Turning savings into consistent passive income with a Stocks and Shares ISA doesn’t require complex financial sorcery. In fact, it can be as easy as cooking up a delicious Sunday stew.

Pick a few top-notch ingredients (stocks), mix them all into a pot (an ISA), and sit back while it slowly comes to a boil.

Over time, the compounding returns can snowball into a delightful little income stream, just like a hearty stew to feed the family. The best part: the ISA allows up to £20,000 of tax-free investments per year – so you won’t have the tax man around to dinner!

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

How does it work?

With a moderate amount to invest, an investor could realistically aim for £750 a month in passive income. That said, it’s not a simple task of clickety-click, here comes the cash. A decent bit of time and commitment are essential ingredients to get this stew boiling.

So how much are we talking? Let’s take a look.

Yield the perfect temperature

A dividend yield is like the temperature of an old woodfire stove. It defines how much heat (dividends) is coming out, but it’s volatile and can change frequently.

We don’t want to burn this dish, so we need to find a careful balance.

Some yields go as high as 10% but are unstable — careless investors could get burnt. Other yields simmer at around 3%, which is safe — but cook up a lukewarm meal.

I try to aim for a steady average of 7%: the perfect temperature for a tasty broth that doesn’t boil over. By mixing a variety of stocks with yields between 5% and 9%, it’s possible to achieve this average.

Ok, I’m hungry now

Great, let’s make some stew! With our fire burning at 7%, we would need £130,000 worth of wood in this ISA to return £9,000 a year (£750 a month).

That’s a lot of wood! How long would that take?

Luckily, like trees, investments have a knack of growing exponentially over time. Let’s consider a portfolio with an average 7% yield and 3% annual price growth.

Chucking £300 a month into that pot could grow to £70,000 in 10 years. It wouldn’t take another 10 years to double though — in just 14.5 years, it would reach £130,000.

The right stock for the pot

Good ingredients are key to any meal and one I think is worth considering is Primary Health Properties (LSE: PHP).

The real estate investment trust (REIT) specialises in healthcare properties, a sector that’s often in high demand. As a REIT, it’s required to return 90% of profits to shareholders, making it ideal for dividends.

One concern is debt, which at £1.3bn, is more than its market cap. That puts it at risk of defaulting or diluting shareholders to cover interest payments. Neither option will treat the share price nicely.

It’s already dropped 33% in the past five years due to stubborn inflation and a muted economy. But in 2025, this dog could finally have its day — it’s already up 11% since early January!

The 7.3% yield fits my strategy and is supported by 20 years of consistent growth at a rate of 5.7%, from 1.7p per share in 2020 to 6.9p today.

In my opinion, that makes it well worth considering for an income portfolio.

Not many companies can lose $1trn in market cap. Nvidia (NASDAQ: NVDA) did, yet it’s still the second-largest company on the US stock market.

It was down 29% from January’s record high by market close on Tuesday (11 March). That’s worse than the Nasdaq, which has dropped 13% in three weeks.

Cheap chip maker?

Nvidia’s 1,665% gain over the past five years has been stunning. But even with that, the valuation still didn’t get close to the heights of some booming tech stocks of the past.

After this decline, forecasts have Nvidia stock on a prospective price-to-earnings (P/E) ratio of 25 for the 2025-26 financial year. For the year after, expected earnings rises would lower it to under 20.

On that score, Nvidia looks better value than the UK’s big growth champion, Rolls-Royce Holdings, with its forecast P/E of 31. And without meaning to downplay Rolls-Royce’s outlook, I feel the global demand for AI chips could easily outstrip aero engines in the coming decades.

Early mover disadvantage

Nvidia is seeing huge demand for its chips at a time of severe shortages in the power needed for today’s data centre surge. That means it can pretty much name its price and secure fat profit margins.

But when I think a stock price has skyrocketed partly due to an imbalance between supply and demand, I get a bit nervous. History tells us that markets are very good are leveling imbalances. The rest of the world’s chip makers are racing to catch up.

Are the big server developers puzzling over how best to use their capacity? Did they pile in because they can’t risk being left behind? Will the winners be the ones that successfully replace volume with efficiency? I think it’s a partial yes to all of these.

I don’t know who’ll be leading the AI chip business in 10 or 20 years. But I expect competition will be fiercer and margins could be a lot lower. Buying an early mover in the days after the first phase of growth can sometimes be a bad move.

