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Yep. Ridiculous hype.

I was listening to an interview with Warren Buffet. In essence he said, buy things that produce something. Buy things that make a profit. Buy things with little debt.

He didn’t like cyber currencies or gold because, you’re buying them hoping that someone later will pay you more for it. If you track gold back to the time of Jesus you will find it roughly kept up with inflation. Sometimes there’s a panic and people dive into gold as a “store of value.” But gold and cyber currencies don’t produce anything. If the value of your farm drops you still have the wheat it produced.

A new electric car company with a ridiculous evaluation is being bought on the theory that someone else will pay you more for the stock later, not based on the value of what the company produces.

When the bloom is off the rose all those tiny voices saying that the electric grid can’t support the number of electric cars that will supposedly be produced will be listened to. If they aren’t then economic reality will eventually kick in.