When the bull case is 8x the bear case, there's no 'fair value' left to anchor to. Morgan Stanley's SpaceX initiation.

Morgan Stanley initiated SpaceX at $300. Bear case $75, bull case $600. Same analyst, same day, an 8x spread!

I'd say its this wide because...One part of SpaceX is a real business you can model (Starlink, launch contracts), and the other is pure optionality/ideas (Starship economics, satellite and AI buildout) that hasn't happened yet. Put them together and there's no single fair value to converge on, just scenarios. Which is another way of saying there's no margin of safety to underwrite.

So $300 isn't a forecast. It's the midpoint of two completely different futures. I guess you're buying which story wins, not a valuation.

Is this 8x dispersion just uninvestable or do you size it small or treat it as a call option perhaps?