I don't own any TSLA, but the bull case would be that they have a 1000-mile head start on their competition, and a unique culture that allows them to be far nimbler than the GMs of the world. In 20 years, when we drive only electric cars, TSLA will be the near-monopolist of that market, similar to Google, Amazon, or Facebook.

I don't think I really believe that case, but that's the way the valuation is justified. It's not something that can be captured easily in a discounted cash flow model, because after a couple years you're basically just inventing numbers there. But if you knew for sure that TSLA would succeed in dominating the electric car market, you'd probably buy it at much higher prices than we see today.