Our Research


June 16, 2023

Fireside Chat 2.0 with U.S. Steel Distribution Bellwether Sheds Light on What to Expect Over the Coming Months

By Gordon L. Johnson II

Fireside Chat with Steel Industry Veteran Provides Insights into what to Expect Looking Forward. In light of the forward June U.S. spot HRC contracted price falling -1.4% over the past month (Ex. 1), Chinese spot HRC…

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June 16, 2023

Fireside Chat 2.0 with U.S. Steel Distribution Bellwether Sheds Light on What to Expect Over the Coming Months

By Gordon L. Johnson II

Fireside Chat with Steel Industry Veteran Provides Insights into what to Expect Looking Forward. In light of the forward June U.S. spot HRC contracted price falling -1.4% over the past month (Ex. 1), Chinese spot HRC…

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June 13, 2023

Canadian Solar has Outperformed its Chinese Solar Module Peers; will It Continue to “Shine”?

By Gordon L. Johnson II

Canadian Solar Has Been a Significant Outperformer Over the TTM. Over the past year (Ex. 1), CSIQ’s shares are up +24.5%, vs. -19.7% for Jinko Solar Co. Ltd., -54.5% for Longi Green Energy Tech. Co….

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June 12, 2023

GLJ Macro Weekly – Liquidity Check-In, May Rental Inflation Update (has the Fed “Licked” Rent Inflation), & Steel Market Chart Refresh

By Gordon L. Johnson II

So How are Things Trending when Looking at Liquidity, Rent Inflation, and Steel Market Data? In this note, we provide a check-in on: (a) the state of U.S. liquidity when looking at a combination of…

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June 9, 2023

Four Separate “Fire Side” Chats w/ Contacts in China, the EU (Ahead of the SNEC Conf. in Munich), & the U.S. Shed Light on State of Solar Industry

By Gordon L. Johnson II

Burning the Midnight Oil Last Night Provided us an Opportunity to Catch up with Long-Time Contacts in China and the EU, as Well as the U.S. In this note, we provide four separate “fire side”…

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June 8, 2023

Did You Know Sunrun’s Head of Project Finance Left the Company (Prior to the Recent Unexpected Departure of the Company’s Founder)? Also, Below, we Detail a Fireside Chat we had Today w/ an Industry Veteran That Suggests Bulls May be Underestimating NEM 3.0 Impact on California

By Gordon L. Johnson II

Did Sunrun Lose its Head of Project Financing Unbeknownst to Many (Followed by the Recent Sudden Departure of its co-Founder)? In this note, we look to address that question, while also providing a Q&A we…

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June 6, 2023

GLJ Solar Weekly Musings – California Solar Initiative (“CSI”) Data Dump Provides Insights into Current State of U.S. Solar Demand & Update on 2023E China Solar Demand

By Gordon L. Johnson II

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 11-12), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China…

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June 1, 2023

First Solar is the Best House on a (Very) Bad Block; Upgrade to HOLD on “Strong Story” we Cannot Yet Disprove

By Gordon L. Johnson II

We Believe the Solar Industry is in the Beginning Innings of One of the Most Severe Supply Surpluses its Ever Seen. FSLR said on its 4/27/23 Q1 earnings conference call that “based on the current…

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May 25, 2023

GLJ Macro Weekly – Does the Re-Acceleration in April Rent Inflation Suggest the Fed’s Victory Lap About “Having Licked” Rent Inflation was… Premature?

By Gordon L. Johnson II

Is There a Pending Disaster Brewing on the Fed’s Inflation Fight Front, which is Flying Completely Under the Radar? In recent communications with the market, the Fed has expressed its view that core inflation (i.e.,…

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May 23, 2023

Tesla’s Week 7 China Sales Disappoint, Forcing the Company to Export Made-in-China (“MIC”) Cars from Shanghai to Canada for the First Time Ever (this is not what growth companies do)

By Gordon L. Johnson II

Tesla Reports Week Seven Domestic China Sales. Just now, we got updated insurance data from China regarding TSLA’s week seven domestic China sales. And, the numbers were lackluster at best. That is, with 10.2K cars…

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May 23, 2023

GLJ Solar Weekly – Fireside Chat w/ Top-3 US Solar Distribution Bellwether Sheds Light on How 2Q23 is Trending; Plus, EIA Updates on Imports, Installs, and Shipments as Well as EU Solar Market Update

By Gordon L. Johnson II

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 5-6), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…

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May 22, 2023

GLJ Research Macro Update: “Magical Elixir” Update – So Far, The “GLJ Research Elixir” Has Worked in Predicting Stock Market Moves… So What’s to Come?

By Gordon L. Johnson II

The Invesco QQQ Index and the Treasury General Account (“TGA”) Balance Have Tracked Each Other Quite Closely Since 11/1/22. As detailed in Ex. 1 below, Treasury Secretary Janet Yellen’s TGA account balance (i.e., the “piggy…

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May 19, 2023

Is Iron Ore the Next “Big Short” – i.e., Looking at a Plethora of Chinese Data, is the Long-Fabled $20/mt Iron Ore Price Back on the Table?

By Gordon L. Johnson II

Has the Greatest Iron Ore (“IO”) Commodity Consumption Bubble in History Burst, Suggesting Underappreciated Risk to IO Prices in 2H23/2024? In the analysis put fourth within this report, we look to answer the question posed…

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May 18, 2023

GLJ Research Macro Update – What if we Told you We had a “Magical Elixir” that Could Help you Outperform Tech Stocks (i.e., the QQQs) Until the Debt Ceiling was Resolved?

By Gordon L. Johnson II

The Invesco QQQ Index and the Treasury General Account (“TGA”) Balance Have Tracked Each Other Quite Closely Since 11/1/22. As detailed in Ex. 1 below, Treasury Secretary Janet Yellen’s TGA account balance (i.e., the “piggy…

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May 16, 2023

How Are Sales & Inventory Trending for Tesla in China, the U.S., and Europe Quarter-to-Date & What’s Our Latest Est. on 2Q23E GAAP EPS?

By Gordon L. Johnson II

Checkup Time for Tesla in its Core Three Markets of China, the U.S., and Europe. In the following, we provide an update on China (to include today’s weekly insurance data for the week of May…

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