On Monday, SpaceX shares closed at $119.85, down for the seventh trading session in a row.
That's a cumulative drop of 20% in a week and a half.
Zoom out further and the stock is down nearly 45% from its all-time high… with roughly $1 trillion in market value gone.
Financial media has settled on a phrase for this… a "losing streak."
You'll have seen the term a hundred times...
A team is "on a losing streak"
It's borrowed from sports where it makes perfect sense... because a sports season has a fixed number of games… and at the end of it… the slate wipes clean and everyone starts again next year at 0-0.
A public company doesn't get a next season... and there's no reset.
The success of SpaceX will be measured in years (and more likely decades) rather than weeks.
So SpaceX on July 20th is the same business, with the same rockets, the same contracts, and the same underlying economics as SpaceX on July 13th, before any so-called-streak started.
The price of a stock tells you what the crowd feels this week… but it doesn't tell you whether the company still has what made it valuable in the first place.
Those are two different questions, and the mistake most investors make is answering the second one by looking only at the first.
Which is why a week of red candles gets treated like a verdict rather than noise, and a lot of otherwise sensible people end up making permanent decisions off temporary information.
The real question was never if the stock is up or down this week… does the thing that made this business valuable still exist?
That's a completely different kind of question, and it's the one worth asking before you decide anything about a company's stock price, moving in either direction.
Oliver