As of the second quarter of 2021, the bull case for Tesla came down to a handful of straightforward observations:

• Unit and revenue growth above 30%.
• Accelerated growth from entering new markets.
• Best-in-class products.
• Short-term tailwinds still in motion.
• Long-term megatrends starting to bear fruit.

And yet the company remained deeply misunderstood — and was still viewed as expensive as of the beginning of April, 2021. Whether that price was justified depended entirely on which of those two views you believed.