Disliked{quote} It is people writing articles like that which make analysts come up with crazy assumptions. A long time ago I looked at share price assessments and asked how anybody could come up with a realistic value for a stock. After a while I concluded this: Is the company making consistent profits? - yes; the share price is worth ten times the current EPS - no; the share price is worth 3 times the turnover provided that the company is not burning cash from its reserves (in which case the end is predictable). A bit simplistic I know. So I have modified...Ignored
I only posted that article because as the guy said, for Tesla and other stocks which might become world beaters - it's about the story, which is why traditional valuations are confounded... So long as the story continues to make sense the stock might still go higher
With respect to what you said about stocks being pieces of paper. It is sort of true in th way most of us interact with the market, but owning stocks is a certificate of ownership. You have a contractual claim on the earnings and assets of a company, so business fundamentals matter.