How much growth

Even after Nvidia’s success so far, it still smashed through estimates in its fourth-quarter report last month. Revenue climbed 78% year on year, with earnings per share (EPS) up 82%.

At the time, CEO Jensen Huang described demand for Blackwell chips as amazing. He said “AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries“.

But all this sky-high optimism reminds me of the old dot com bubble. Everyone thought the internet would advance at light speed, and they were right. But most really didn’t know how, and many of the early movers are forgotten names today.

If it gets it right, Nvidia could become the Amazon of the AI revolution. But even Amazon crashed 90% when the first wave collapsed, before powering back to become a long-term multibagger. Still, Nvidia’s modest P/E valuation makes me think any possible further losses probably won’t be anywhere near as bad as that.

BAE Systems (LSE:BA.) shares are up 70% over two years. This means that £10,000 invested then would be worth £17,000 today, plus around £600 in the form of dividends. Clearly that’s a return most investors would be happy with. However, the question remains as to whether the FTSE 100 company actually deserves this elevated valuation. Let’s explore.

Putin and Trump send defence stocks higher

European defence stocks have surged since Vladimir Putin’s war in Ukraine started three years ago, ushering in a new era of heightened military spending. And now President Trump’s talk of a freeloading Europe has engendered a whole new wave of defence spending.

German company Rheinmetall is leading the way with over 1,000% in share price appreciation. And BAE hasn’t performed badly either, more than doubling in value since the beginning of the war.

However, some of the valuations we’re seeing now exceed expected norms. BAE is currently trading at 22.5 times forward earnings, which actually puts it at a premium to its American peers — something most people wouldn’t have expected.

The current consensus forecast sees the price-to-earnings (P/E) ratio falling from 22.5 times in 2025 to 19.8 times in 2026 and then 18.2 times in 2027. While this isn’t a bad rate of growth, it’s subpar according to famed investor Peter Lynch’s price-to-earnings-to-growth (PEG) ratio.

The former Fidelity Fund manager said that a PEG ratio under one suggests a stock is undervalued. However, BAE’s PEG ratio is 1.9. Even when adjusted for the 2.1% dividend yield, the stock appears to be substantially overvalued. Perhaps by as much as 70%.

Huge barriers to entry?

Some stocks can trade with higher PEG ratios because the very-long-term outlook is positive or because there are very high barriers to entry in their sectors. And on that second point, defence has long been considered a sector with high barriers to entry. Traditionally, it has been hard to become a government contractor as a new entrant.

However, I’d argue that things are changing. We live in a world whereby military supremacy is not solely defined by who has the best hardware, but one where software and small attritable systems are becoming indispensable. This has allowed new players to enter the market, including the likes of Anduril, which specialises in autonomous systems. We’re also seeing commercial UAVs weaponised. The environment is evolving.

This shift necessitates a re-evaluation of what constitutes a valuable defence investment. It’s no longer solely about the size of a nation’s arsenal, but also about the agility and adaptability of its technological infrastructure. Established defence giants still possess advantages in terms of scale and established relationships. However, their ability to innovate and integrate these newer technologies is being challenged.

Investors should, therefore, consider whether a high PEG ratio is truly justified for these legacy players, or if future growth lies with the smaller, more nimble companies driving this technological revolution in warfare. Because of these concerns, I’m not adding BAE to my portfolio any time soon, but appreciate it could go higher on speculation about increased defence spending.

Before long, investors won’t be referring to the boohoo (LSE:BOO) share price. Instead, they will be talking about how the Debenhams Group stock price has performed. That’s because the fast fashion retailer will soon be re-branded.

On first hearing the news, I have to admit I thought the decision was a little strange. The last time I visited a Debenhams store (over five years ago) it didn’t sell the sort of clothes I now see on the boohoo website. And they definitely weren’t as cheap.

But on further reflection, I realise what’s going on. The group wants to move away from its fast-fashion roots — with ultra-thin margins — and re-establish itself as a more ‘middle of the road’ business.

Will this new strategy work?

The company says the economics have been proven and that the turnaround of the Debenhams brand is a blueprint for the rest of the group. It bought the name and website for £55m at the start of 2021, after the British icon, which opened its first shop in 1778, collapsed into administration.

