As my buddy, Seabreeze Partners’ Doug Kass opines, “Tesla has a shallow moat. Adjusted for the sale of emission credits, Tesla has never been profitable in its 17 years of existence (despite having no competition and no need for advertising.)” In other news, adjusted for the sales of, hm.., everything, Walmart has never been profitable. Surely, Tesla is aware that seeling emission credits is a revenue stream and they plan accordingly. No competition? No need for advertising? that does not even make sense.
Why do these analysts with negative information value get paid -- is it pure enertainement?