In the *bear* case, Tesla is supposed to have average revenue growth of 50%+ over the next 5 years. They haven't had that growth since 2018, and the bigger a company gets, the harder it is to continue producing high revenue growth rates. I didn't even bother diving into the numbers for the bull case as robo taxis taking off that quickly doesn't seem realistic. That 10% Tesla position in their fund is definitely a contributing factor to their price targets.