Excerpt from WSJ TSLA piece: …bulls should spare a thought for the income statement, which is far less impressive. Total fourth-quarter revenue grew by just 2% from a year ago. Meanwhile, thanks to falling sales of cars with higher profit margins, operating income actually declined 13%. And, of course, Tesla lost $862 million in 2019 and has never posted an annual profit in nearly two decades of existence. …Tesla also said it expects positive free cash flow and profits going forward, albeit with possible “temporary exceptions” around new product launches. …shareholders who still furtively peek at valuation metrics might notice the stock trades at about 200 times this year’s profit estimate. At that valuation, “temporary exceptions” could really sting.