Alec Hogg: Tesla profits break $1bn

The monthly webinar updating the BizNews Share portfolio, at noon today, has been well timed. When we acquire positions, the average holding period for stocks is "forever" – except when fundamentals change. Should that happen, it's best to act speedily. I'm guilty of not doing so. Months ago, it was already clear there was a change in Beijing's approach to towards its major companies. This is a critical issue for South African investors given the price of the JSE's dominant stocks (Naspers/Prosus) are based on the performance of their holding in Chinese internet group Tencent. This morning's piece from our partners at The Wall Street Journal, strips away the veneer to show Beijing's true intentions. After dropping 7.7% yesterday, Tencent is leading Hong Kong tech stocks still lower this morning, falling another 5%..In SA, after silently watching the ANC take the country ever closer to disaster, rational citizens are increasingly finding their voice. Last week's Open Letter to SA president Cyril Ramaphosa which brilliantly articulated forgotten steps on this downward path, unleashed a flood of support. Apologies for yesterday's bad link to the video – here's the correct one. The author, a BizNews community member assuming the nom de plume Niemöller, has produced a superb follow up. It's on the site this morning..___STEADY_PAYWALL___.On the same lines, here's two more eye-openers worth investing time in reading today. Fearless Helen Zille produced a powerful treatise over the weekend which generated more than 750 unsolicited comments. You'll find it at the top of her Facebook page. Click here. Similarly courageous Ann Bernstein of the CDE also published a strong opinion piece over the weekend – this one explaining why Ramaphosa's much quoted "long game" has failed..South Africa's famous entrepreneurial export Elon Musk is back in the headlines after his electric motor vehicle business Tesla last night announced strong financial results for the June quarter with production doubling and profit breaking above $1bn for the first time. On the other side, multinational insurance brokers AON and Willis Towers Watson have scrapped a proposed $30bn merger after resistance from the White House sparked an anti-trust suit from the US Department of Justice..Also in The Wall Street Journal this morning is a report highlighting a looming public test on Critical Race Theory. Developed in the 1970s, CRT argues that white supremacy is embedded in American society. The Republican candidate for Governor of the state of Virginia has put the debate at the centre of his campaign, saying that if elected he will ban the teaching of Critical Race Theory in schools. The WSJ also has an opinion piece on the surprise revolt by parents in the "woke" capital of San Francisco..Look forward to seeing you in the webinar at noon – it's exclusive to BizNews Premium members..NB FOR YOUR WALL STREET JOURNAL ACCESS….As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal's credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner's website via BizNews Premium at least once a month. A final PS, if you had previously signed up for WSJ you'll need to clear the cookies from your device. Our help desk can assist – support@biznews.com.

Alec Hogg: Tesla profits break $1bn

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