Claiming that its Debenhams division is “fast-growing and highly profitable”, the group’s latest trading update says it generated an EBITDA (earnings before interest, tax, depreciation, and amortisation) margin of around 12% (approximately £25m) for the year ended 28 February 2025 (FY25).

However, the group has a lot of ‘I’, ‘D’, and ‘A’, which means it’s still loss-making at a post-tax level.

As Warren Buffett wrote in his latest letter to the shareholders of Berkshire Hathaway: “EBITDA, a flawed favourite of Wall Street, is not for us”. Previously, he has said: “Does management think the tooth fairy pays for capital expenditures?”

When boohoo’s numbers are finalised, it’s expecting adjusted EBITDA for FY25 of £40m.

In FY24, it was £58.6m. But after depreciation (£48m), amortisation (£28.6m), finance costs (£13m), and tax (£3.3m) were all deducted, its adjusted loss after tax was £34.3m.

I think the boohoo (or Debenhams) group is still a long way from being profitable.

A mixed reaction

And that probably explains the negative response of investors to yesterday’s (11 March) news. Since March 2020, long-suffering shareholders have seen the value of their positions fall by nearly 90%.

I’m sure the company’s done the appropriate market research and number crunching to fully understand the implications of changing its name and identity. Therefore, I have to assume that it has made the right decision to re-brand itself.

However, it still faces some major challenges.

With suppliers in 10 different countries, including dozens of them in China, the company’s vulnerable to ‘Trump’s Tariffs’. In FY24, sales to America accounted for 20% of the group’s revenue.

And I wonder if the ongoing war of words with Frasers Group (a major shareholder) could prove a distraction. The Sports Direct owner wants Mike Ashley to be installed as boohoo’s chief executive. It’s even set up a website (boohoodeservesbetter.com) to make its case. So far, it’s remained silent on the re-branding.

boohoo claims it’s going to be “leaner, faster and more technologically advanced”. And it says it’s “sharply focused on maximising value for all shareholders”. We shall see. Personally, until I see a clear route to profitability, I don’t want to invest.

One stock from the FTSE small-cap index that has been steadily recovering over the past couple of years is The Gym Group (LSE:GYM). Now at 136p, shares of the budget gym chain are up 63% since a post-pandemic low of 83p in April 2023.

Zooming out a bit further though, the stock is still down 55% from a high of 307p in June 2021. If it were to reach that price again, an investor could more than double their money by investing today.

Is this a stock that can pump up my portfolio? Let’s take a closer look.

Solid set of results

For those unfamiliar, the company was a pioneer of the low-cost gym model, offering 24/7 access and flexible, no-contract membership. I used to be a member a few years back and my gym was spacious with adequate equipment for the equivalent of less than £5 a week. Bargain stuff.

Today (12 March), we got the group’s full-year report for 2024, and there was a lot to like. Revenue grew 11% year on year to £226.3m, driven by an increase in both membership numbers and pricing. 

Members rose 5% to reach 891,000 by the end of the year. And 12 new sites (half in London) were opened, at the top end of guidance, bringing the total number of gyms to 245.

Meanwhile, profitability improved significantly, with the firm swinging to a pre-tax profit of £2.5m compared to a loss of £8.3m in 2023.

We’ve just been through the peak recruitment months of January and February, when the motivation to sweat off those extra Christmas pounds is still high. So it’s encouraging that management says revenue for the first two months of 2025 grew by 8%. Like-for-like revenue was up 3%, while the membership at the end of February was 951,000.

Looking ahead, the company plans to open 50 new sites over the next three years, including up to 16 gyms this year. This expansion will be funded entirely through free cash flow. 

With cost-of-living pressures still ongoing, I wouldn’t bet against 1m+ members in future.

Should I buy Gym Group stock?

The stock’s price-to-sales ratio is just 1.1, which isn’t particularly expensive. On this basis, the valuation looks decent, though the net profit margin is sill razor-thin. It wouldn’t take much — rising costs or another pandemic-style event — to put the group back into loss-making territory.

Last year, net debt was reduced by £5.1m to £61.3m. But that’s still higher than before Covid, when it stood at £47.4m.

The company has been raising prices to improve revenue per member. Last year, the average price of its standard membership rose 6% to £24.53. My worry with this though is that there might be limited pricing power from now on due to relentless competition.

