lbf) F-16 with F100-PW-229: ~79.2 kN (~17,800 lbf) without afterburner Tesla packed enough cold-gas thrust into a car that exceeds the non-afterburning thrust of an F-16 engine With afterburner, the F-16 exceeds at ~130 kN But the fact this comparison even exists is insane Tesla just pushed automotive engineering deep into aerospace territory
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Bruce Main retweeted
In Today’s Daily Briefing: 🇫🇷 France: The peasants are revolting 🗳️ Special votes for unspecial people 🚗 Don’t pretend you’re not impressed with Tesla And more… Subscribe: garethcliff.com/shop/
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Bruce Main retweeted
#anktiva by $ibrx is the most powerful immune booster for cancer
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Bruce Main retweeted
Tesla drove a car upside down… then jumped it clean over a truck. How? Suction fans + SpaceX-style thrusters = 4.8g of force. 0-60 in 0.57 seconds. It can actually fly — just not for long. Full breakdown 👇
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With Specialist Advisor @Matthew_Bernath (Alternata) and my Investment Committee colleagues @rossrandall16 and Tessa Morrison. IVYAI is on @EasyEquities. @AssetIvy
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Will be sharing our work on AI since 2010 at this conference at UCLA .. Science xAI Summit 2026 Keynote soon
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