In short: The valuation control for Tesla: "Auto stocks, by contrast, have very low multiples. GM's 2026 PE is 6.5 times" — against Tesla's 220×. A comparison, not a call.
9:12He seems to have done so again. The future of this company depends on the success of the robotaxi. How do I know this? Well, the consensus estimate for Tesla for 2026 is $1.66. So, the 2026 PE is 220 times. Auto stocks, by contrast, have very low multiples. GM's 2026 PE is 6.5 times. The only explanation for Tesla's crazy multiple is that some investors believe that Tesla's robotaxi business will conquer the world.
In short: The capital-return template: BMW buys back over €1B a year (~3% of market value) but "has the wherewithal to get more aggressive in the way that General Motors has done." Also worth more than BMW's $42B. No stance on GM.
General Motors is the example of what BMW could do with its cash: GM has aggressively bought back its own shares, and Barron's says BMW could follow that playbook as its spending falls. GM is also cited as being worth more than BMW. No recommendation on GM itself.
In short: Cited with GE as the other old-line private pension that "will probably feel some of that pain, too" when the alternative-asset marks come down. A passing example, not a stance on the company.
47:01— fairly small percentage. — It is, but it's still like so they might say — But you're not talking about the guy with the regular IRA or 401K, right? — No, no, no. But those kind of those old GE pension kind of, GM and those guys will probably feel some of that pain, too. But no, it's a very good point and obviously it will create a lot of animosity, I would guess.
In short: Q2 revenue +2% Y/Y to $48.0B ($0.9B beat) and adj EPS $3.57 ($0.39 beat), with adj EBIT margin widening 0.3 points to 8.2% even as first-half deliveries fell 7%; shares closed up 5% as investors focused on the guidance raise. Full-size pickups carried it — GM held more than 42% of the US full-size pickup market through 1H and gained share Y/Y, with dealer inventory kept tight at 511,000 units (~55 days of supply). Warranty relief was worth about $500M in 1H, and CFO Paul Jacobson raised that full-year tailwind from $1B to $1–1.5B. Software and services keep compounding quietly: 1 million new Super Cruise/OnStar subscriptions expected this year and deferred revenue of $6.3B heading toward $7.5B. GM continued unwinding its EV buildout with $2.3B in EV charges (total $10.9B since mid-2025; Jacobson says the material cash charges are substantially complete), so GAAP net income guidance was cut again to $8.4–9.8B. FY26 adj EBIT raised to $14–16B (vs $14.8B consensus) and adj EPS to $12–14 (vs ~$12.8), the second raise this year; Q4 will run below normal seasonality with ~35,000 fewer units Y/Y and higher launch costs. $2B of stock bought back, share count now below 900 million (from 960 million a year ago). North America margin is the number to watch — Q2 hit 8.6%, helped by tight inventory and a warranty tailwind that won't repeat at this size. (Recap, not a stance call.)
GM sold fewer vehicles — first-half deliveries fell 7% — and made more money anyway, raising its profit forecast for the second time this year. The reason is mix and discipline: full-size pickup trucks, its most profitable product, held over 42% of the US market and gained share, while GM kept dealer inventories deliberately tight (about 55 days' supply) so it doesn't have to discount. A quieter helper was warranty costs coming in lower than budgeted, worth roughly $500 million in the first half — real money, but not something that repeats at that size.
Two other threads. Software and subscriptions (Super Cruise hands-free driving, OnStar) keep compounding in the background, with a million new subscriptions expected this year. And GM keeps writing down its electric-vehicle build-out — another $2.3 billion this quarter, $10.9 billion since mid-2025 — which is why its official accounting profit forecast keeps falling even as its operating forecast rises; management says the cash portion of that cleanup is now essentially finished. The number to watch next quarter is the North American profit margin (8.6%), because both the tight inventory and the warranty windfall flattered it. A recap, not a call.
In short: "It's been a tough period for most auto companies, but General Motors has been executing well." EPS 357 vs 253 (+41%, "impressive") vs 319 expected — "a big beat" — plus raised full-year profit guidance; stock up. "However, not all is great": US sales fell year-over-year, including the large pickups and SUVs "which make up most of GM's earnings."
In a hard stretch for carmakers, GM "has been executing well": profit per share rose 41% and beat expectations comfortably, and management raised its full-year profit forecast — so the stock went up.
The blemish is what's underneath: US vehicle sales actually fell versus last year, including the big pickups and SUVs that generate most of GM's profit. Growing earnings on shrinking volume works through cost control and pricing, but it isn't the same as growing demand — which is why he flags it rather than celebrating.
6:08Prior to Tuesday, Equifax was down 17% this year and down 30% over the last year. On this news, the stock was down an additional 4%. Moving on. It's been a tough period for most auto companies, but General Motors has been executing well. The company reported earnings per share of 357 versus 253, which is 41% growth, which is impressive.
In short: Passing benchmark — cited with Ford as the established automaker Rivian leapfrogged on valuation at its IPO peak (before falling 80%+).
In short: The template for what he hopes Charter does: cheap stock + a turnaround that performed — $27 in Nov 2023 to $78 now. Beat across the board: revenue 43.6B, EPS 3.70 vs 2.60 est (vs 2.78 last yr), raised guidance, despite US auto sales −10% y/y.
Eisman uses GM as the living proof of his Charter bet: a cheap, out-of-favor stock with a real turnaround can soar — GM went from $27 in late 2023 to $78 today simply because the business started performing. This quarter beat on everything (revenue $43.6B, earnings $3.70 vs $2.60 expected) and it raised its outlook, even with US car sales down 10% and a hard electric-vehicle backdrop. "It's what I'm hoping for with Charter."
14:52GM shows how well a stock can do when it is inexpensive and has a turnaround story. It's what I'm hoping for with Charter. In November 2023, GM stock price was $27. It's now $78. What happened? The company started to perform. Let's just look briefly at this quarter. GM reported its first quarter results, which saw beats across the board.
In short: Optically cheap (~3.4× EBITDA) but "not comfortable with the GM debt load at all" (~$130B) — a possible value trap if rates stay high.
GM is the carmaker. On the surface it looks cheap (about 3.4 times a common cash-earnings measure). But it carries roughly $130 billion of debt, and he's "not comfortable" with that load. If interest rates stay high, that debt makes it a potential "value trap" — a stock that looks cheap but stays cheap (or worse) because of its balance sheet.
21:04Tax-loss selling is in full swing. You identified GM as the ultimate value stock, about 3.4 times EBITDA. But GM carries more than 130 billion in debt. If rates stay higher for longer under a Warsh Fed, does that turn this value play into something else? Yeah, exactly. GM could be a value trap because of that debt. We only — in our core portfolio, the biggest thing we look for is high capitulation volume selling, low relative strength, seller exhaustion. That's what we see at Diageo, Lyondell. But that debt load — we're not comfortable with the GM debt load at all.
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