In theory....the share price is the discounted cash flow of Tesla in all future years. Using a discount rate of 8-10% means the annual cash flows for the next

In theory....the share price is the discounted cash flow of Tesla in all future years. Using a discount rate of 8-10% means the annual cash flows for the next 20 years or so are important (any further than that has very negligible effect on the share price). So the share price is counting on explosive growth. Now, considering Tesla doesn't pay dividends ... what's really the "cash flow" for investors? This is why it's mostly a theory...human beings don't behave like Excel spreadsheets.