Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Once, an old bond trader derided equities by describing stocks as stories. Undoubtedly, future value requires belief in a future. When belief has been shattered by a disappointing reality, firms and industries may need to develop a new identity to attract capital. The autonomous driving technology industry has been a case in point.
The Rabid Capitalist has previously identified Tesla as a firm with ever-changing goals (see https://therabidcapitalist.com/2024/02/18/fake-it-until-you-make-it/). It has invented more stories than products.
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