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The Lyft IPO
Acquired
Uber's Bold Case: Ubers' Bleeding Has Stopped
Lyft believes that they can materially flip their economics to become a profitable company when self-driving comes into play. I think if you believe that too, then there is reasonable leave that they could get profitable. They do list it as a key risk that they're not profitable and may never be. So that, of course, is a little bit of a dangerous proposition. We don't value companies on the discounted sum of future cash flows anymore. That's so old-school. Of course we- It is scary that the public markets are looking more and more like seed investors where people are valuing on a multiple of revenue instead of a multiple of earnings.
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