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Daily Archives: May 28, 2023
Do Androids Dream of Terrible Streets? | Compact Mag – Compact Mag
Posted: May 28, 2023 at 11:56 am
The arrival of ChatGPT has placed artificial intelligence at the center of US discourse. Not surprisingly, one touchstone for these debates have been the novels of sci-fi author Philip K. Dick. As it happens, this AI-inspired interest in the author of Do Androids Dream of Electric Sheep?, among many other visionary works, comes at a time when American policy elites are also gripped by a new urban malaiseanother constant motif in Dicks body of work.
Today, this pair of Dickian concernsthe rise of the AI era and urban declineare assigned different weights by the left and the right. So far, its mostly progressive institutions like The New York Times sounding the alarm about the risks of unhindered AI. The mostly libertarian-inflected right, by contrast, has taken a predictable Let it rip! attitude, the better to punish coastal liberals whose bullshit jobs are threatened by platforms like ChatGPT.
Meanwhile, Americas urban malaise codes as a right-wing concern, with conservative politicians and media determined to make electoral hay of disorder in the cities, a situation that they charge has been exacerbated by liberal politicos lax approach to lifestyle crimes. Among conservatives, the term blue city is permanently (and not wholly unjustly) linked with needle-strewn sidewalks, homeless encampments, and rampant shoplifting.
The two issues are, in fact, closely entangled, in a way that Dick saw clearly but that has often eluded both his cinematic interpreters and the elites who have sought to understand the present by examining his imagined futures. A minor episode in the intellectual history of Los Angeles illustrates this. That was the last time American officialdom turned to Dick as a prophet, albeit via Blade Runner, Ridley Scotts cinematic adaptation of Do Androids?
In 1988, some 150 eminent citizens of LAleaders in politics, business, academe, and philanthropysubmitted a report to then-Mayor Tom Bradley outlining their ambitions for the city as it prepared for the 21st century. In the most notable contribution, the California historian Kevin Starr paid tribute to generations of Angelinos for embracing a headlong futurity: constantly adapting the environment to their visions, natural limits be damned.
Yet Starr wasnt without his fears. The LA of the 1920san era of dramatic growth, when the city had willed its water, railroads, and housing stock into being and then invited a million newcomershad a dominant establishment and a dominant population. He meant white protestants. Yes, their primacy meant overlooking certain suppressions and injustices, but the old regime had supplied the civic unity needed to sustain cohesion amid explosive growth.
Where, Starr wondered, will Los Angeles 2000 find its community, its city in common? One answer came courtesy of Dick-inspired sci-fi: There is the Blade Runner scenario: the fusion of individual cultures into a demotic polyglotism ominous with unresolved hostilities that would now erupt in violence, now settle down in negotiated truce.
Techno-capitalism and urban dilapidation seemed to go hand-in-hand.
As the Marxist geographer Mike Davis, who died last year at age 76, noted, Starrs offhand remark attested to Blade Runners enduring status as the star of sci-fi dystopias. The film has become a sort of visual shorthand for a set of persistent American anxieties about biotechnology, corporate misrule, and multiculturalism, projected from the California dream factory onto the rest of the country (and the world). For Davis, it was significant that the dream factory, Hollywood, was located nearby other key Golden State industries, not least computing and biotech, whose business was to slingshot our species into Dickian dystopia.
Yet Davis wasnt very impressed by Blade Runner as a piece of urban futurism. While boasting whiz-bang effects (by 80s standards), the movie presented a retread of a much older old, and racially tinged, picture of the future as Manhattan-style giganticism: teeming masses of culturally mixed and confused human drones huddling under massive pyramids of steel and glass.
That picture no doubt appealed to the likes of Starr as they sought to place the sole blame for the political-economic dislocations and contradictions of California at the feet of multiculturalism. Lamenting the loss of WASP primacy was a lot easier than facing up to the de-industrialization and middle-class destruction wrought by the neoliberal revolution launched by the likes of Ronald Reagan and Margaret Thatcher.
For Davis, the Kevin Starr/Blade Runner vision of Los Angeles (as yellow-peril giganticism) missed something still more crucial: the fact that the advances in technology hatched in California sat next to a great unbroken chain of aging bungalows, stucco apartments, and ranch style homesall decaying as the city entered the third millennium. Techno-capitalism and urban dilapidation, sentient machines and lousy bus lines, seemed to go hand-in-hand.
This overlapping of high-tech and physical disrepair is by now ubiquitous not just in California, but across the United States. In Gotham, where I live, Wall Streets Masters of the Universe are still at it, deploying unbelievably complex algorithms to squeeze arbitrage out of the real economy and into their own asset ledgers. Meanwhile, the roads connecting New York City to its airports are riddled with cracks and potholes that recall the Third World (except, many developing nations are actually pulling ahead and frequently boast gleaming new infrastructure). The city itself is filthier than I remember in more than a decade. The subway system dates from the 19th century. The mayor has appointed a rat czar.
America is still the worlds largest and, by some measures, most advanced economy. Yet its headlong futurity coexists with a country where bedbugs quite literally suck the life out of prisoners. New York, LA, Chicago, Seattle, and the Bay Area distill this apparent contradiction in especially concentrated form, but its a national problem. Indeed, Americas Republican-governed states are in some ways worse, since their low-tax, low-spending model fails to attract the sexy futuristic industries.
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How Elon Musk says he splits time among Tesla, Twitter, SpaceX – Automotive News Europe
Posted: at 11:56 am
Elon Musk has two huge companies to run in addition to Tesla, so the billionaire says he generally spends each day "predominantly" focused on only one of them.
"My days are very long and complicated, as you might imagine," Musk said at The Wall Street Journal's CEO Council last week.
"There's a great deal of context switching," he said, which he described as "quite painful."
Musk said he has just one part-time assistant and handles most of his own scheduling because "it's impossible for someone else to know what the priorities are."
He said he works most of the time he's awake and typically goes to bed at 2 a.m.
In the coming weeks, Musk plans to step down from one of his three CEO jobs after hiring NBCUniversal advertising chief Linda Yaccarino to run Twitter, which he bought last year for $44 billion. When Yaccarino arrives, Musk will become Twitter's executive chairman and technology chief.
Musk said he has made plans for who he wants to eventually take over for him at Tesla, Twitter and SpaceX. Don't expect it to be his 3-year-old son X AE A-XII, who often attends company events, or any of Musk's other eight children, the oldest of whom is 19.
