reinvesting their own profits. They've never made any meaningful profit, but from the continuous generosity of the capital markets. They've been regular razors of equity. They've raised significant debt in recent years. Convertible bonds eventually turning into pure fixed rate instruments. And Wall Street's been all too happy to fund this, but the profits never really materialized. And it has created the situation where Tesla, you alluded to all this controversy where they make these great products and they get these fans that are truly passionate about them. I have the emails to prove it. Readers have a right to chime in with their feedback and they give it to me. Have you ever gotten any interesting bull arguments for Tesla? Sure. We can get to those in a minute, but this is where the flash point is because the bearers, like myself, will say, well, you've never made a business that can stand on its own and capital markets access comes and goes. And where Tesla has had this high stock (6/45)
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