Nicolas Owens

Would you believe?

Yes.

I think the real tension here is between what Morningstar would call an intrinsic value or fundamentally based valuation of the stock, which I can talk about.

And let's say the market for the stock, like supply and demand, what you see in the stock chart, I had every reason to believe that there's a lot of enthusiasm for the stock, for Elon Musk's companies in general, and the way the IPO price was set.

with a relatively small float.

I fully expect it to sort of stay high here for a while.

And we can even talk really about what the differences are between what I view and let's say what the market seems to be pricing in.

But yeah, the market was primed for this stock to go up.

That doesn't surprise me.

But the real tension is what are investors buying or what are they paying for at these prices and what's reflected in the expectations, if that makes sense.

Oh, yeah.

A rocket ship.

You got it.

Yeah, I mean, I guess we've sort of reached the limits of what I would consider my expertise in terms of, you know, looking at, you know, volatility weighted float and volumes and stuff.

That's kind of not my my area.

It may get choppier.

It may stay smooth.

You know, I think the underwriters are active in sort of days and weeks after the IPO and

kind of managing what they call an orderly market, because they're still moving some of those shares around.

So I guess I don't, I think the story for me more long-term will be where will value shake out.