I completely agree. I love TSLA but at the $1200 price it was basically pricing in global domination of the automotive sector plus one of the biggest player in tech. It could certainly happen in the next decade or two but the problem is the field is becoming quite competitive a lot faster than the markets expected. If you rolled up the stock prices of all the electric car companies plus a couple of the major companies investing heavily in electric then the PE ratio is something like 100x the PE ratio of the entire current automotive industry's worth. In other words, every car would have to go electric for 100 years before it equaled the stock price. It's pretty insane when you just look at it from the most basic level of investing.