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Abstract
In their award-winning research, Bradford Cornell and Aswath Damodaran show how the massive run up in TeslaMotors’ stock price was not supported by fundamental factors and that investor sentiment played a role. They implement a discounted cash flow valuation model to reach this conclusion. The model is outlined in detail in their article, Tesla: Anatomy of a Run-Up , in The Journal of Portfolio Management . It was named Outstanding Article in the 16th Annual Bernstein Fabozzi/Jacobs Levy Awards .
In this report, Cornell and Damodaran discuss their fascination with how the markets work (or don’t work) and suggest a trading strategy for investors who believe Tesla is overvalued and have the stomach for high risk.
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