Nio (NYSE: NIO) is a leading player in China’s electric vehicle (EV) market and has sometimes been referred to as the “Chinese Tesla.” Should investors treat Nio’s big valuation pullback as an opportunity to build a position in the stock, or is the EV company’s share price still too high to generate strong returns? Howard Smith: Nio’s recently released quarterly earnings report provided a good lesson for investors wanting to log big returns on more speculative, high-growth companies.