Speaking personally, I have several different gym options within a five-mile radius, and nearly all offer contract-free memberships and half are open 24/7. The monthly price of my local leisure centre, with its two swimming pools, isn’t much more than the nearest Gym Group location.

This well-run company is performing nicely and the stock could have further to run. But weighing things up, I’m not going to invest. I prefer firms with distinctive and durable competitive advantages, and unfortunately I don’t find that here.

Is the Tesla (NASDAQ:TSLA) stock rout due to CEO Elon Musk’s political activity? Or is it fears of further sales declines as the year progresses? Or possibly “radical left lunatics” boycotting the company as President Trump suggests?

It looks to me like a combination of two of those, as the stock closed at $231 on Tuesday (11 March). How many radical left lunatics can even afford a Tesla?

Tesla has collapsed by more than 50% since the all-time high it set in December on the back of Trump’s election victory. Still, even that leaves long-term investors with a 445% gain in the past five years.

Falling sales

The price has regained about 6.5% since Monday, after Trump promised to buy a new Tesla. But that won’t do much to offset a global sales slump.

Tesla sold about 7,500 vehicles in Europe in January. That’s only around half the number of sales in January last year. And it comes as tightening EU emissions rules are helping boost hybrid and electric vehicle (EV) sales overall.

Germany, the EU’s biggest market, saw total EV sales rise 30% in February compared to the same month a year ago. But Tesla sales there fell more than 70%. Sales are declining in China, Australia… all round the world.

The NIO share price, meanwhile, has climbed 29% in the past month with a 17% rise in a single day on 11 March. But it still lags well behind Tesla over five years, having peaked as long ago as 2021.

What should investors do?

I’m sure of very few things in today’s market. But I am convinced I see the uncertainty and fear that Benjamin Graham warned about in the short term.

Known as ‘the Father of Value Investing’, Graham said prices revert to fundamental performance in the long term. And that’s where long-term investors should surely look.

The problem for me is that forecasts put Tesla’s 2025 price-to-earnings (P/E) ratio up at 89. And it drops only as far as 71 by 2026. And that’s based on a consensus that won’t yet reflect the growing bearish outlook among analysts. There has to be a chance that Tesla could drop a good bit further yet.

Sometimes it rains gold

Another great investor, Warren Buffett, said: “Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold.”

Our economic skies are as dark as I think I’ve seen them for a long time. And I reckon the US stock market slump could mean golden times for investors with a long enough horizon.

I do think it could be a big mistake to write off Tesla. But my thoughts are turning to other fallen growth stocks on more attractive P/E valuations. After Nvidia lost a full trillion dollars in market-cap, its forward P/E’s down to just 25 and predicted to drop further.

But I’m mostly considering a top up on Scottish Morgage Investment Trust with all its juicy Nasdaq stocks, down 16% from a February high. It could still fall further, mind.

At the start of this year, I did not want to invest in Rolls-Royce (LSE: RR). Rolls-Royce shares looked costly to me, having been among the FTSE 100’s top performers last year — and it was the number one riser the year before that.

Still, in under three months, my decision not to buy Rolls-Royce shares means I have missed out on a big opportunity.

So, should I now take a different approach and buy?

What I’ve missed out on — just since January!

What would an investor who had bought at the start of January now be sitting on?

Since the turn of the year, the Rolls-Royce share price has surged 31%.

So, £10K invested then would be worth £13,100 now – under two-and-a-half months later. That is the sort of return that many investors dream of.

The engineer announced last month that it was reinstating its dividend after a gap of some years. That will not be paid until June, so if an investor had bought shares in January, they would not yet have received it. In fact, they would need to keep holding the shares until the second half of April, when Rolls-Royce shares go “ex-dividend” to qualify for the payment. That means an investor buying today could still earn it.

Still, even without a dividend, turning £10K into over £13K on paper in under three months is no mean feat – especially for a share I already thought looked pricey in January.

Time to alter my investment thesis?

Not buying Rolls-Royce shares at the start of the year means I have missed out on a big short-term potential gain.

I am a long-term investor, so in itself that does not bother me. Still, such a sharp rise does raise the question – did I make a mistake and ought I now to buy Rolls-Royce shares?

My answers to those questions are: no and no. Let me explain why.

