Analysis of Uber's Market Position

change. But certain businesses have kind of a

market position where we think

it's very difficult to be, uh, disrupted.

So Uber is kind of a, an amazing business.

Uh, if you look at the cash flow metrics, the growth, uh, the earnings trajectory,

the revenue growth, I would say even the, the mind share, right? Uber...

When a company becomes a verb, that's a pretty good sign

that it's in a very kind

of dominant position. But Uber stock is extremely cheap, uh,

for a business of this

quality. Why? Because people are nervous that Tesla, you know,

the Tesla taxi, if

you will, is gonna completely take over, uh, sort of the autonomous vehicle

and, and the entire market for m- you know, mobility.

Uber's, you know, both a mobility company

and also a food delivery business.

They're just closing a, uh, a transaction now that's gonna make them

even a more

dominant company in that, uh, kind of space. But if you just focus on...

You know, our view is that you're gonna wanna go to your Uber

app to

decide how you get from one place to another, as opposed to y- your Tesla app

or your Waymo app, uh, or your other self-driving company app,

uh,

you know, to find a ride. You want a ride in the shortest period of

time at the

lowest cost, and, uh, you want a brand that you can trust.

You don't wanna have to put all your information in a bunch of different sites

and

scroll through them. So we think their position is, is very,

very strong.

We wanna own a business at a price that, you know, meaningfully discounts the

future. The Microsoft, Meta, Amazon, Ubers of the world are cheap

today because the eyes are drawn to Micron, uh,

or, you know, some of the semi- semiconductor companies.