"I am definitely not of the school of automatically giving my kids some share of the companies, even if they have no interest or inclination or ability to manage the company," he said. "I think that's a mistake."
Musk said he's weighing plans for how his ownership stakes in his companies would be handled after his death but hasn't made a final decision. But he has told the companies' boards who he wants to succeed him.
"There are particular individuals identified that I've told the board, 'Look, if something happens to me unexpectedly, this is my recommendation for taking over,'" he said. "So in all cases, the board is aware of who my recommendation is. It's up to them. They may choose to go in a different direction."
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How Elon Musk says he splits time among Tesla, Twitter, SpaceX - Automotive News Europe
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Elon Musk’s Event With Ron DeSantis Exposes Twitter’s Weaknesses – The New York Times
Posted: at 11:56 am
Hosting Floridas governor, Ron DeSantis, in a Twitter audio event on Wednesday to announce his presidential run was supposed to be a triumphant moment for Elon Musk, the owner of Twitter.
Instead, the event began with more than 20 minutes of technical glitches, hot mic moments and drowned-out and half-said conversations before the livestream abruptly cut out. Minutes later, the livestream restarted as hundreds of thousands of listeners tried to tune in. Mr. DeSantis had not said a word at that point.
That was insane, sorry, Mr. Musk said.
Behind the stop-start Twitter Space, an audio-only livestream on the social network, was a company that has undergone major changes in recent months. Since Mr. Musk bought Twitter last year for $44 billion, he has reshaped it by cutting more than 75 percent of its work force, changing the platforms speech rules and reinstating suspended users. Outages have been on the rise, as have bugs that have made Twitter less usable.
The technical problems on Wednesday showed how Twitter is operating far from seamlessly, turning what was supposed to be a crowning event for Mr. Musk into something of an embarrassment.
Mr. DeSantiss announcement had been an opportunity for Mr. Musk, an unpredictable executive with interests in many fields, to promote his multiple agendas. Those included a political coming-out for the billionaire, who has flirted with right-wing accounts and politics for years on Twitter but has never embraced a presidential candidate the way he has the Republican governor. And it was supposed to be a way for Mr. Musk to advance his business interests by highlighting Twitter, which he is trying to turn around.
Yet as the Twitter audio livestream faltered, the reaction including on Twitter itself was shock and scorn that what should have been a carefully choreographed announcement of a presidential run had stumbled so badly. The hashtag #Desaster appeared on many posts. Others took potshots at the failure, with President Bidens personal @JoeBiden account tweeting a donation link with the words, This link works.
David Sacks, a tech executive who moderated the audio event with Mr. DeSantis and who is a confidant of Mr. Musks, tried downplaying the technical problems.
We got so many people here that we are kind of melting the servers, which is a good sign, he said during the first livestream, which sputtered out.
Mr. Musk did not respond to a request for comment.
Inside Twitter, employees had been alarmed by Mr. Musks turn into politics and whether the social media site could handle the influx of traffic, three employees said. There was no planning for what are known as site reliability issues for the event with Mr. DeSantis, two of the people said, and workers were prepared to do whatever they could to keep the social network running.
When the audio event began at about 6 p.m. Eastern time, more than 600,000 listeners joined, causing Twitters mobile apps and website to sputter or crash, two employees said. Mr. Musk later said that his account, which has 140 million followers and which promoted and launched the livestream, had brought in too many listeners and that Twitters systems had been unable to handle them.
Twitters systems recovered, the employees said, but the restarted livestream with Mr. DeSantis had a smaller audience, with about 275,000 listeners.
Even before the glitches, the event had drawn criticism, especially since Mr. Musk has said Twitter is a politically neutral platform. Michael Santoro, a professor of management and entrepreneurship at Santa Clara University, said the event undermines the claim of impartiality.
As the owner of the company, hes using major resources and power and outreach of the company to express any view, Mr. Santoro said of Mr. Musk.
But others said they were not surprised that Mr. Musk was trying to mold the social platform in his own image and beliefs.
A self-proclaimed moderate, Mr. Musk voted for Democratic presidential candidates like Barack Obama and Mr. Biden. But in recent years he has taken a rightward turn, which has been laid out in full on his Twitter profile. He has posted critically about what he calls the woke mind virus affecting Democratic politics, has shared right-wing conspiracy theories and has repeatedly praised Mr. DeSantis for nearly a year.
Jason Goldman, a former vice president of product at Twitter, compared Mr. Musks moves with Twitter to the creation of an echo chamber where he has put his own interests front and center.
He is the moderator, and the content surfaced and promoted is that which is most pleasing to him, Mr. Goldman said.
In recent months, fears about Twitters reliability have surfaced repeatedly. After Mr. Musk began laying off thousands of its employees last year, many users were so alarmed by the cuts that #RIPTwitter and #GoodbyeTwitter began trending. The company staved off any shutdowns and continued operating, but outages rose.
In February alone, Twitter experienced at least four widespread outages, compared with nine in all of 2022, according to NetBlocks, an organization that tracks internet outages.
The companys technology operations have become more precarious since November, current and former employees have said. Mr. Musk also ended operations at one of Twitters three main data centers, slashed the teams that work on the companys back-end technology such as servers and cloud storage, and eliminated leaders overseeing that area.
On Wednesday after the Twitter Space restarted, Mr. DeSantis finally got the chance to speak. He made his stump speech, then complimented Mr. Musk for buying Twitter. He also praised Mr. Musk, who often declares his support for free speech, for that commitment and said the Twitter owner would surely make money off his investment in the company.
Mr. Musk is a good businessman, Mr. DeSantis said. And Twitter Spaces, he later added, is a great platform.
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Elon Musk's Event With Ron DeSantis Exposes Twitter's Weaknesses - The New York Times
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Working from home immoral? A lesson in ethics, and history, for … – The Conversation
Posted: at 11:55 am
Elon Musk doesnt like people working from home. A year ago he declared the end of remote work for employees at car maker Tesla. Now he has called the desire of the laptop classes to work from home immoral.
Youre gonna work from home and youre gonna make everyone else who made your car come work in the factory? he said in an interview on US news network CNBC:
Its a productivity issue, but its also a moral issue. People should get off their goddamn moral high horse with that work-from-home bullshit. Because theyre asking everyone else to not work from home while they do.
