Elon Musk’s Epic Cybertruck Fail

Memes took lottery culture to new heights. Stocks popular among a retail audience, like Apple, have historically traded at higher multiples than others in their category. Tesla accelerated the divergence between retail excitement and fundamentals: TSLA revenue grew 50% over the past two years, but meme culture helped its market cap grow by 12x.

The recent historically long market expansion began with the recovery from the 2008 global financial crisis – and its inevitable end seems to have arrived via virus. Your impression of these high times might vary. You might remember the period for austerity, the Arab Spring, Trump, Brexit, Yellow Vests, the rise of the far right, rising costs of... See more