There was a telling sentence in Tesla founder Elon Musk's letter to his staff discussing the possibility that the electric-car maker might leave the public stockmarket. If it did, he said, it wouldn't necessarily be forever: the firm could return once it has entered a "phase of slower, more predictable growth" for which you can probably read, once its private backers have enjoyed its major growth phase, extracted all the cash they can, and found the right point in the market cycle to sell it back to ordinary punters at a price that extrapolates past growth for ever and will eventually seem insane in retrospect.
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