Subject: Re: OT: big companies
So much of our earnings at Tesla are not reflected in the profit and loss statement I think it makes GAAP near useless in determining the value of our shares.

Yes, P/E could be a misleading measure, expected distant E or not when we are just talking about GAAP earnings. It doesn't factor in growth prospect, nor does it properly adjust for investments/expenses made for future growth.

Obsession with P/E not only leads to error of omission but even commission (remember LYLT?). It's much more important to be a business analyst than a financial analyst in investing. It's better to be approximately right than precisely wrong by seeing P/E in the wrong mindset.