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In 2023, Marko Sustic, an investor working in the European auto industry, significantly increased his Tesla holdings, buying shares almost every month and nearly doubling his investment. Sustic exclusively backs Tesla, owning two of their cars in Croatia, and holds a firm belief in Tesla's unmatched technology in the electric vehicle sector. He confidently states, “There is no catching up with them. It’s just a matter of time when the stock will explode.”
Tesla's allure among individual investors is unmistakable. Having joined the S&P 500 three years ago, Tesla is now set to attract the highest individual investor dollars in 2023, outpacing even the SPDR S&P 500 ETF Trust, a major market index tracker. This remarkable rise is highlighted by Vanda Research data, showing Tesla's leap from not being in the top 20 of individual investor purchases before 2019 to its current prominence.
Christopher Schwarz, a finance professor at the University of California Irvine, links Tesla's popularity among retail traders to its remarkable recovery this year. After a significant 65% drop in 2022, Tesla's stock, led by Elon Musk, has rebounded impressively, doubling in value. The company stands out in the group of mega-cap technology stocks, known as the “Magnificent 7,” appealing to investors interested in disruptive technology.
Schwarz, who studies retail trader behavior, attributes much of the attention to Musk's high-profile activities, including his acquisition of X, previously known as Twitter. He notes that individual traders are drawn to recognizable, trend-relevant stocks, and Tesla, with its growing presence and climate change relevance, ticks these boxes.
Individual investors see Tesla's recent volatility as a chance to buy at lower prices, confident in its future growth. Jeremy Ford, a Virginia construction contractor, started investing in Tesla during the 2020 pandemic. He actively trades based on Tesla news, balancing his investments between Tesla, Palantir, and Nvidia, with a particular focus on Tesla's advancements in robotics and AI chips.
Despite Tesla's success, challenges such as potential profit margin pressures loom. However, Roth MKM analyst Craig Irwin believes Tesla could benefit from industry uncertainties, as investors gravitate towards proven companies. He notes that retail investors, driven by passion, might sustain Tesla's stock at higher levels than otherwise expected.
Wall Street maintains a cautious stance on Tesla, with most analysts recommending a neutral position. However, the rise in individual investments, especially post-pandemic, signals a significant shift in market dynamics. Individual investors, once underestimated, have shown their influence, especially in 2023, by heavily investing in their top 20 stocks, far exceeding their 2018 investments.
Schwarz expresses concern over individuals favoring single stocks over diversified investments like the S&P 500 ETF. However, he concedes that participating in the market, even with focused investments, is preferable to not investing at all. He suggests, half-jokingly, that investors might fare better by simply buying into an index and forgetting their brokerage account passwords, yet acknowledges the appeal of active trading, even if it means not outperforming the market.
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