Models

A data audit identified 14 observations created by forward-filling missing futures prices before calculating returns. The revised study excludes those artificial zero-return months, classifies the regime using the previous month's headline CPI rate and estimates full-sample interaction models with Newey–West standard errors.

• Brent's estimated sensitivity to energy-equity returns increased from -0.030 in lower-inflation months to 0.493 in high-inflation months; the difference was statistically significant (HAC p = 0.016).
• The original claim of a reliable high-inflation increase in gold sensitivity was withdrawn after the correction (interaction p = 0.680).
• Copper remained positively associated with mining-equity returns, but the estimated regime difference was not statistically precise at the primary 3% threshold (interaction p = 0.355).

The model forecast Tesla’s income statement through 2030 using alternative revenue scenarios, operating-margin assumptions and working-capital drivers. I estimated beta from daily Tesla and Nasdaq returns, calculated WACC and valued the business using a perpetuity-growth DCF.

• Built revenue, cost, operating-income, EBITDA and unlevered free-cash-flow projections.

• Constructed WACC from the risk-free rate, equity beta, implied equity-risk premium and after-tax cost of debt.

• Compared DCF output with trading multiples and a valuation football field.

Limitations: the timed format constrained sensitivity depth, the workbook contains third-party assessment material and the valuation depends materially on long-duration margin and terminal-value assumptions. The public summary therefore describes the method without presenting the output as a live Tesla recommendation.