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So we said we didn't want to talk about Tesla specifically, right? But someone that buys Tesla is usually probably interested in sort of the technology aspect of the auto industry, right? Are there other names available that get into the technology of the auto industry? Maybe they aren't making the cars, but they're sort of providing that, maybe tech investors sort of…

…And maybe without the Tesla baggage.

Yes.

All right. So, we can speak about Mobileye. Mobileye is a name that we like. It's essentially a technology supplier that makes software for autonomous driving.

They provide complete solution to legacy automakers that are not called Tesla. How could they offer autonomous cars essentially? And they offer a system that go anywhere from like semi-autonomy to full autonomy, to potential robo taxi. Now, the stock has been under dramatic amount of pressure in the last few years or so. Part of it is because they need customers and these automakers to sign up and actually buy their product. And a lot of these automakers have been sitting on their hands and they haven't really made any sourcing decisions. So, what we like it here is, look, it's had a lot of pressure. Seems a lot is priced into the stock. If these guys, this year can announce some legit automakers signing them up for auto for autonomous driving, you have tremendous amount of upside and because it could be Nissan, Honda, Toyota. It could really be some legitimate automakers, but it needs to happen to validate the story.

And the two other stocks that you have outperforms on, I believe were Autolive, Autoliv…and Aptiv which are sort of in the car building ecosystem, where do they fit in and why are they not as vulnerable as some of the other stocks that you look at?

So generally speaking, it's all assuming tariffs manageable. So it's on the other side of it. But what we do like about names like Autoliv and Aptiv, they are somewhat high-tech. Aptiv is focused on electrification as well as well as active safety. Autoliv makes airbags. What we like about them is first of all, there's quite a bit of secular growth which is not just waiting for people to buy cars. There's more and more of their content in the cars. These guys are also aggressively taking out cost, especially Autoliv there reducing headcount pretty dramatically. And what we like especially in case of Autoliv is all that free cash flow. They aggressively buying back the stock, so returning it to shareholders. This is essentially good recipe for strong free cash flow and strong earnings growth as well.

I want to come back to something you said a minute ago. You talked about sort of the traditional automakers getting into autonomous driving. And part of me wonders, does Tesla have to succeed first to make these companies move, right? If I'm Ford or GM, I get why they want to get into it, but would that be sort of the catalyst that really expedites that industry growing within autos?

Yeah, no, it's a potential catalyst. Yeah, the fact if Tesla is successful at it, and by successful we don't mean, we don't mean that the technology works, but they can actually turn it into a real business where there would be a higher take rates of people paying for FSD, other automakers will basically be looking at it and say, look, I'm going to invest in it because it's actually a real business line. Part of the issue with Tesla is the technology works quite well, but the take rates remain really, really low, which means people do not want to pay $100 a month for FSD because it's not useful enough for that kind of price. So we need to see that, and I think we're starting to see it. Tesla is obviously offering a promising robo taxi starting in June in Austin. If that is successful, other automakers will take notice for sure. We think it could be good for Mobileye.