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Thus, it should occasion no surprise to learn that my assessment of Tesla’s worth has suffered no alteration. Valued at just under $1.5 trillion, and boasting earnings of $4.8 billion over the past twelve months, it commands a price some 310 times those earnings. A sum that, were one to apply the most conventional measures, would suggest a certain… exuberance. Yet, Tesla still manages to earn more than its rivals, save perhaps BYD. Though BYD’s earnings reach $5.5 billion, their coffers lack the robust flow of funds – a positive $6.8 billion – enjoyed by our Tesla.

This modest accretion brings MercadoLibre to 1.05% of Osborne Partners’ $1.94 billion in reportable U.S. equity assets. A percentage, one might observe, that is unlikely to disturb the firm’s composure, but which nonetheless suggests a degree of confidence in the Latin American giant.

Mr. Pendleton, it seems, is rather taken with Nano’s Kronos MMR micro-reactor. He’s set a price target of $49 per share – a rather optimistic figure, nearly 40% above the recent closing price. One suspects a touch of enthusiasm, but then, analysts are paid to be optimistic. It’s a charming delusion, really.

The problem, as always, is timing. And certifications. The FAA is… thorough. Let’s just say that. And then there’s Joby Aviation (JOBY +1.47%). They seem to be…further along. It’s like being in a race where someone else has already started the warm-up laps. And Joby has Stellantis backing them. Stellantis! That’s like having a really rich, supportive aunt. Archer, meanwhile, is…slightly more on its own.

The popular narrative whispers of safety in these short durations, a haven for cash awaiting deployment. A parking place, they call it. But capital, like water, seeks its own level, and even a shallow pool reflects the sky. To believe these funds are interchangeable is to misunderstand the subtle currents that govern the financial landscape. They are both, undeniably, attempts to defy the inevitable entropy of time, to preserve a fragment of value in a world consumed by change.

The question, naturally, is whether this presents a buying opportunity. A chance to swoop in and acquire shares at a rather reduced rate? One approaches such matters with a certain degree of caution, you understand. A healthy skepticism is a most valuable asset in the financial jungle.

They announced their quarterly earnings, which, on paper, were…fine. Actually, better than fine. Net sales up to $3.19 billion – a good jump from the $2 billion-ish of the previous year. And net income, not adhering to those terribly strict GAAP rules (because who really understands those?), was up too – over $132 million. I mean, it’s not like they’re losing money. It’s just…the market seems to have a very particular idea of what “good” looks like these days.

The parallels are not merely superficial. Both eras share a common thread: the belief in a technology that will fundamentally alter the fabric of existence. The internet, in its time, offered a vision of interconnectedness and access to knowledge previously unimaginable. Now, artificial intelligence promises to liberate us from the drudgery of labor and unlock new frontiers of creativity. But the human heart, prone to both hope and delusion, often fails to discern between genuine progress and fleeting fancy. The wise investor, therefore, seeks not to ride the crest of the wave, but to anchor himself to something… more enduring.

The cause of this little stir? A gentleman by the name of Daniel Loeb, head of a hedge fund called Third Point. A fellow who, it seems, doesn’t shy from voicing his opinions. He sent a letter to CoStar’s board of directors, a missive filled with suggestions – or, as some might call them, demands – for change. A polite request for a new course, delivered with the force of a Mississippi steamboat.