Theres a superficial logic to Musks position. But scrutinise it closer and the argument falls apart. While we have a duty to share workload with others, we have no duty to suffer for no reason. And for most of human history, working from home has been normal. Its the modern factory and office that are the oddities.
Read more: How many days a week in the office are enough? You shouldn't need to ask
Prior to the industrial revolution, which historian date to the mid-1700s to mid-1800s, working from home, or close to home, was commonplace for most of the worlds population. This included skilled manufacturing workers, who typically worked at home or in small workshops nearby.
For the skilled craftsperson, work hours were what we might call flexible. British historian E.P. Thompson records the consternation among the upper class about the notorious irregularity of labour.
Conditions changed with the rapid growth and concentration of machines in the industrial revolution. These changes began in England, which also saw the most protracted and tense conflicts over the new work hours and discipline factory owners and managers demanded.
Judgements of conditions for workers prior to industrialisation vary. Thompsons masterpiece study The Making of the English Working Class (published in 1963) recounts bleak tales of families of six or eight woolcombers, huddled working around a charcoal stove, their workshop also the bedroom.
But it also mentions the stocking maker with peas and beans in his snug garden, and a good barrel of humming ale, and the linen-weaving quarter of Belfast, with their whitewashed houses, and little flower gardens.
Either way, working from home is not a novel invention of the laptop classes. Only with the industrial revolution were workers required under one roof and for fixed hours.
Read more: Meet the matchstick women the hidden victims of the industrial revolution
Musks moral argument against working from home says that because not all workers can do it, no workers should expect it.
This has some resemblance to the categorical imperative articulated by 18th century philosopher Immanuel Kant: Act only according to that maxim whereby you can at the same time will that it should become a universal law.
But acting according to the same principle does not mean we all have the same options. We can, for example, want all workers to have the maximum freedom their tasks allow.
The wider error Musk appears to be making is misapplying what ethics researchers call distributive justice.
Simply put, distributive justice concerns how we share benefits and harms. As the philosopher John Rawls explains in his book Justice as Fairness, in distributive justice we view society as a cooperative activity, where we regulate the division of advantages that arises from social cooperation over time.
Research on distributive justice at work typically concerns how to pay workers fairly and also share the suffering or toil work requires. But there is no compelling moral case to share the needless suffering that work creates.
Clearly, professionals benefit from work in many ways we might argue are unjust. As economist John Kenneth Galbraith observed satirically in The Economics of Innocent Fraud, those who most enjoy their work are generally the best paid. This is accepted. Low wage scales are for those in repetitive, tedious, painful toil.
If Musk wanted to share either the pay or toil at Tesla more equally, he has the means to do something about it. He could pay his factory workers more, for example, instead of taking a pay package likely to pay him US$56 billion in 2028. (This depends on Teslas market capitalisation being 12 times what it was in 2018; its now about 10 times.)
To share the toil of work more fairly, he wouldnt just be sleeping at work. Hed be on the production line, or down a mine in central Africa, dragging out the cobalt electric vehicle batteries need, for a few dollars a day.
Instead, Musks idea of fairness is about creating unnecessary work, shaming workers who dont need to be in the office to commute regardless. There is no compelling moral reason for this in the main Western ethics traditions.
The fruits and burdens of work should be distributed fairly, but unnecessary work helps no one. Commuting is the least pleasurable, and most negative, time of a workers day, studies show. Insisting everyone has to do it brings no benefit to those who must do it. Theyre not better off.
Denying some workers freedom to work from home because other workers dont have the same freedom now is ethically perverse.
Musks hostility towards remote work is consistent with a long history of research that documents managers resistance to letting workers out of their sight.
Working from home, or anywhere working, has been discussed since the 1970s, and technologically viable since at least the late 1990s. Yet it only became an option for most workers when managers were forced to accept it during the pandemic.
While this enforced experiment of the pandemic has led to the epiphany that working from home can be as productive, the growth of surveillance systems to track workers at home proves managerial suspicions linger.
Read more: 3 ways 'bossware' surveillance technology is turning back the management clock
There are genuine moral issues for Musk to grapple with at Tesla. He could use his fortune and influence to do something about issues such as modern slavery in supply chains, or the inequity of executive pay.
Instead, hes vexed about working from home. To make work at Tesla genuinely more just, Musks moral effort would better be directed towards fairly distributing Teslas profit, and mitigating the suffering and toil that industrial production systems already create.
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Working from home immoral? A lesson in ethics, and history, for ... - The Conversation
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OpenAI CEO Sam Altman credits Elon Musk with teaching him the importance of deep tech investing. But he has no interest in living on Mars – Fortune
Posted: at 11:55 am
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Tesla Stock: You Have Been Pumped And Warned By Elon Musk … – Seeking Alpha
Posted: at 11:55 am
Win McNamee
A new wave of investor optimism seems to be pushing Tesla, Inc. (NASDAQ:TSLA) stock higher in the aftermath of its shareholder meeting (held on 16th May 2023), wherein CEO Elon Musk highlighted Tesla's long-term business prospects in emerging areas such as autonomous driving [FSD] and robotics [Optimus].
GoogleFinance
In late-2022/early-2023, I was incredibly bullish on Tesla in the mid to low $100s, at a time when Mr. Market was selling it off like a drunken psycho on a daily basis. After having accumulated Tesla for several months in the mid to low $100s, we sold half of our Tesla position at ~$194 a few weeks ago as the wild rally in TSLA took a pause at a key technical level at ~$200-215.
While market participants are clearly getting excited about Tesla once again, I am sticking to a "Neutral" rating for TSLA after having shifted my stance in light of Tesla's Q1 earnings back in April. If you have been following my work on Tesla, you know that my rationale for the downgrade was based on greater macroeconomic uncertainties, dangers of Tesla's recession playbook [making it a binary bet on FSD], and ominous technical setup. Find a more detailed explanation here:
SeekingAlpha
Despite Elon Musk's dire warnings on the economy, investors have been piling into TSLA stock, which apparently looks set to re-test the neckline of its head and shoulders pattern. As you can observe in the chart below, Tesla's stock has already been rejected twice at this key technical level. If Tesla fails to break past this area of resistance, technically, the stock could be headed back down to the mid $100s [and even to the low $100s] in a continuation of the reverse gamma squeeze we saw in late-2022.
WeBull Desktop
In this note, we will discuss major takeaways from Tesla's Annual Shareholder Meeting. And then check up on TSLA's ominous-looking technical chart.
