Markets buy Musk’s sci-fi
Valuing equities is usually an exercise in bounded delusion. Analysts forecast unit sales, model software subscriptions, and adjust discount rates until a preferred valuation acquires the appearance of science. But even by those forgiving standards, SpaceX presents a novelty: How exactly is one meant to discount the future cash flows of a million-person colony on Mars?
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Views expressed above are the author’s own.
