The WBI currently sits at an irrelevant 190.65. I've been out spoken against trading and yet I have done a couple of things that look like trading. This is a shallow dive into that thought process. Buying a stock and reacting to micro-fluctuations in market cap is gambling. I have long said that investing means owning a company and looking at that as a 5+ year business partnership. The goal is to profit from the business, not exploit the random number generator we call a stock exchange. But, what if: 1) you do analysis on a bunch of companies and that process boils down to a pair of companies that show reasonable value 2) you buy both companies with the intention of holding them 5+ years 3) one company takes an irrational leap to extreme valuations, out-stripping your value model At that point, it would make sense to get rid of the non-value company and move the windfall into a company that shows value. The real world Tesla was valued at $850B. There is a strong possibility Tesla will end up with a real valuation of 1T, at some point. Many people can see a path to this valuation, in the coming years. Less likely, but still plausible, is that Tesla could end up achieving a real valuation of 2T. I'm one of the people who believe this is possible. Let's put these numbers into perspective. If Tesla could be worth 2T in the next 10 years, possible but unlikely IMO, that would be 2.35x above the peak valuation a couple of weeks ago. That would be less than 9% return on what would be a Cinderella story. What are the odds Tesla will take a market cap hit from one or more of: some bad publicity, production problem, political obstacle delaying a Giga Factory opening, BitCoin price fluctuation, another company creates a better battery, war, Elon has a heart attack, etc.? I place the odds at 100% that something bad will happen. Tesla can weather some problems and setbacks. Tesla can probably even do OK without Elon but it cannot thrive, at this time, without Elon. They just can't face too much headwind on the road to a 2T valuation. I'm in love with Tesla, even now that I don't own it. I just don't see the value in it. I can earn 9% with any number of other companies that I perceive to have lower risk. What's more, the other companies pay me a dividend that I can take to the store and buy bread, milk, and condoms. Conclusion I owned Tesla for less than 5 years. Some of that holding came from early 2019, so it was less than two years old. Because I bought it with the intention of holding for a decade, I do not view it as trading. At the very least, the moves were not gambling.