Our five-year time horizon is what separates us from Wall Street. They can't see past the next quarter. We're looking at where industries will be in 2030.
Tesla is not a car company. It is an energy storage, autonomous vehicle, and AI company. The market is pricing it as a car company. That is the opportunity.
The biggest risk is not being in these technologies when they hit critical mass. Missing the boat is a bigger risk than volatility.
Conventional valuation methods were built for the industrial age. They do not apply to exponential-growth technology platforms.
I have never wavered on the innovation theme. The question is timing. And we believe timing is irrelevant over a five-year horizon.
We are not benchmark huggers. We are not trying to beat the S&P 500 by 2%. We are trying to capture the returns of transformative innovation.