NKLAW - Nikola: The Bears Think They Are Smarter Than Jeff Ubben

• Jeff Ubben and Lynn Forester de Rothschild control a 5.6% stake in Nikola via their investment firm, Inclusive Capital.
• Jeff has a remarkable long term investment track record and founded ValueAct, back in 2000. Returns have averaged roughly 15% (net of fees) since inception and assets are $16 billion.
• If you moves past the barrage of negative headlines and nuclear fallout from the Hindenburg report, I would argue that we are in the 2nd inning of this story.
• The total addressable market and potential market capitalization for a firm that can effectively build out the fuel cell ecosystem is massive. I don't get the short thesis given the upside potential.

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