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Illustration: Sarah Grillo / Axios

Tesla has a market value of nearly $48 billion, making it one of the 150 most valuable companies in America. Yet Nomura Instinet analyst Romit Shah today put out research saying that Tesla is "no longer investable."

The reason: What Shah refers to as "the erratic behavior of Elon Musk."

Shah says that Tesla could be a good bet with a different leader, but chaos monkey CEOs aren't the only reason that securities are sometimes considered uninvestable.

  • The S&P 500 won't include unprofitable companies, which is why Tesla isn't in the index.
  • Memories are still raw when it comes to synthetic derivatives, which no one really understood and which therefore no one should have been investing in before the financial crisis.
  • Similar arguments can be and often are made about cryptocurrencies, today.
  • Environmental, social, and governance considerations can also make a stock uninvestable.
  • Many investors won't touch gun manufacturers, for instance, or tobacco companies, or companies like Snap which give shareholders no voting rights.

Go deeper

13 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 15 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.