It really was the argument there; that he'd been in business so long with such great returns that everyone assumed it had to have been looked into by everyone else.
> If a company was overvalued for a couple of years, it's ok to be sceptical. Tesla has been at such high valuations for many years now.
"Madoff said that he began the Ponzi scheme in the early 1990s, but an ex-trader admitted in court to faking records for Madoff since the early 1970s."
The SEC stuff rhymes a bit, too:
"The SEC's inspector general, Kotz, found that since 1992, there had been six investigations of Madoff by the SEC, which were botched either through incompetent staff work or by neglecting allegations of financial experts and whistle-blowers. At least some of the SEC investigators doubted whether Madoff was even trading."
Now, Tesla actually makes stuff; it's not a ponzi. But it's a wildly inflated stock that looks entirely divorced from the business metrics available to us.
It really was the argument there; that he'd been in business so long with such great returns that everyone assumed it had to have been looked into by everyone else.
> If a company was overvalued for a couple of years, it's ok to be sceptical. Tesla has been at such high valuations for many years now.
https://en.wikipedia.org/wiki/Bernie_Madoff
"Madoff said that he began the Ponzi scheme in the early 1990s, but an ex-trader admitted in court to faking records for Madoff since the early 1970s."
The SEC stuff rhymes a bit, too:
"The SEC's inspector general, Kotz, found that since 1992, there had been six investigations of Madoff by the SEC, which were botched either through incompetent staff work or by neglecting allegations of financial experts and whistle-blowers. At least some of the SEC investigators doubted whether Madoff was even trading."
Now, Tesla actually makes stuff; it's not a ponzi. But it's a wildly inflated stock that looks entirely divorced from the business metrics available to us.
Your last paragraph is the only thing I agree with. Inflated stock != Ponzi