This is why this super-successful growth investor no longer owns Tesla shares

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Successful innovations make life better for customers, but that doesn’t necessarily make those companies good investments. “In some cases, innovation just helps all of us have a higher quality of life, and that doesn’t mean that directly there’s an investment or a company that flows from that that tailwind,” Dennis Lynch, head of Counterpoint Global, Morgan Stanley Investment Management, said at the Morningstar Investment Conference on Thursday. His team runs several growth equity strategies for Morgan Stanley, including Morgan Stanley Institutional Inception Portfolio MSSMX, +1.40%, which had an average annual return of 49.71% through the end of August, compared to a 12.27% annual gain for the Russell 2000 Growth Index. RUO, +1.82% Electric vehicles is one sector like that, and it’s why Lynch sold all his shares in Tesla TSLA, +0.23% several years ago. Lynch
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