Yeah but re mental models you combine that with "...Mr. Market’s quotations will be anything but. For, sad to say, the poor fellow has incurable emotional problems. At times he feels euphoric and can see only the favorable factors affecting the business..."
Sure. But old Ben Graham also said that in the long-run the market is a weighing machine. Note above I said "long term". If Tesla stays long term at current prices or above, I've completely misunderstood several things in a pretty fundamental way. As an example - gold has stayed at prices which don't make much sense to me for a very long time. So my mental model for that market is "it's crazy town, stay away". That's not a very useful model. I hope I don't arrive at the same place on what is a pretty simple company - they sell cars.
The market assumes that Tesla will be much more than selling cars. The scope is more "anything electricity or climate change related" (i.e. very broad) combined with a focus on vertical integration in each business unit.