2020 has been a very different year. There have been major themes in the markets, I took some time during the Christmas break to reflect on them. Not in any particular order, here they are: Tesla Probably the hottest word of the year. The stock has been a favourite among investors / speculators / traders / Robinhooders as the share price gained 669% ytd (Christmas). Makes people wonder if Covid-19 actually happened (I thought people are working from home so why buy a Tesla?) Elon Musk shot to fame and the rise in Tesla shares propelled him past Zuckerberg, Gates and Arnault to become the second richest man in the world – behind Jeff Bezos. Musk tweeted in May 2020 to say that Tesla was overvalued but also said that Tesla would be worth more in 5 years time. To cash in on the high valuations, Tesla did two capital raises (or rights issues as we would call them in Singapore) – $5 billion in Sep 2020 and...