> Had that work been done, some actionable conclusions might be drawn. The work was done, and it was irrelevant, just like with Tesla. Sure, we have really str

> Had that work been done, some actionable conclusions might be drawn. The work was done, and it was irrelevant, just like with Tesla. Sure, we have really straightforward models for stock valuation, so you can do things like say "Tesla will need to return $X over the next Y years to justify this valuation at a discount rate of Z%" but that doesn't mean the particular values of X, Y and Z are even remotely reasonable. A bubble is when asset valuation is completely unmoored from fundamentals--the "greater fool" theory dominates market behavior. At the height of the 2017 Bitcoin bubble, there were plenty who would tell you with a straight face that the fundamentals justified the valuation--this is going to be a new global reserve currency! Later price action seem to indicate that they were gravely mistaken, but why is Tesla any different right now? Just because the valuation model is easier to understand doesn't mean one's assumptions about input variables aren't completely insane.