Electric Car Wreck
It was only weeks ago that Tesla (TSLA) peaked at over $900, making Elon the richest man on the planet. Well, that’s in the rearview mirror now. The stock has crumbled nearly 40% and is still insanely overvalued.
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The “almost as good as Tesla” copycats are getting hammered as well. Here is Chinese electric carmaker NIO which has been undergoing a similar diminishment.
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And, naturally, all the silly electric-related stuff like BLDP, PLUG, and BLNK have been getting vaporized as well.
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Emotions will only take you so far. Beyond that point some rational logic is needed. When an emotion driven rise runs out of confidence the game is over.
I repurchased my $NIO shares at $36. I sold earlier at $39--did I re-enter too high??