Equity Research and Sector-Specific Forecasting by Gordon Johnson
Gordon Johnson is the founder and CEO of GLJ Research, an independent equity research firm specializing in industrials, renewable energy, and macro-sensitive sectors. Formerly Head of Equity Research at Axiom Capital, Johnson gained national visibility through CNBC and Bloomberg appearances for his contrarian views on Tesla and crypto assets.
Since 2023, Johnson has positioned himself as a vocal skeptic of cryptocurrency markets. In a widely viewed December 2024 interview, he labeled Bitcoin “worthless” and described the cryptocurrency ecosystem as a “speculative shell game.” Following the U.S. Treasury’s announcement of a strategic crypto reserve in early 2025, Johnson called the initiative “institutionalizing market corruption,” drawing over 1.4 million impressions across financial media.
Despite his criticism, Johnson is frequently cited in crypto discussions as a bearish counterpoint. His analysis supports institutional investors looking for risk-off strategies or exposure to short positions within crypto-linked equities. Johnson does not hold digital assets and follows a strictly conventional portfolio approach.
Gordon Johnson: Questions on whether macro fund issues could impact U.S. equities
Gordon Johnson, CEO and analyst at GLJ Research, questioned whether problems facing macro funds could cause spillover effects in U.S. equities. Johnson raised this question in a recent post ...
TSLA missed Wall Street EPS estimate after one-time gain, Gordon Johnson notes
Tesla recognized a net $447 million in third-quarter gross profit from one-time tariff refunds, which accounted for over 61% of its Q3 EBIT. Excluding this boost, the company’s core business ...
Gordon Johnson: Elon Musk reduced Tesla 2030 car forecast from 20 million to 5 million units
Gordon Johnson, CEO and analyst at GLJ Research, highlighted that Elon Musk first made an on-record claim of producing 5 million cars a year at a Tesla shareholder meeting in May 2023, based on ...
Cathie Wood missed Tesla 2022 delivery forecast by -90.4 percent, Gordon Johnson notes
Gordon Johnson, CEO and analyst at GLJ Research, pointed out that in 2022, Cathie Wood expected Tesla to deliver 18.775 million cars, while the actual number delivered by Elon Musk was ...
Gordon Johnson: Hope is not a strategy for the U.S. Federal Reserve
Gordon Johnson, CEO and analyst at GLJ Research, criticized the idea of relying on hope as an approach for the U.S. Federal Reserve, stating that their purpose is to maintain stable prices rather ...
TSLA shifts to less profitable cars in Q3-2026, Gordon Johnson notes
TSLA reported a 1.4 percent increase in third-quarter deliveries, according to figures shared by Gordon Johnson, CEO and analyst at GLJ Research. Johnson estimates TSLA deliveries declined 9.2 ...
Gordon Johnson: Fed balance sheet grew by $5 trillion in two years
Gordon Johnson, CEO / Analyst at GLJ Research, points to monetary policy as the main factor driving home price increases. He highlights that while many blame supply constraints, demographic ...
Bitcoin could bottom near $70 by October month-end, Gordon Johnson suggests
Gordon Johnson, CEO / analyst at GLJ Research, points to historical trends and correlations as signaling an increased risk for bitcoin in the near term. According to Johnson, a chart featuring ...
Gordon Johnson: Questioning value of U.S. Treasuries as AI credit offers higher returns
Gordon Johnson, CEO / Analyst at GLJ Research, questions the value of holding U.S. Treasuries when AI-linked credit can yield double the returns and is perceived as being backstopped by the ...
Tesla Q3 deliveries fall YoY for first time, Gordon Johnson notes
Gordon Johnson, CEO / Analyst at GLJ Research, points out that this is the first third quarter in which Tesla's deliveries have declined year over year. Johnson notes that despite this drop, ...
Gordon Johnson: Synthetic 10-year yield indicates bond market mispricing
Gordon Johnson, CEO / analyst at GLJ Research, analyzed the current state of interest rates and yields. He noted that the synthetic 10-year yield, defined as CPI year-on-year plus the difference ...
TSLA increases borrowing to $30 billion with negative free cash flow, Gordon Johnson notes
Gordon Johnson, CEO / Analyst at GLJ Research, highlights Tesla's substantial increase in borrowing capacity. The electric vehicle maker now has $43.5 billion in cash and has signed up to borrow ...
Gordon Johnson: Bitcoin trading patterns linked to U.S. Treasury bill issuance shifts
Gordon Johnson, CEO / Analyst at GLJ Research, observes that bitcoin has been behaving similarly to a derivative of the U.S. Treasury's cash management activity over the past year. Johnson ...
October Fed rate hike odds jump to 75 percent on PMI surge, Gordon Johnson notes
Gordon Johnson, CEO / Analyst at GLJ Research, observes a sharp shift in market expectations for a U.S. Federal Reserve rate hike in October. According to Johnson, the likelihood of a rate ...
Gordon Johnson: AI companies asking for slower progress have not filed 10-Ks
Gordon Johnson, CEO / Analyst at GLJ Research, assesses trends in initial public offerings, pointing out that although many companies delay IPOs due to financial preparation, none do so for ...
August PPI rises more than expected after revised July data, Gordon Johnson notes
Gordon Johnson, CEO / Analyst at GLJ Research, points out that the August Producer Price Index (PPI) headline figure rose by 0.4% month over month, which many analysts have described as in line ...
Gordon Johnson: Lack of Cybercab details and probe impact Tesla shares
Gordon Johnson, CEO / Analyst at GLJ Research, critiques the recent Cybercab announcement, emphasizing that key information such as pricing and fleet size was absent. Johnson highlights that there ...
Tesla launch lacks substance, Gordon Johnson argues
Gordon Johnson, CEO / Analyst at GLJ Research, criticizes Tesla's recent company launch for failing to provide answers to key questions raised by bullish supporters. Johnson suggests that the ...
Gordon Johnson: Tesla August sales fell in U.S., Europe, and China
Gordon Johnson, CEO / Analyst at GLJ Research, reports that Tesla's August sales dropped in several major markets. U.S. sales were down 26.5%, Europe declined 5.1%, and China wholesale sales rose ...
Tesla lacks approvals for driverless operations, Gordon Johnson notes
Gordon Johnson, CEO / analyst at GLJ Research, argues that Tesla currently does not have the necessary approvals for its Robotaxi to operate unsupervised. Johnson points out that federal ...
Gordon Johnson: Chinese AI firms face tighter revenue rules than U.S.-listed rivals
Gordon Johnson, CEO / Analyst at GLJ Research, observes that Chinese government regulations prevent AI companies from engaging in revenue roundtripping schemes. In contrast, Johnson argues, the ...