Keeping in tradition with past investor events, Tesla's 2023 Annual Shareholder Meeting and Musk's subsequent CNBC interview (with David Faber) were filled with lots of hyperbolic statements such as "FSD could be the ChatGPT moment for Tesla" and "Demand for Tesla's Optimus Humanoid Bot could be 10 billion units."
Here's a list of noteworthy announcements from the meeting:
The above list covers all the key developments from Tesla's annual shareholder meeting, and since this event has been widely covered, we will not go deeper into it in this note. If you are interested in learning more, I suggest you watch the presentation at Tesla.com or read this detailed SA note.
Now, let's discuss Tesla's business outlook in light of its shareholder meeting.
While Musk stoked the hype engine quite a bit with positive commentary on ambitious projects such as FSD, Cybertruck, Optimus humanoid bot, and two new EV vehicle models (likely a compact car and a Van), none of these are likely to move the needle for Tesla in the near-term.
That said, Tesla's recession playbook is still expected to result in volume growth during 2023. According to consensus street estimates (and Musk), Tesla is likely to do $100B in revenue this year.
SeekingAlpha
Going forward, consensus analyst estimates peg CAGR sales growth to be in the low-to-mid-20s, which is a far cry from where Tesla's growth has been over the past decade. Given Tesla's scale, I think a slowdown is natural; however, a growth slowdown raises question marks over TSLA's valuation premium. Now, bulls like to value Tesla as a high-margin software company, whereas bears prefer a valuation more in line with other automakers.
Personally, I think the reality is somewhere in between. As I said in my previous note, Tesla is turning into a binary bet on FSD. According to Musk, FSD could boost Tesla's gross margins to ~80%. While I am skeptical about that figure, I think that if FSD achieves full autonomy, Tesla can deliver software-like margins. In this scenario, Tesla would deserve a multiple similar to an Apple Inc. (AAPL) (~25-30x earnings) and not a Ford Motor Company (F) (~5-10x earnings).
Will Tesla FSD reach full autonomy in 2023 or 2024? I don't know. While the likes of Cathie Wood (and many Tesla bulls) think it could happen this year, the jury is still out there. As an investor, I prefer to wait for evidence before trying to model something like FSD into my valuation estimate for the company. And so, I am not altering my model based on Musk's positive FSD commentary from the annual shareholder meeting.
With Q1 results coming (more or less) in line with expectations, I am sticking to most of my pre-earnings assumptions for Tesla. However, in order to factor in the added risk of Tesla turning into a binary bet on FSD due to Musk's recession playbook, I raised our model's "Required IRR" from 15% to 20%.
Also, Tesla's recession playbook is killing its free cash flow ("FCF") generation, and in the interest of improving the margin of safety in our model, I reduced the "Buyback as a % of FCF" (capital return program) assumption from 25% to 0%.
Here's my updated valuation for Tesla:
TQI Valuation Model (TQIG.org)
According to these results, Tesla's fair value is ~$155 per share. With the stock trading at $188 per share, it is currently overvalued by ~17.5%. Now, I am happy to pay a premium for a high-quality company like Tesla; however, is the risk/reward attractive enough to justify an investment at current levels?
TQI Valuation Model (TQIG.org)
Assuming a base case P/FCF exit multiple of 25x, I see Tesla hitting $377 per share by 2027. As can be seen below, Tesla is projected to deliver CAGR returns of 14.94% for the next five years, which more or less meets my investment hurdle rate of 15%.
However, the valuation is not exciting enough to justify a long position by itself, as was the case in late-2022 when Tesla was trading in the low $100s. Since then, macroeconomic conditions have worsened, with multiple bank failures threatening a credit crunch for the economy and a demand crunch for Tesla. In response to flagging demand, Tesla's management has instituted multiple price cuts this year, and this move is causing margin pressures. The longer Musk and Co. execute this aggressive playbook, Tesla's margins are likely to remain under pressure. While we are modeling Tesla using long-term steady-state margins, Mr. Market is a far short-sighted person, and he could sell TSLA off during lean economic times.
And Musk warned about this during the annual shareholder meeting (emphasis added):
This is going to be a challenging 12 months, I sort of want to be realistic about it that Tesla is not immune to the global economic environment. I expect things to be just at a macroeconomic level difficult for at least the next 12 months. Like, Tesla will get through it, and we'll do well and I think we'll see a lot of companies go bankrupt.
The economy moves in cycles, and we've had a very long period of upcycle, and next twelve months will be [I think] difficult for everyone. During Berkshire Hathaway's annual meeting, Warren and Charlie actually said this year Berkshire companies are going to make less money. These are very well run organizations and that is generally true for the economy. It's important to remember that there are good times, and there are dark times, which are followed by good times. So my advice would be -
Don't look at the market for the next 12 months. If there's a dip, buy the dip, and you'll not be sorry. My guess is tough times for a year and then Tesla will emerge stronger than ever. Net present value of future cash flows will be incredibly high in my opinion.
The long-term future for Tesla remains bright; however, near-term price action is likely to be volatile, and the technical chart does look ominous.
Earlier in this note, we looked at the H&S pattern on Tesla's chart, and in my view, another rejection from the neckline would be extremely bearish for the stock. From a technical perspective, a breakdown of an H&S formation could result in a downward move equivalent to the gap between the head and the neckline. In Tesla's case, that level falls in the range of $40-60 (based on how you draw the neckline [horizontal or slanted]).
Now, I am not saying Tesla, Inc. stock is headed down to the mid-double digits; however, technicals suggest that this is a possible outcome. From a valuation perspective, Tesla can trade at such levels if it loses growth in a dire economy and the stock gets priced like a traditional automaker (~5-10x earnings). Hence, it is not unrealistic.
WeBull Desktop
While I don't think Tesla should be valued like a traditional automaker, I wouldn't rule it out, as Mr. Market can do crazy things. That said, I would view such a sharp selloff as a massive buying opportunity. Now, such a move is very unlikely to materialize until and unless we end up in a deep recession, which is certainly not my base case right now.
In the short term, I think a move down to $145 is very much on the table, given we still haven't filled the gap there. And if Tesla fails to hold that level, I can even see a re-test of recent lows, i.e., the low $100s.
