Jefferies' Global Head of Equity Strategy Chris Wood believes valuation concerns are unlikely to stand in the way of investors buying shares of Elon Musk's SpaceX, arguing that investments in Musk-led companies are driven more by faith in the entrepreneur's vision than by pure fundamentals.
In his latest GREED & fear report, Wood noted that he has been a long-term personal investor in Tesla, adding that this is one reason the stock does not feature in any of GREED & fear's long-only portfolios. According to him, the frenzy surrounding SpaceX's market debut offers another striking example of the retail-driven momentum currently shaping US equity markets.
