Saman another interesting article. I think this analysis puts pragmatic math and logic against an otherwise passion fraught situation. I’d offer that if we wanted to normalize in a candid “on the table” way for Tesla’s premium we would could add a “goodwill” entry and acknowledge that some investors are placing a goodwill premium on the ethereal asset of Elon Musk’s company and it’s culture to have vision, creativity, boldness and agility in decision making unmatched by competitive alternatives. If this idea had some merit it leaves me to wonder if it is a “sustainable” advantage. Walmart, Apple, Southwest Airlines have been able to at least somewhat perpetuate founders legacy at least for a few decades. I’m not sure how to account for depreciation as the vision leader leaves the company. By his own admission Mr. Musk has less stamina as he ages.