I'm listening to the live report and the recorded should be available a couple of hour later. But here is the investor stack: https://tesla-cdn.thron.com/static/78Z2ZX_2020_Q4_Quarterly_Update_Deck_SMXBZX.pdf?xseo=&response-content-disposition=inline%3Bfilename%3D%22TSLA-Q4-2020-Update.pdf%22 Bob Wilson
I'm more interested in growth. Not enough detail or news but Austin and Berlin appear to progressing nicely. Bob Wilson
Growth is good but profits are necessary. ~20% short of estimates on almost matching volume is not ideal. Stock price reflects some disappointment. Recall that GM grew and grew until it was too big to manage and then suddenly it wasn't big any more and didn't have profits and the stock was worthless. And all those factories and inventory became boat anchors around their neck. I worry about the continuing loss of senior executives. I don't see high profile outside hires. I worry that Elon will lose his focus. No van, no truck, no semi, no roadster. I worry that Tesla's cult following will migrate to some new shiny object. I worry about one of the needed to retain their aura technologies like batteries or self-driving will be eclipsed by somebody else. It is priced on an assumption that none of those things will affect it. Momentum buying and due for a correction. (I took delivery of a Toyota Avalon hybrid yesterday. When I got it home and the light was good, I noticed a 4" dent in the trunk lid spoiler portion, pressed in from the back. Paint solid and the spot was pressed in so it didn't happen from something inside the trunk. When I did my walk around, I was looking at panel fit, it was cloudy and under a building overhang, I didn't notice it. Trunk lid appears to be aluminum. Panel gaps were uniform but not particularly tight. Have not found anything that doesn't work and no rattles or squeaks.)
That appears to be an appeal to fear. Tesla looses fewer high level executives than average for the industries. I believe Elon is the longest serving CEO of any major automotive company. The other points are also fear of the unknown. Just because it is an unknown, doesn’t mean you should assume the worst. Also, the stock price is not based on any of those fears, except the tech lead. Tesla is more transparent about the technology than most companies. Battery day last year was pretty impressive.
Fear or caution? A long life has seen me though many next great things, markets ups and downs. Many aren't any more. (The single stock I own had an earnings beat of 3.5%. And I only own it now because I bought it in the last century at an employee discount and it could lose 75% of its value and still be a good investment. I'll let my heirs get the stepped up basis.)
Except for the issue of Tech, I would say fear, as in Fear, Uncertainty & Doubt. There is no basis for such issues. Some simply 'beg the question' and that logical fallacy often leads to bad decisions. If there were a basis for such concerns, I would then suggest they were caution, rather than fear.
