Joby Aviation, which plans to start an electrical air taxi service in 2024, is value greater than Lufthansa , EasyJet or JetBlue . Does that appear proper? On this market, why not? Heck, earlier this yr, Tesla was value greater than the following 9 automobile producers mixed, although now solely the following six. Past Meat, made with pea protein, is value greater than the whole marketplace for peas eaten globally—just like the bumper sticker says: Think about whirled peas. Do fundamentals even matter?
I can go on. Used-car gross sales platform Carvana is value greater than Volvo, Honda, Ford or Hyundai. Airbnb is value greater than Marriott and Hilton mixed. Crypto-exchange Coinbase is value greater than the Nasdaq. I dwell on the intersection of innovation and disruption, however when firms are value greater than any attainable actuality, be careful.
https://www.wsj.com/articles/low-interest-rate-dow-35000-joby-aviation-carvana-coinbase-beyond-meat-investing-11631464939 | The Market Fails a Breathalyzer