Stocktake: Tesla surges as craziness pays in the bubble

What can you say about Tesla? Renowned short seller Jim Chanos once said the stock was "worthless" but last week, following a tenfold share price increase in less than a year, Tesla's market value topped $400 billion – more than the combined market value of GM, Ford, Fiat Chrysler, Daimler, Ferrari, Honda, BMW, and Volkswagen, notes Compound Capital Advisors' Charlie Bilello.

Only two weeks earlier, Tesla was valued at "just" $256 billion, notes Bilello; adding on another $150 billion or so in market value means it has now leapfrogged giants such as Walmart, JPMorgan, Procter & Gamble, Mastercard, Nvidia, and Johnson & Johnson.

Crazy? Yes, but it’s been crazy for some time now. In a bubble, craziness pays.