Tesla is a perfect example of how stories will drive your ultimate judgment. I'm an optimist on Tesla as this hybrid company, hybrid of automobile slash technology. If Tesla at some point in time becomes 70% automobile, 30% software, its margins are going to be three or four times higher than any automobile company you see out there. It's one of those morphing stories, which is one of the reasons my valuations of Tesla have shifted over time. As the story shifts, I've had to value the company differently.

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