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A comment on Tech bubbles are bursting all over the place. Parent comment
What are the fundamentals of a dollar? Or a bitcoin? Or the Mona Lisa?
Part of being an investor means accepting a certain social value to your investments.
A lot of people want to be a part of the Tesla story. Maybe they buy a car, or maybe a share of stock.
When that story stops being interesting, the PDV of cashflows will start to matter more.
(By the way, PDV starts to be harder to pin down when people can't agree on what inflation even means, let alone what it will be in the future.)
What are the fundamentals of a dollar? Or a bitcoin? Or the Mona Lisa?
Part of being an investor means accepting a certain social value to your investments.
A lot of people want to be a part of the Tesla story. Maybe they buy a car, or maybe a share of stock.
When that story stops being interesting, the PDV of cashflows will start to matter more.
(By the way, PDV starts to be harder to pin down when people can't agree on what inflation even means, let alone what it will be in the future.)