I agree that TSLA is irrational, and I think that this is true regardless of whether you think there are more gains to come. My impression of TSLA investors is that many of them just want to be a part of the future, and many others are trying to make money off the volatility & irrationality.
I think the cult of personality plays a part in it, too. Tesla makes cool, futuristic cars and has a rabid user base (and even a rabid fan base of people who can’t afford to be users) but even still I don’t think the valuation would be anywhere near where it is today without all of the Musk super fans & Musk initially fanning the flames with his war against short-sellers.
Yes. Weird effects in the stock market just reflect consumer interest in the stock market. If you think Michael Jordan is cool, you express that by buying his shoes. If you think Elon Musk is cool, you express that by buying his stock. But that's not a comment on the value of the stock. It's branding.
