On Wall Street, Netflix is the new Tesla
Apparently, investors focus on the news that reinforce the hype for the theme behind the two companies, rather than on their fundamentals.
Confirmation bias is one of the many cognitive biases and systematic errors System 1 or emotional brain commits that can lead to big losses.Apparently, they dashed away any news referring to company’s fundamentals, i.e., production bottlenecks, competition, and the scaling back of government incentives for electric cars.
“Competitors are revving up their spending on content,” says Clement Thibault, Senior Analyst at Investing.com. “Now under AT&T’s umbrella, HBO is aiming to go more mainstream, stepping away from the high-quality niche to compete with Netflix. It has already grabbed Friends, one of the most popular shows on Netflix, from its own mainstream HBO Max service that will begin in 2020.”
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