Few words on $UBER: It actually started to look like a no-brainer. It’s currently at 15x 2027 earnings and 12x 2028 earnings while double digit annual growth expected through 2030. So, the only reason it gets this discount is that the market doesn’t fully believe shareholders will really get the future cash flows. It’s concerned of potential disruption by robotaxis. That won’t happen. People always underestimate the tendency for aggregation. Even if autonomous taxis become mainstream globally, it’ll be a pretty fragmented market with Waymo, Tesla, AVride, Zoox etc. How many apps people are willing to download for mobility? What the market misses is that fragmentation is not just a problem for consumers, it’s also a viability issue for providers. We are looking at what’ll be a ca
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