WeBull Desktop
In a nutshell, Tesla's technical chart is looking ominous. A breakout of the neckline at $215 would make me change my view here. However, for the time being, I think investors can afford to remain patient with Tesla, Inc. stock and wait for a better entry point. If Tesla gets down to the mid-$100s, I will resume accumulation via a DCA plan.
Key Takeaway: I continue to rate Tesla, Inc. stock "Neutral" at ~$188 per share.
Thank you for reading, and happy investing! Please share any questions, thoughts, and/or concerns in the comments section below or DM me.
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Pride Anthems at WHBPAC June 2nd at 8PM – Hamptons.com
Posted: at 11:55 am
Pride Anthems at WHBPAC June 2nd at 8PM
The Westhampton Beach Performing Arts Center (WHBPAC) Director of Marketing and Communications Heather Draskin announced their programming of Pride Anthems as a wonderful way to kick-off Pride Month in the Hamptons. Ms. Draskin said, Pride Anthems is a great performance. What it is going to be is the kick-off of Pride-Month, here in the Hamptons. The kick-off will be the festivities June 2, at 8 PM with Pride Anthems at the WHBPAC. Director Draskin credits Executive Director Julienne Penza-Boone for spearheading the effort to bring Pride Anthems to WHBPAC.
Heather Draskin explained Pride Anthems is a musical journey of the past fifty years featuring music from folks like Donna Summer, Queen, George Michael, and Madonna with all those songs that are significant to the Pride Legacy. Then, Ms. Draskin added how important this show will be because There is a storytelling component about the fight for LBGTQ+ Equality, and its all performed by Broadway Stars, Broadway performers. It is a show for all ages, and Everyone comes together in song and celebration. It will demonstrate where the community has come from.
The show showcases the story of the fight for LGBTQ+ equality and how it is linked to the music that evokes the struggles, heartache, and liberation of queer lives then and now. The show commemorates the legacy and power and power of the Stonewall Riots.
The Stonewall Riots or uprisings, occurred after an anti-gay violent action by the NYC police at the Stonewall Inn in Greenwich Village on June 28, 1969. Patrons of the other lesbian and gay bars and neighborhood street people reportedly fought back. Many consider this event to be the watershed event, of the gay liberation movement of the 20th century. It was a very emotional two days that jump-started in motion, an energy that grows to this day.
The power of awareness hit the zeitgeist those two days of June 1969. Intense sacrifices of those pioneers have definitely had a phenomenal positive long-term effect. Both here is the U.S.A. and around the world.
The performers scheduled for Pride Anthems are Natalie Joy Johnson, Kevin Smith Kirkwood, and Jon-Michael Reese. They perform under the supervision of Musical Director Brian J. Nash. Heather Draskins also mentioned, Pride Anthems will be a brand-new performance. The show is having their World Premire on May 24th. The WHBPAC performance will be the second performance. Draskin added, Pride Anthems is part of a nationwide tour. What makes this special is that a portion of the proceeds will benefit Pride Lives, and the Stonewall National Monument Visitor Center. The center is scheduled to open June 2024 in Washington D.C.
Tickets are still available at the website (www.whbpac.org ) or at the box office, or online. As Director Draskin also said, I want to point out that it is for all ages. It is going to be a fun and uplifting evening of entertainment. This will be the WHBPACs first foray into LGBTQ+ programing. That is why we want a great kick-off to all pride festivities. We are working to make the WHBPAC an inclusive space for the community.
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The illuminating influence of Eric Huntley – Peoples Dispatch
Posted: at 11:55 am
When I sat down with Eric Huntley on 13 April 2023 it was under the auspice of interviewing him about the new community garden that he has establishedalong with filmmaker and organizer Sukant Chandanin the London borough of Ealing, just minutes away from where he and his wife, Jessica Huntley, ran their bookshop and publishing house. However, it was impossible to contain our conversation to just the Jessica Huntley Community Garden. It would also have been a huge missed opportunity. Eric and Jessica were pioneers of Black literary publishing in twentieth-century Britain, alongside so much more. While running the Walter Rodney Bookshop and Bogle-LOverture publications, some of the first ever Black-owned enterprises of their type, they were also founder members of the Caribbean Education and Community Workers Association; helped form the Black Parents Movement in 1975; organized the 1981 Black Peoples Day of action march; and established the Supplementary School Move in the community. And that is just the list of activities listed in Whats Happening in Black History? III (2015).
During our wide-reaching conversation, Eric went right back to his earliest political activities in the 1940s of then British-Guiana, all the way through to 2023, where the 93-year-old community organizer and former-publisher is still working tirelessly to bring about radical change in British society.
The Huntleys legacy in Britain has been well-documented, commendably in Margaret Andrews book Doing Nothing Is Not An Option: The Radical Lives of Eric & Jessica Huntley (2014). After arriving in London between 1957-58, they started Bogle-LOverture Publications in 1968 out of the front room of their house at 141 Coldershaw Road in Ealing. The bookshop followed in 1974. It wasnt long before neighbors officially complained to the local council that the Huntleys were lowering the standard of the street by operating a business in a private house, and thus they were forced to look for a commercial premises. They ended up finding a place just off West Ealing high-street, that would later be named the Walter Rodney Bookshop after the Guyanese intellectual who was assassinated in 1980.
Rodney is integral to this story. When I asked Eric what the impetus was for founding the publishers, he first told me the anecdote that often gets repeated: Eric and Jessica were close with their Guyanese compatriot, both ideologically and socially, and when his writing and lectures were banned by the Jamaican government in 1968, the Ealing-based couple decided to publish his collected speeches in the book The Grounding with my Brothers. But then Eric corrects himself. While that was certainly true, his first foray into publishing came in Guyana over a decade earlier.
Guyana was still under the yolk of British colonialism when Eric was living there. He was a member of the anti-colonial Peoples Progressive Party (PPP) who ran as a pro-independence group, although Eric is modest about his role: Jessica and I didnt have any skills, we were working class people. Most of the people in the leadership of the party were middle-class doctors and lawyers and so on [1]. In 1951, while working as a postman in the village of Buxton, Eric saved up for a flatbed duplicating machine, I produced an unofficial journal for the Post Office Workers Trade Union using that equipment. We literally starved that month. Three years after, in 1953, the security forces seized the machine on one of their raids looking for contraband literature.
1953 was a turning point for the Guyanese independence movement. The PPP won a mandate from the public to govern, yet months later the colonial British regime suspended the constitution then conducted a widespread, violent crackdown against the PPP and anti-imperialist groups. As was common all over the world at that time, the British Empire wanted to nullify the upsurge in communist popularity that was permeating amongst the population and specifically cited concerns over the influence of communism as justification for their actions.
