Even if Tesla is overvalued, surely 1 example is insufficient to substantiate that mass stupidity is being rewarded.

I spent many words explaining that the list of businesses at the top are basically at the top of their game, worldwide.

you wrote "can you provide an example" and I provided an example. If you wanted to say "I think the market mostly does this, with large caveats" then we're in agreement.

Sorry, I forgot how I phrased that. Although I disagree that Tesla’s sustained market cap over many years is what it is due to the market rewarding mass stupidity.

The company has recently successfully executed at making and selling a new type of product, so it is not unreasonable for investors to bet on further advancements.

Or maybe they think the leader is just sufficiently willing to be or adept at being corrupt that they will also benefit from his shenanigans.