4,577!   That's a new all-time high on the S&P 500 and it came on an exceptionally low-volume day but let's not quibble – people are buying whatever Corporate America is selling, whether it's a coin they just made up last week or a SPAC they made up yesterday – form eschews substance these days and the less you offer – the more they will pay . Does that no make sense?  Well, then you are playing the markets incorrectly, my friend!  Aside from a few companies that have gotten trashed – earnings don't seem to matter, nor does guidance.  Having a pulse seems to be enough to get investors excited and lifting stocks higher.  Tesla (TSLA) sold 100,000 cars to Hertz (Bankrupt) for $420M and the stock jumped $120Bn in value.  Even if each car was sold at a 250% profit – it would still have gained 100 times more than they could earn selling the cars — in a day. And, of course, logically, these are the same 100,000 cars that would have been sold to someone else had Hertz not bought them – or were we worried that TSLA wasn't going to sell out their production prior to this?  No, that wasn't the case at Tesla's entire production for 2022 is projected to be 1.3M cars and it was going to be 1.3M before and after this deal.   This chart is from Barron's way back on October 21st , when TSLA was only trading at $865.80, which was roughly $860Bn in market cap.  Since then, it has gained almost $200Bn – the entire market cap of Toyota Motors (TM) – without any of the fundamentals actually changing (it's only been a week!).  Toyota makes 1.2M cars PER MONTH and they also make $1.6Bn PER MONTH – also as much as TSLA makes in a year.   Where is the logic to these valuations?  There isn't any.  The total global auto market is 80M cars per year    IN PROGRESS