‘Tell me where we’re wrong’: The CEO of an investment research firm breaks down why Tesla, Shopify, and Snap all have at least 68% downside as investors ignore fundamentals

• New Constructs CEO David Trainer is bearish on shares of Tesla, Snap, and Shopify.
• Trainer told Insider that all have massive downside risk.
• He warned that investors are ignoring fundamentals with the stocks.

David Trainer believes investors are forgetting the fundamentals in pockets of the stock market.

The CEO of New Constructs frequently points out what he deems violations of valuation norms. He called out Coinbase’s IPO valuation, for example, and the stock is since down 24%.

In of his most recent note to clients, he highlighted three more stocks he thinks have massive downside risk due to their inflated valuations: Tesla (TSLA), Snap (SNAP), and Shopify (SHOP).