Future-looking means considering both upside and downside. A company like VW and GM is all downside. Back when TSLA stock was at $200, TSLA had a lot of perceiv

Future-looking means considering both upside and downside. A company like VW and GM is all downside. Back when TSLA stock was at $200, TSLA had a lot of perceived downside as well. The "word on the street" was... - That Tesla would be going bankrupt any day now. That they were insolvent. That they were "structurally unprofitable". - That Elon was personally broke and was about to get margin called on his lavish lifestyle and multiple mansions. - That no one would buy a Model 3 without the tax credits. - That the factory in China was just a mudfield and a marketing campaign. Today TSLA has now cleared hurdles for becoming ~0.8% of the S&P500, which opens up ETF demand for an estimated 25 million shares, and is uniquely showing growth in the most challenging auto market in history.