I may have been overly presumptive on your exact point but I agree that a few years back even when still extremely highly priced Tesla was a sensible investment, the problem now is that its not simply being priced as a growth company, its priced such that it would need to be virtually the sole player in multiple industries in the next 10-15 years. And now where exactly is the further stock appreciation supposed to come from, selling 100% of automobiles in the United States at double the average cost and profit that they are bought currently? The primary issue here is market share for automobiles and Tesla's foray into energy products is virtually pure speculation at this point.
Assuming the position of Tesla in say 20-30 years becomes closer to the level of someone looking into a crystal ball. No one has the ability to look that far ahead into market positions (including potential competition) for a tech company. This isn't a company like Apple or Microsoft that has already built ecosystems and a giant moat around the majority of the world as their customers, Tesla is still providing in niche markets.
It just doesn't make sense on 2021 prices. But you're right, I do think there was an extended period where Tesla was an intelligent investment.
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