Part 13/16:
Goldstein also comments on Tesla’s valuation dynamics, suggesting that retail investors tend to price in Tesla’s future success earlier than analysts and perhaps earlier than the actual implementation. He warns that even with delays or setbacks in autonomous projects, the stock might remain elevated due to “irrational exuberance” among retail investors, driven by Elon Musk's charismatic leadership and the company’s technological prestige.
He notes that Tesla’s stock has historically responded to forward-looking narratives, often rising on expectations of future breakthroughs, regardless of near-term delays. This creates a risky environment—investors betting on success might see their expectations dashed if delays or safety issues arise.