Meanwhile the media itself – from mainstream to professional to Twitter – is devotedly engaged in a similar task on its own initiative. Open up, say, Seeking Alpha and each day there will be a new negative take on Tesla. At one stage last year I was receiving at least 10 emails a week denouncing us for owning Tesla in savage words. We were told for instance, that we would be featured in ‘the mutual fund hall of shame’ as a consequence. What the motivation is of these criticisms remains unclear to us. I doubt though that it comes from concern for our shareholders.

But whilst the language might be more polite the mainstream media is hardly different. Unlike the volume of email abuse this hasn’t died away at all. From the Wall Street Journal, to the Financial Times, to serious commentators for whom we prefer to have respect, the generalised desire to criticise Tesla is striking and growing. In just the last few weeks the Wall St Journal has redoubled its war of words. In just the month of October 2017 alone it has published articles headlining claims that Tesla is building ‘major portions’ of the 3 series ‘by hand’ and even more dramatically that ‘The Truth is Catching up with Tesla’.

What’s going on here? My guess is that the second headline is very revealing. Whether it be reputable journalists, muck rakers or self-promoting hedge funds, just about all the critics are consumed by a notion that they know ‘The Truth’. This seems to us to be a dangerous, damaging and arrogant mentality. Whether it be about Tesla or any other stock – let alone about market predictions – the uncertainty, complexity and mass of ingredients that makes up messy reality, simply aren’t usefully handled by this type of dogmatism. Whether it be spot forecasts, detailed spreadsheets or price targets, the illusion of certainty is the enemy of thoughtful investment.