alt Hacker NewsNobody (with money to invest) actually believes that SpaceX or Tesla will ever catch up to their valuations. People investing in things like this only believe that somebody else believes it.
This will continue to work until they run out of morons willing to buy a stock with a PE of 300 at which point it will contract spectacularly.
Are securities regulations so lax that pump ‘n dump schemes on a global scale get IPO’d? Are conmen so sophisticated that their plans take decades to mature and require sending rockets to space?
Either or both of those being true is almost as mind-boggling to me. How is one supposed to navigate that world?
Mass delusion seems like the most likely answer to me. I can point to instances of that at similar scales outside of tech/investing.