Marxist-thought was indeed popular amongst Eric and his comrades. He notes that communist ideas first found their way into the Guyanese zeitgeist through the soldiers who had gone abroad to fight in World War Two then returned home with battered copies of various Marxist texts. Some of these soldiers had been inculcated by members of the Communist Party of Great Britain (CPGB), with whom Eric had a very short-lived relationship when we first arrived in Britain (he recounts how he and his fellow Caribbean communists had a meeting at CPGB headquarters on Farringdon Road, London, but never returned after they were kicked out mid-discussion at nine in the evening: we had just from the tropics where we were our own masters, Eric recounts, the night was young and when you start talking politics you go into the morning!).[2]
Communist organizing in Guyana begins to pick up pace after the success of the Cuban Revolution. Eric recalls how delegates from the PPP begin to travel to Cuba and the Soviet Union and bring back ideas and books that were disseminated through lectures and study groups. Excluding Andrews biography, the foundational role that Marxism plays in Erics thought and life is often dismissed in the literature written about the Huntleys, even though he was keeping company with the likes of Marxist scholars C.L.R James and Walter Rodney, and facilitating the International Book Fair of Radical Black & Third World Literature in the 1980s. Eric stresses this point to me: Our teacher was what was happening on the ground here. We took a Marxist outlook which I havent lost and forms the basis of my world view.
However, he does highlight that Marxism, in particular the Eurocentric variety popular in 1950s Britain, sometimes felt alien to the newly-arrived Caribbean diaspora:
We came from the colonies with a Marxist perspective, [although] you left home without any consideration for the color of your skin and only you became aware you were Black when you came to England. And therefore the politics, the way you viewed the world, changed completely. We never really read Marxist books when we came here. In the colonies, that was all we had. In England, the racism, the issue of ESN (Educationally Subnormal schools), SUS [laws] became more important.
In other words, it sometimes felt like the issues facing the Black diaspora in England at that time had nothing to do with [the] Marxism that they had been reading about in their homelands. Eric even suggests that making these issues too party political could be a hindrance to change: There was more political value out of our struggle if we concentrated on [specific] issues [], with SUS it was much easier to come together. Which is also why Eric and Jessica, in spite of all their organizing efforts, never attempted to form a political party in England. Forming a party meant attempting to reconcile too many differences within the community, and that is without considering the angle of personal belonging too, we didnt really see ourselves as residents here, and settled, to form a political party. It didnt enter our thoughts, Eric told me.
Bringing together the community was central to the vision of the Huntleys Walter Rodney Bookshop. Even before it moved to the commercial premises at Chignell Place, the bookshop was a hub for the migrant community of Ealing: The bookshop became a virtual advice center where persons called for advice on a wide range of issues, wrote Eric in 2015. People came for addresses of solicitors in the event of being arrested on being being a person preparing to to commit an offense (SUS), accommodation, social and welfare issues. Maybe unsurprisingly, Eric also mentioned how they would often host visiting writers, activists, and throw parties. These events brought the Huntleys close to the international anti-imperialist movements of their time, especially the Grenadians.
Bogle-LOuverture publications was just one of three Black-owned publishers operating at that time in London, the others being New Beacon Books established 1966 by John La Rose, and Allison & Busby established 1967 by Margaret Busby and her partner Clive Allison. Rather than seeing each other as competitors, they often collaborated with one and other, coalescing on multiple fronts, including organizing the aforementioned International Book Fair of Radical Black & Third World Literaturewhich ran for over a decadeand founding Bookshop Joint Action, created after a spate of racist attacks on Black and Asian community bookshops in the seventies. The Walter Rodney bookshop itself was defaced on multiple occasions.
Throughout our conversation, I was enthralled by how much the Huntleys had achieved in such a short space of time and with so little financial support. When I expressed this to Eric he was, in what was a common trait of his, fairly self-effacing about it: Today if you have an idea, the first question theyre going to ask you ishow are you going to manage? Where are you going to get the money from? We never started off like that! Once you had an idea, you went ahead and somehow put it into practice. In order to publish their first book, they printed posters and greeting cards and sold them to raise the funds; when they first opened the bookshop, friends who worked in offices would liberate stationary from their workplaces and supply it to them.
It has been in this revolutionary, almost punk, spirit that Eric and Sukant Chandan, a collaborator and fellow Ealing resident, have founded the Jessica Huntley Community Garden, commemorating Jessica who died in 2013. Erics environmental work began in 1995 when he started the quarterly magazine Caribbean Environment Watch. But the community garden, in its own way, is closer to to replicating the dynamics of the now-defunct bookshop. The pair hope it will become a gathering place for local people to discuss their issues, as well as find some joy. It is a fitting legacy [for Jessica]. To put our communities into the center ground, literally, to put them into the center ground in this beautiful way, Chandan remarked. In West Ealing, like in many other areas, gentrification is marginalizing people further, so this is about bringing the people at the margins to the center.
Eric added to this his concern with the effects of the pandemic on peoples social lives, particularly young people. While on a simpler note, he affectionately remembered Jessicas love of gardening: Jessica herself loved flowers. When we first came to the country we were unaware of what the flowers and vegetation was like. We kept a lot of the weeds in the garden, once they flowered, to us they were fine, they were flowers. We didnt realize that as far as the English are concerned they are weeds. So we found ourselves keeping a lot of weeds in the garden.
There seems to be a lot of hope bound up in the new community garden and hope is a word that begins to reoccur frequentlymuch to Erics own jocular amazementat the close of our conversation. You hope at the end of the struggle you can show some progress, remarks Eric. A lot of ground work has been taking place across various ages and were seeing it coming out now. Look what the The Guardian [has published]. [] This is not a miracle. Eric here was referring to the The Guardians recent investigation into itself called The Cotton Capital, exposing the newspapers link to the Atlantic slave trade.
I express some cynicism about both The Guardians investigation and the downturn in a coherent revolutionary-left resistance to the problems of contemporary capitalism. Eric is thoughtful and respectful of my youthful impatience: Sometimes you need a magnifying class [] but the movement is taking place. He gives the example of todays young environmental activists, who despite being sons and daughters of the middle-class, have made some extraordinary sacrifices and faced heavy repression for decades. They came down on them like a ton of bricks, Eric points out. But now, he suggests, the tide is turning against the big polluters.
