This debate is obviously crucial for the market going forward. Everyone is acutely aware of how important it is for tech high-fliers to avoid an Icarus moment until we finally see the fabled “rotation” back into value or, more simply, until another sector proves it’s capable of taking the baton in this aging bull market.
Will his views prove correct? I donâ€™t know. I just thought they would be nice to share. His thinking requires the ability to imagine the world as a much different place. Is he mad, or genius? You decide. But I will remind you of one thing – â€œpoor people are crazy, the rich are just eccentric.â€
“And this next statement is where I am going to get myself into some trouble. I donâ€™t think this speculation was healthy. I donâ€™t view either of these themes as particularly well thought out. Yeah, I know Musk is going to change the world, and we will all be paying for our TSLA Model 3â€™s in bitcoin. Donâ€™t bother trying to convert me. I think both of these assets are legitimate technologies, but both are priced for an unrealistic reality.”