UBER 相对其持续增长以及作为出行/外卖聚合平台的领先地位而言被低估，这一优势将延续，尽管市场担忧自动驾驶汽车的竞争。

All right, the second stock that I wanted to bring to the market, and I've actually got another tag along here, is Uber. And Uber is one of these companies that I've been bullish on all year, but $150 billion market cap, price earnings multiple is only about 16 on forward basis, it's similar, it's about 17. So pretty reasonable valuation for a company that is consistently growing not only in double digits, but in excess of 20%.

And what you want to look at with Uber is not just revenue growth. There's a little bit of noise with revenue growth because of the way they account for the revenue. So, if you pay, let's say, $10 for an Uber ride, they don't actually generate $10 in revenue. That's not what they have in their income statement, but it's $10 in bookings. So, what they actually take as revenue is what they what's called their take rate. And that can change uh year year to year depending on the quarter. And then there's also changes in certain areas. So I believe it was in the UK that they recently changed from accounting for all of that revenue, all of that booking as revenue to the way that the accounting rules changed is now it's just their take rate. So the growth rate actually looks like it's slowed recently, but if you look at their gross profit, their operating profit, their free cash flow, their bookings, none of that is slowing and it's just been consistent growth.

Now, the story with Uber and what the market is really worried about is that autonomous vehicles are really going to take market share and companies like Whimo and Tesla are going to essentially make Uber obsolete in the future. What I think that view is missing is there's at least a dozen companies around the world that are developing similar autonomous vehicle technology. This is going to take a while to get to market, but if you think 5 10 years out, there's not going to be two autonomous vehicle manufacturers. There's probably going to be somewhere between between 10 and 20. And if you have 10 and 20 between between 10 and 20 suppliers, there's not going to be 10 or 20 different apps with enough vehicles available for you to order food or order a ride or now order any sort of product that you maybe want to order on Uber. So, I think that position as a demand aggregator where it's the app that you go to choose where the that people choose to go to to to find a ride to order food, that's going to still be a very powerful position. It's just the type of ride underneath it is going to change. And I think this is one of those areas in the market where if you can look past the story that the market is thinking about the disruption story happening today, particularly from Tesla and Whimo, and look at what is the market actually going to look like in the future, this can be a pretty profitable space. And historically, these companies that have this many users, about 200 million monthly active users, have this much revenue, have this much momentum, they don't just disappear overnight. They maybe don't grow as fast as as they used to. That's very possible for Uber. Although I think there is a lot of tailwinds behind the industry, but I I think this is just one of those valuations that you look at it and this is going to look like a steal five or 10 years from now.

Yeah, I've rarely seen a canyon so wide between reality and fear as I have here with Uber. And just to throw out one anecdote, Uber saying that its market share in San Francisco has actually increased since Whimo launched.

And I don't think anyone appreciates that if they're saying, well, it's going to make Whimo the increase of Whimo is going to make Uber obsolete. So far in the test markets that we have, that is not the case. In fact, the opposite is true.