$Tesla(TSLA.US)

I started averaging into Tesla recently and originally planned to trim the position before earnings. What I didn’t expect was how negatively the market would react to another quarter of negative free cash flow. It wasn‘t just about Tesla—the broader message was that investors have become far less tolerant of cash-burning AI and growth stories.

This really highlights how important interest rates are. When the cost of capital stays high, the market puts much more weight on near-term cash generation than long-term potential. Even companies with compelling growth narratives can struggle if free cash flow deteriorates.

For now, it feels like rates are driving valuations more than fundamentals. Until financing conditions ease, stocks investing heavily for future growth may continue to face an uphill battle, regardless of how attractive their long-term story looks.

@Captain's Treasure