Each investor has their own risk tolerance

I recognised long before this year what great potential Rolls-Royce had as a business. It operates in a sector with high barriers to entry where reliability is paramount, so it has substantial pricing power.

Add to that a large installed base of engines, a renowned brand and some proprietary technology and there is a clear investment case here. Since the New Year I think it has strengthened. Rolls announced last month that it has hit some commercial targets two years early, set higher targets set for the medium term and is seeing strong demand from defence clients.

But it was never the investment case that put me off buying Rolls-Royce shares. For me, it was merely a question of valuation.

Billionaire investor Warren Buffett likes to invest in great businesses at attractive prices. I take the same approach.

That matters because paying too much provides too little (or zero) margin of safety. All businesses face risks – and that includes Rolls-Royce.

An unexpected event like a pandemic could hurt aviation demand overnight. This week, US airlines have been reporting weaker domestic demand due to economic uncertainty.

That poses a risk to customer demand for Rolls-Royce, over which it has no control. I do not think its current share price offers me sufficient margin of safety to mitigate that risk, so I have no plans to invest.

The S&P 500 has fallen by 8.5% over the past month. It’s at the lowest level since last September. OK, that’s not long ago, but it does reflect the sharp shift in investor sentiment over the past few weeks. As someone who’s focused on the long term, I’m confident that the market will recover. I can’t predict the future perfectly, so here’s my current game plan.

Uncertainty sparks concern

The major catalyst for the drop has come from uncertainty regarding President Trump’s tariff policies. In recent weeks, there have been announcements regarding import levies on Mexico, Canada, China and even the EU. Yet there have been subsequent rollbacks, exemptions for certain sectors and delays for some other applications. If there’s one thing that worries investors, it’s uncertainty.

As a result, some have decided to sell S&P 500 stocks to reduce their risk. Some of the hardest-hit shares are those in the car and agricultural sectors, which has been at the core of tariff chatter.

Looking ahead

Until we get some clarity on what’s actually going to happen with tariffs, I think the S&P 500 will continue to be volatile. Let’s say certain import levies do get introduced. At least in that scenario investors can then address which stocks to avoid and which have been oversold. So I don’t see the imposition of tariffs as being a negative for the S&P 500 overall. If anything, it will provide some certainty and allow us to move on.

In the long run, history shows me that the stock market should be higher several years down the line. But instead of buying the dip via an index fund, I’d prefer to be selective in what I buy.

One idea I like

One stock that I already own is Walmart (NYSE:WMT). It has been caught up in the recent fall, down 15% over the last month. Over the last year it’s up 42% though. I’m going to wait for some more clarity on tariffs in the coming weeks, but anticipate buying more within the next month.

It’s true that the company is partly impacted by tariffs, which is a risk going forward. It’s in the process of meeting with some Chinese suppliers to reduce pricing in order to combat the impact of the import tariff. It has the buying clout to strike a deal. And it doesn’t have major exposure to Mexico or Canada, so I’m not too concerned here.

The business has a proven track record of profitability over time. Q4 results showed revenue up by 4.1% versus the same period last year. Operating income jumped by 8.3%. Even though the firm is mature, it’s being smart, in “deploying capital toward the highest returns, using technology to enhance customer experience.”

So although I think it’s too early to buy the dip in the stock (and the S&P 500) right now, I’ll certainly be looking to do so within the next month.

Investors on the hunt for the best share to buy during today’s market turmoil should consider taking a peep at FTSE 100-listed Experian (LSE: EXPN). The global credit data giant’s a truly world-class stock but recent turbulence has knocked its share price.

This could be an opportunity to take a position in one of the UK most exciting growth stocks, at a slightly reduced price.

Experian has delivered heaps of solid share price gains with the promise of more to come. That was until last month, when the share price suddenly dropped 12%.

Can the Experian share price bounce back?

Market concerns over trade tariffs and a potential US recession have hit sentiment hard. Over one year, Experian’s share price is up just 4%. However, but over five years, it’s climbed nearly 50%.

I wouldn’t call the stock cheap. Despite the dip, its price-to-earnings (P/E) ratio’s still over 30. While we could face more volatility as the world adjusts to Donald Trump, I think far-sighted investors could turn this to their advantage. I’m not the only one.

Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, has just highlighted Experian as a “durable, adaptable and above all resilient” stock.

