Tesla: Bullish on the Company, Bearish on the Stock

Stephen and Andrew ignore the headlines and the Twitter drama and look at Tesla the company — the EVs, the $30 billion robotaxi bet, the robots, and a balance sheet holding roughly $44 billion in liquid assets. Both are bullish on the business. Neither will touch the stock at $393 with a trailing PE over 300. Along the way: Stephen's biggest investing regret (an Army signing bonus that could have bought Tesla at the IPO), why Andrew isn't shaking his 11% Uber position, and the question hanging over it all — how much of the Tesla bear case is just feelings about Elon?

What You Will Learn

Why letting personal bias about a CEO dictate allocation destroys wealth

The story of Stephen's Tesla IPO miss — and what it taught him about IPOs

What Tesla's $30B in new financing is really funding (robotaxis, semis, robots)

The robotaxi debate: constitutional concerns vs. the unit-economics reality

Why Tesla's balance sheet looks like Apple's — and why Moody's disagrees

Where to draw the line between investing with your conscience and investing on vibes

Timestamps

00:00 – Why we're talking Tesla (and ignoring all the drama)

02:00 – Confession: the Jeep guy loves EVs

06:00 – Stephen's biggest regret: the IPO that got away