The irrational exuberance of Lyft's IPO:
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We appear to have entered a new boom-bust cycle where investments in unprofitable, but rapidly growing ventures are bigger than ever. Investment by US venture capitalists reached an The emphasis on growth over profitability is extending to public capital markets as well. During the first three quarters of 2018, an
The root cause of the chronic losses in this sector lies in multiple flaws in the ridesharing business model. Ridesharing companies offer undifferentiated services, and face low barriers to entry, low customer and driver switching costs, high variable costs, low economies of scale, limited network effects, slowing demand, fraught economics in adjacent last-mile delivery businesses, and considerable regulatory and legal risk.
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