Generations sometimes react differently to the same issues, but it doesnt mean the struggle has disappeared. Chandan reminds us that these days, for better or worse, much of life is taking place online. That said, the community garden itself then becomes a statement, an antidote to the world of online class conflict, seeking to rebuild a different kind of public forum where local people can drop by and discuss existing issues with each other. Who knows what will emerge from these dialogues, but as Eric is always keen to remind us, doing nothing is not an option.
[1] In truth, the couple were clearly revered by the PPP leadership. Eric was a member of the partys general council and a campaign manager in 1953. Jessica was requested to run as candidate for the constituency of New Amsterdam in Guyanas 1957 general election. While Jessica failed to win her seat, the PPP were again victorious.
[2] Andrews (2014) writes that Jessica and Eric also campaigned for the CPGB candidate for Hornsey, G.J. Jones, in the run-up to the 1959 UK general election.
Rohan Rice is a writer, photographer, and translator from London. You can find his work at: https://rohanrice.substack.com/
First published on Freedom News
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Want Sofia Richie Style? Try These Cheap Nordstrom Finds – Who What Wear
Posted: at 11:55 am
Yup, I still want to dress like Sofia Richie.
Since her classic and timeless sense of style seemingly blew up overnight, I couldnt tell if it was just a phase. I wondered if people would be on to the next it-girl within a few weeks. However, given the current zeitgeist that is steering even the trendiest of fashion people towards quiet luxury and elevated staples, Im convinced that Richie is here to stay.
My favorite thing about Richies style is that it plays into the quiet luxury movement without being too minimal. She finds a way to evade overly trendy pieces while still having fun with her wardrobe. She knows when to bring color and unique elements into play with elegance. With that being said, Im ready to shop her wardrobe. Im convinced that I can do it without breaking the bank so below find the 31 Nordstrom finds that you absolutely must shop if youre like me and want to dress like Sofia Richie.
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What will Saudi-Iran rapprochement mean for the Palestinians? – +972 Magazine
Posted: at 11:55 am
Amid the zeitgeist of diplomatic rapprochement and normalization in the Middle East which has recently seen Saudi Arabia and Iran mend ties and Syrias Bashar al-Assad welcomed at this months Arab League summit the Palestinian Islamist movement Hamas took a step forward to repair its own regional relationships.
In mid-April, a delegation of senior Hamas officials, led by Ismail Haniyeh and Khaled Meshaal, traveled to Saudi Arabia under the guise of a religious pilgrimage. Yet being the first visit of its kind in more than a decade in which ties between Hamas and Riyadh had been unraveling, the political significance was unmistakable.
Some analysts framed the visit as a product of the breakthrough diplomatic agreement between Iran and Saudi Arabia, which was brokered by Beijing in March. That, however, may be overstated given that there have been a string of similar gestures in recent years, such as Meshaals 2021 television interview on the Saudi network Al-Arabiya and the release of Hamas-affiliated political prisoners jailed by the Saudi government.
Nonetheless, the new atmosphere generated by the Saudi-Iran accord certainly offers a more conducive environment for Hamas-Saudi reconciliation. Moreover, the visit raises important questions about the impact of the Saudi-Iran rapprochement on Palestinians more broadly, especially given that the United States and Israel have made major efforts to bring Riyadh on board the Abraham Accords the normalization project initiated by the Trump administration in 2020 and carried on by President Joe Biden ever since.
Although the recent rapprochement does not have direct implications for the Palestinians vis--vis Israel, it could ease some of the pressure that has mounted in recent years by ending the period of regional polarization and reversing the momentum of the Abraham Accords. The question is: will the Palestinian political leaderships take advantage of this moment?
Lacking a state of their own, the Palestinians have always been highly dependent on the regional environment and reliant on external backing for their political cause. As such, the Palestinian liberation movement has, for decades, been forced to carefully navigate the Middle Easts complex politics and avoid antagonizing possible sources of support and hostility. Sometimes, however, the regional environment is so fraught that it makes this impossible.
Iranian Foreign Minister Hossein Amir-Abdollahian and his Saudi counterpart, Prince Faisal bin Farhan Al Saud after signing a joint statement on the restoration of diplomatic relations, with Chinese Foreign Minister Qin Gang in the background. (Mehr News Agency/CC BY 4.0)
Saddam Husseins invasion of Kuwait in 1990 was such a moment. Caught between two important backers of the Palestine Liberation Organization (PLO) which also hosted sizable Palestinian communities, Chairman Yasser Arafat found himself in an unenviable decision-making position.
Arafat ultimately tried to strike a sort of balance, opposing the U.S.-led military invasion of Iraq in favor of a regional diplomatic effort an equivocal stance that was read by the PLOs Gulf allies as a betrayal, given Kuwait was a clear victim of Iraqi aggression. The cost for the Palestinian community in Kuwait, and Palestinian politics more broadly, was catastrophic, as hundreds of thousands were forced to leave the country and the PLO experienced the worst diplomatic alienation in its history.
The 2011 Arab uprisings and the ensuing regional competition between rival ideological camps was another instance in which uninvolved political actors were pressured to choose sides. That is particularly true of the bitter hostility between the Saudi-Emirati alliance and Iran, which divided the Middle East and North Africa (as well as other regions like the Horn of Africa) in a localized cold war that exacerbated conflicts in multiple countries such as Syria, Iraq, Libya and Yemen.
With Tehran providing support to the Syrian regime and several substate actors and the Saudi-Emirati bloc moving into closer alignment with Israel, the balance for Palestinian groups like Hamas became untenable, and their regional relationships suffered. Even Hamass relations with Tehran were initially unsettled after the Palestinian group chose not to support the Iran-backed Assad regime against the Syrian opposition. Eventually, Irans financial backing and military support to Hamas resumed.
The decision by Saudi Arabia to restore diplomatic relations with Iran is important in this regard for two reasons. First, it reduces the violent polarization and competition in the region. While that is far likelier to be felt in places like Iraq, Syria, Yemen, and Lebanon, it does take the pressure off of Palestinians as well.
This is meaningful both for the Palestinian political leaders who were forced into uncomfortable positions that threatened their material support, and for the Palestinian communities living in Arab countries that often bear the brunt of those decisions as witnessed in Kuwait after 1990 and Syria after 2011.
