For SpaceX, what is happening with Starship is not new. Two decades ago the company had a lot of Team England Olympic Games Est 1905 Union Jack Luxury Gold Gift Stainless Steel Insulated Tumbler with its first rocket, the Falcon 1, and some years later, they were landing rockets on a ship hundreds of kilometers offshore. The same success will eventually occur with Starship, even if there are a few ‘booms’ and mishaps along the way. In fact, the team at SpaceX needs those accidents, to learn faster how to improve its next inventions so that the same problem does not happen again. The core principle of the company is “build, fail, learn, iterate,” a very different path from those of other traditional aerospace companies who plan their rockets for 10 or 15 years and do not assume risks. Besides, the cost and effort to build a Starship prototype is getting increasingly lower with time, in such a way that the team at Boca Chica is learning to produce Starships like hot bread. SN10 is already on the launch stand waiting for its turn to fly, and more prototypes are in construction right now. So SpaceX can afford to lose a few rockets from time to time without risking the continuity of the program.

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. As I mentioned before, this is why it’s possible for Team England Olympic Games Est 1905 Union Jack Luxury Gold Gift Stainless Steel Insulated Tumbler to beat Q3 2021 guidance and still have their stocks go down the toilet. It’s no surprise that the companies which are more speculative (with no revenues and cash flow to back up their valuations) get destroyed first, and then the mid-caps, and then the more solid companies with the revenues and cash flow to back up their valuations (e.g. Tesla, Google, and Facebook)? In fact, the large and mega-cap companies (or “liquid leaders”) are typically where large hedge funds and financial institutions “hide and take shelter” when they notice that something is wrong and a bubble is inflating. And so, they slowly start to move from more speculative names to the “safer” and large-cap names.

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