1/ Cathie was one of the two $tsla bulls on a “Tesla debate“ panel at the 2018 Robinhood Conference (no, not that Robin Hood). Gordon Johnson & I were the bears. Looking Cathie in the eye on that occasion, I couldn’t decide whether she was crazy or merely cynical.
https://twitter.com/keubiko/status/1365067622275022850
2/ At the time, I thought Cathie’s Tesla target price of $4000 per share was insane. How wrong I was. Her target was not insane. The market was insane.
3/ But ask yourself: Who benefited from this insanity? Who fed it? With what motives? With what absurd projections and models? With what endless cynicism?
4/ The Cathie Woods of the world will be just fine. Just as the Ross Gerbers will be. Those who suffer will be the millions of hard workers whose retirement accounts are, unbeknownst to them, invested in market index funds which will pay a heavy price for the endless Tesla fraud.
5/ But make no mistake. None of this could’ve happened without Cathie’s cynicism. None of this could’ve happened without Ross’s even greater cynicism. None of this could’ve happened without Bloomberg’s endlessly idiotic reporting.
6/ Bloomberg is far from alone. The ascent of Tesla, and the beatification of Elon Musk, is a testament to the idiocy of our mass media, including our business mass media. Damn them all.
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