[subjectHarold]

Unfortunately, there is a real lack of clear thinking about this. I will happily invest in a business that is making losses if the marginal ROI is strong.

The market often gets these situations totally wrong. I hope this will continue but: businesses that are deploying a lot of capital even at very high rates can and often are loss-making. You can't just look at accounting profit, that tells you nothing.

With Uber, there are two issues. First, they invested very heavily internationally (they are basically an EM stock). Second, they don't provide anywhere near enough financial info.

But Lyft gets closer and their marginal ROI is clearly positive. Their fixed costs are garbage, Uber are taking unbelievable risks (reckless, imo) on EMs but the business model is definitely valid (I would say Lyft actually starts to look cheap in the $40-45 range).