Thank you for this once again exciting post. It would have been interesting to explain how such a high valuation of Tesla can be justified over the years. Really the Narativ Optimus, while the Chinese humanoids are already beating Usain Bolt in sprints.
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@Tenbagger2024 Good point. For me, $TSLA is similar to $PLTR: companies where the multiple is almost entirely based on a narrative that is not yet reflected in the cash flows. Palantir is now paying a P/E ratio beyond 100 for AI potential that has yet to prove itself. At Tesla, the multiple has carried the Robotaxi and Optimus story for years, while the core business is under pressure and the competitive position in China is becoming structurally more difficult. This is not an investment thesis against the companies, but against the price. Narratives can last a long time, but they are no substitute for fundamentals. For me, neither is anything ;)
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