Don’t Worry About the Tesla Bubble. The Market Has Other Issues.

Look only at Tesla and it is clear that the stock market in the midst of a wild speculative frenzy. As Deutsche Bank strategists put it, the electric-car maker has added the equivalent of eight Ford Motors or 27 Renaults in market value since March as it benefited from the surge in retail investing—or, depending how you think of it, the shift of gamblers from sports betting into stocks. Investor sentiment can be a great contrarian indicator: When everyone is panicking, as in March, buy; when everyone is irrationally exuberant,…

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