The company Tesla (TSLA) booted from the S&P 500 index has vastly outperformed the electric automaker by a “stupendous margin,” analysts at Research Affiliates pointed out this week.
Tesla entered the S&P 500 to great fanfare on Dec. 21, 2020, in a rebalance of the index. It surged well over 20% in its first month, but since then has fallen, standing now with gains of about 5%, lagging the S&P 500’s (^GSPC) near-16% gain in that same timeframe.
Tesla’s entry meant one company had to…
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