Ebrahim Raisi, current president of Iran, at Naja headquarters, April 30, 2019. (Tasnim News Agency/CC BY 4.0)
The reduced tensions also free regional powers from having to choose sides among the rival Palestinian factions. It was therefore unsurprising to see Palestinian Authority (PA) President Mahmoud Abbas hosted in Saudi Arabia at the same time that the Hamas officials were in the country, as Riyadh intended to make a show of balancing its relationships.
Furthermore, the Beijing-brokered Saudi-Iran accord is a clear sign that Riyadh and its allies are acting more independently of their longstanding partnership with Washington. This current period of multipolarity and middle-power assertiveness could be beneficial for Palestinians; U.S. hegemony in the Middle East has clearly not served Palestinian interests well, and a shakeup in the regional order could provide new opportunities.
The second reason the Saudi-Iran rapprochement is important for Palestinians is its relationship to the parallel Arab normalization process with Israel. Given that the Palestinians were the collateral damage of this process or more likely, at least from Israels perspective, a target of it the derailment of further normalization is a positive result for them.
The Saudi decision (and that of the UAE, which restored relations with Iran in 2022) is particularly important because it defies the rationale and narrative of the Abraham Accords, which oriented around rallying a regional bloc to confront Iran. This, along with the overarching imperative to safeguard Americas security architecture in the Gulf, had provided the motivational basis for entering into those accords.
Indeed, one of the fundamental weaknesses of the Abraham Accords is that it lacked a core achievement. Despite being framed as peace deals, they ultimately amounted to the formalization of diplomatic relations between non-warring states. Furthermore, an agreement that is based on coalition-building for the purpose of enhancing security must ultimately compete with alternatives aimed at achieving the same purpose.
Hence, reaching an agreement with Iran as the principal adversary is more likely to achieve a better result than escalating tensions through a confrontational posture, which would have put the Gulf states in the crosshairs of Iran and its proxies with few ironclad guarantees of help from the United States or Israel.
Israeli Prime Minister Benjamin Netanyahu, U.S. President Donald Trump, Minister of Foreign Affairs and International Cooperation of the UAE Abdullah bin Zayed Al Nahyan and Abdullatif bin Rashid Al-Zayani, Minister of Foreign Affairs of Bahrain attend the Abraham Accords Signing Ceremony at the White House in Washington, USA, September 15, 2020. (Avi Ohayon/GPO)
If anything, the rapprochement with Iran is a demonstration that the Arab states, including the UAE, have been exposed to the limitations of normalization with Israel and the growing unreliability of the United States as a security partner. This realization became acute after both Gulf states suffered a series of Iran-sponsored attacks on their infrastructure and commercial interests between 2019 and 2022, with barely any response from Washington.
This was no doubt a wakeup call for the Gulf states, which began seeking a less-confrontational approach to Iran and other regional adversaries. With Iraq and Omans help, reconciliation talks between Saudi Arabia and Iran began in 2020. In January 2021, the Saudi-UAE alliance lifted its blockade of Qatar. A few months later, the Gulf states began diplomatic overtures to Turkey. By the summer of 2022, the UAE and Iran had exchanged ambassadors, with Saudi Arabia following suit in the spring of 2023.
At the same time, the Abraham Accords stalled. No new agreements were forged after Trump left office in January 2021. Sudan has vacillated on its early declaration to join the process; and countries like Oman, which appeared like possible candidates, have enhanced their laws prohibiting any dealings with Israelis.
Even the UAE, which spearheaded normalization with Israel from the Arab side, has appeared more conflicted of late. The Emirates has used its chair on the UN Security Council for the 2022-23 term to support Palestinian positions and criticize the current Israeli governments policies. While it is unlikely for the UAE to reverse its formal ties with Israel, its enthusiasm for this process may be waning.
Ostensibly, all of this is a positive development for Palestinians. Normalization was being used by Israel to undermine Palestinian leverage, marginalize their cause regionally, and pressure them to capitulate to Israeli demands. The Saudi-Iran agreement contrasts sharply with the Abraham Accords, both in substance and effect.
Yet taking advantage of this change is another story entirely. Political fragmentation has denied the Palestinian liberation movement a singular address since 2007 and made regional engagement more complicated.
The PLO/PA under Abbass leadership has also proved a poor steward of Palestinian diplomacy: despite three decades of failure, Abbas has doubled-down on the strategy of relying on the United States to deliver a peace deal with Israel, while remaining wedded to the defunct Oslo Accords. Indeed, it was this agreement signed in the 1990s that allowed the Gulf states to more openly engage Israel, and has provided the ongoing context of cooperation that made the Abraham Accords possible.
Palestinian President Mahmoud Abbas speaks during a meeting of the Palestinian leadership in the West Bank city of Ramallah, September 3, 2020. (Flash90)
This one-track strategy on the part of the PLO/PA has taken regional support for granted rather than actively cultivating it. As a result, the PLOs regional relationships have eroded, its once-strong diplomatic infrastructure has collapsed, and the Palestinian diaspora in the Middle East has fallen by the wayside, denying the liberation movement key sources of support, vitality, and leverage, including vis-a-vis the Arab regimes. The PLOs aging, corrupt, and bureaucratic leadership are no longer a source of inspiration for the people of the region as they were in the movements revolutionary heyday. Although the Arab street remains overwhelmingly sympathetic and supportive of Palestinians, it is not because of their leaders efforts, but in spite of them.
Hamas, on the other hand, more closely resembles the PLO of old and has proven itself somewhat better at navigating the regional landscape. While holding firm control in Gaza, its core diplomatic and political leadership are located outside of the occupied territories, where they are not subject to Israeli domination. And unlike the post-Oslo PLO/PA, Hamas does not have a built-in source of financing from a bloc of international donors a structure which makes the PA not only complacent and unaccountable, but subject to Western and Israeli conditionality.
Hamas still has to be more adept at responding to the vicissitudes of regional politics. But its strategic position is not precluded, like the PLO because of its Western-dependence, from maintaining relations with a diverse cross-section of allies, such as Iran, Saudi Arabia, and Turkey. Still, as long as Palestinian politics remain divided and dysfunctional hindered even more by the complete absence of democratic national elections, and a restructuring of systems of governance and decision-making the advantages that have opened in a changing regional context will likely pass the Palestinians by.
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What will Saudi-Iran rapprochement mean for the Palestinians? - +972 Magazine
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