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My mom has usually been the one to invest their money into the stock market. She had the money pretty diversified, some in stocks, some in mutual funds, some in ETFs. The portfolio was making money, but not at the rate that she wanted. After doing research on companies to invest in, my mom found Tesla.
She liked the company, she liked Elon, and she liked the vision of Tesla. She talked to my dad about it, and after him looking into it, he agreed. So, instead of buying some stock of Tesla, they put \*everything they have on it\*, 14 million dollars. Retirement, savings, everything. Unbelievably risky.
Luckily, it worked. Tesla somehow skyrocketed. A 14 million dollar portfolio became a 20, then a 35, then a 40, and now a 50 million dollar position, all in a single company. They put it all on black, and it worked.
Now that we have this portfolio, I’m trying to convince them to least diversify a little bit. I try to tell the how risky this is, and losing all of what we’ve made could be tragic, especially with Tesla being such a volatile stock.
Whenever I bring it up, however, they don’t listen. They tell me that Tesla will keep going up. They tell me about investors predicting 3000 dollar stock prices. They make fun of me for not seeing “Teslas true vision”. I say who knows, maybe it could happen, but why should we not try to protect what we’ve already made?
I need help in trying to formulate what to say to them. How can I get my message across? Is there anything I can show them to change their minds?