Experian aggregates credit data from banks, lenders and businesses worldwide, then sells it back to them to assess creditworthiness and manage risk.

Huggins says: “This helps over 180 million consumers take control of their finances and supports 150,000 businesses with lending decisions, fraud detection and efficiency improvements. In the US, it even assists hospitals with payment management.”

He notes Experian invests heavily in innovation, highlighting its insurance marketplace, analytics tools and software. These are only just rolling out but have the potential to “meaningfully accelerate Experian’s growth over the next decade”.

Huggins adds: “It’s why I’ve never been so excited by its long-term prospects.”

Solid recent results but markets have shifted

Experian’s Q3 results, released on 15 January were solid with revenues for the three months to 31 December up 6%. Analysts expect it to rise 7% over the full year to $7.53bn.

But the results also highlight why Experian’s struggling at the moment, as it generates 68% of its revenues from North America. These are now threatened by trade war concerns, along with fears of a wider global slowdown. Experian’s high valuation means it’s particularly vulnerable to shifts in market sentiment.

So is Experian a buy to consider today? Broker forecasts suggest that’s the case. The 14 analysts offering one-year share price forecasts have produced a median target of 4,283p. If correct, that’s an increase of more than 22% from today. There’s a modest 1.5% dividend yield too.

Those forecasts will mostly predate the recent dip, so should be treated with caution. However, for long-term investors who can stomach short-term volatility, Experian’s global reach, resilience and innovation make it a stock well worth considering. It may not be the single very best share to buy now, but it makes a strong case for itself.

On 7 November, Americans voted in the presidential election. At the time, the Tesla (NASDAQ:TSLA) stock price was $289. The next day, after Donald Trump was confirmed the winner, it soared to $350.

The stock then went on an impressive bull run peaking, on 17 December, at just under $489. Since then, it’s been in reverse. Today (12 March), it’s $230, a fall of 53% from its recent high. Yesterday, it tanked over 15%.

However, even after recent events, the car maker’s still worth more than Toyota, Ferrari, Mercedes-Benz, Volkswagen, BMW, Porsche, General Motors, Honda, Ford and Stellantis combined.

The average price-to-earnings (P/E) ratio for stocks in the sector is around 12. But with reported earnings per share of $2.04 in 2024, Tesla trades on a historic P/E ratio of 112.7. It’s been higher though. At the start of 2021, it was over 1,000.

But hang on, Tesla isn’t just a car company. Elon Musk once said: “We should be thought of as an AI robotics company. If you value Tesla as just an auto company – it’s just the wrong framework.”

OK, let’s do this. The current P/E ratio of the ‘Magnificent Seven’ is around 28. Therefore, the company’s shares should be changing hands for around $57. That’s a 75% discount to their current value.

Whatever its status, the company appears overvalued to me. But then again, based on all conventional valuation metrics, I think it always has been.

What now?

As ever, the company continues to divide opinion. Of the 57 analysts covering the stock, 28 are recommending that their clients Buy, 16 are Neutral and 13 are saying Sell. Their target prices range from $135 to $1,000, with a median of $393.

Supporters believe that fully autonomous vehicles will propel the company’s earnings to another level. Doubters say the value placed on this is over-inflated. They point to the fact that BYD gives away its self-driving software for free.

But despite the recent stock price turmoil, I don’t see any reason to panic. It’s only 20% below its pre-election price. Personally, I think it’s best to keep things in perspective and avoid hyperbole. But I admit it makes a good story.

In response to a post on X that listed the largest one-day falls in Tesla’s history — the one on 10 March was ‘only’ the seventh worst — Musk replied: “It will be fine long-term”.

Remember, we’ve been here before. Looking at the eight biggest daily falls, the share price is now higher than after all of them.

A new role

But there’s one thing that’s different now. Musk has recently ventured into politics and appears to be creating some enemies. According to The Guardian, in Germany, there’s some evidence of an anti-Musk feeling. But sometimes these things are exaggerated. Tesla’s not the only stock falling at the moment.

President Trump’s ‘on-off’ tariff policy is wreaking havoc. And JP Morgan Chase says there’s now a 40% chance of a US recession this year.

On balance, I think the Tesla stock price (and most US equities) could have further to fall. I’m therefore going to wait patiently on the sidelines with a view to picking up some bargains later in the year. However, I’m still undecided as to whether Tesla will be one of them.