The only thing pushing Tesla valuations higher are speculators.

And lets be clear, Tesla is not affecting the valuations of Ford, GM or any other car maker. If you don't believe it look at 20 year stock charts, auto makers valuations declined long before Tesla or the prospect of EVs ever saw the light of day.

Equity investors don't need to concern themselves with some mythical "innovative disruption". All innovation amounts to is the rebranding, remarketing and repackaging of existing and older products, thats all Apple did with the iPod, iPhone and iPad.

And Equity markets have been somewhat disruptive for the past 8 years because we never exited the last recession and indebtedness is at record highs. Everyone is waiting for the real big crash.