$TSLA "“Clearly, Tesla can be a volatile momentum stock in either direction given very wide theoretical scenarios for the company. To us, it’s not necessarily about being bearish or bullish, but rather risk/reward ... our main issue since our downgrade (post the go-private saga) was the degree of cumulative risk in areas like balance sheet, contingent liabilities, arguably low earnings quality, profit/FCF sustainability, management departures, etc. Since we don’t think these risks have gone away (though a few have abated somewhat), in this note we take a step back to consider whether the reward side of the equation has meaningfully changed.”"