It’s been clear for some time that Trump must be very easy to manipulate if you know how to approach him. But most people end up debasing and humiliating themselves to win Trump over.

The way Mamdani won over Trump, who previously hated him and saw him as a massive threat, while keeping his dignity and even getting permission to call Trump a fascist, you can’t deny that’s spectacular. Even if you know it should be theoretically possible, it’s amazing to see someone actually do it. Especially someone as leftwing as Mamdani.

But that means he knows how to package his message, how to appeal to people and how to win them over. It would be amazing if Mamdani could also win over the many working class Trump voters in the US.

Are your unaware that you are arguing towards a tautology? “It’s not overvalued because this is what it’s valued”. That’s meaningless.

If the assets, profits and projected growth do not justify the current valuation, it’s overvalued. That’s the case for Tesla.

That doesn’t mean that value is reasonable, though. The stockmarket has a rich history of hysteria and irrationality.

By that argument nothing is ever overvalued because apparently that’s what the stockmarket says it’s worth. But crashes still happen.

That’s just a “the stockmarket can’t possibly be wrong” argument, but the stockmarket has often been wrong.

Tesla is overvalued. That’s blatantly obvious if you look at the data. There’s no justification for Tesla’s insane market cap other than hype or corruption.

Did you not understand the Corolla/Lamborghini example?

I do, but I wonder if you do. Toyota is far, far more valuable than Lamborghini. Toyota is the largest car manufacturer in the world, and with a market cap of $269B, the second most valuable after Tesla.

Lamborghini is not independent, but owned by Volkswagen, as part of their Audi group, and all of those brands put together have a market cap of $58B.

Your argument is not a justification for Tesla’s high market value; quite the opposite.

There’s more to a car than speed, and Teslas aren’t Lamborghinis. They were exciting when they were new, but they’ve always had quality issues. Toyota produces more reliable cars. And more cars. There’s no perspective from which Tesla’s valuation makes sense.

Why would this be my first time reading about the stock market? Do you think this is the first bubble?

Yes, hype and bubbles are common on the stock market, that’s not all it is, and that doesn’t make them okay. The dot-com bubble led to a crash. Other bubbles led to crashes. This one will too. How long that will take? That depends on the number of greater fools, or on how long they can keep inflating this with financial trickery.

Teslas are still the gold standard of EVs. They’re not the cheapest, but they’re what everyone wants.

That was years ago. Tesla sales are dropping in many places, while other the other EV sales are growing. Tesla has peaked, there’s no sign of anything that will reverse it. And their sales have never justified their stock value.

But that’s all bubble. Tesla isn’t selling even enough cars to justify its current valuation, and sales are slowing down. The current valuation of Tesla is based entirely on hype, and has been for years. For ever, really, but in the early years it could be justified because it was the fastest growing car company ever, and EVs were new and hot. Now everybody is building EVs, and more than Tesla.