Hmm that sounds misleading for the conversation at hand. If enterprise value is market cap - debt (forget cash) then you’re saying this is the net dollar value

Hmm that sounds misleading for the conversation at hand. If enterprise value is market cap - debt (forget cash) then you’re saying this is the net dollar value of owning every share of Tesla. But “rational” investors are aware of debt. It would seem to me you should be adding the debt to the perceived future earnings to actually come up with gross expected income. That is if I buy Tesla and Ford for $10 each, and the Ford has no debt, and the Tesla has $10 debt, and I pay $10 because I consider them equal value... that would mean you expected total future earnings from holding each to be $10 from Ford and $20 from Tesla.