"commercial-property company that is unjustifiably trading on a tech valuation" I kind of wonder which way the causation runs. Those "tech multiples" are suppo

"commercial-property company that is unjustifiably trading on a tech valuation" I kind of wonder which way the causation runs. Those "tech multiples" are supposedly a reflection of profit & growth potential. Growth requires investment. Margins tend to be in some way linked to investment too. It's easier to have a better margin if (a) you have cheap money and (b) if you can afford to take some risks for long term gain. Both have to do with multiples. Why doesn't Tesla have an auto manufacturer multiple?