Why SpaceX and Tesla are 'value' stocks, according to this fund manager

Charles Schwab recently warned investors against putting money in companies making growth promises pushed out far into the future.

But successful value investing requires precisely that faith, according to the president and chief investment officer of Tsai Capital, Christopher Tsai. "If you look at SpaceX and say, 'Oh, it's selling at a crazy multiple,' you might be making the classical error that these companies are increasingly investing so much now, depressing earnings now, to create more value later," he told MarketWatch in a Monday interview.