Capitalism is a system for generating testable hypotheses about value. Most hypotheses fail. The error isn't in failing — it's in refusing to run the experiment cheaply enough that failure remains survivable.

Michael Mauboussin — More Than You Know: Finding Financial Wisdom in Unconventional Places

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investingentrepreneurshiprisk

Any fundamental analysis of Tesla requires holding dozens of contradictory concepts in the mind at the same time. Perhaps that's why hardly anyone still bothers. Their forecasts are pretty much guaranteed to be wrong: And, since there's no evidence that earnings matter, what exactly is the point of forecasts?

FT Alphaville

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valuationinvestingforecasting

A combined entity is an incredible concentration risk, where Tesla continues to build inside of China. If SpaceX and Tesla combined it would be in the area of a corporation with a market cap of around $3.5 Trillion dollars. To put things in perspective that's about equal to the GDP of France.

Michael Spencer

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investingriskconcentration-risk