The valuation of TSL is supported by imagination, not a good target.

The high valuation of TSL mainly comes from several aspects of premium:
1. Recognition of Musk's "greatness speaks for itself".
2. Expectations for future leadership in autonomous driving.
3. Expectations for the robotics business
4. Premium on Trump's close allies
5. There is no belief that "without TSL, there is no prosperity in the electric vehicle industry."
In fact:
1. Musk is undoubtedly great, but from a long-term investment perspective, perhaps a business model that even pigs can lead is also good.
2. The leading edge of autonomous driving is 100% imagination.
First of all, from a technical perspective, whether it's Huawei, Xiaomi, Toyota, or BYD, they will all seize a significant market share—there's no need for any racial or idol enhancement. Just look at the smartphone field; in the end, apart from Apple, no other phone dares to claim that it can be "far ahead." Autonomous driving is not some remarkable scientific secret.
3. The robot business is the same as above, and it is uncertain whether the demand for humanoid robots truly exists. However, from a common sense perspective, the possibility of anything other than mobile phones being considered a "necessity" is indeed difficult, whether it is Apple's Vision Pro or the glasses being developed by Meta; as soon as it becomes complex, it cannot be promoted.
4. The premium of close allies may have already squeezed out a lot of bubbles given the current drop. It's something that can succeed or fail based on the same factors.
5. Faith bonus, tears of joy, but spending money may require more consideration.
Of course, the above views may all be wrong. But in uncertain situations, I don't need to get entangled; I just need to look for something relatively certain.
I want to continue betting on Pinduoduo.