Ackman runs a super-concentrated fund and rarely takes new positions.
Uber shares dumped on earnings earlier this week but stormed back the following day and continued higher today. This certainly won't hurt.
I can make a pretty good case for Uber as it's churning out a 5% free cash flow yield and still growing very rapidly.
The bear case is that Tesla and other robotaxis are going to destroy the business. However the bulls case -- which the CEO has outlined -- is that there are going to be many auto companies that solve autonomous driving. Even if Tesla solves it a year before anyone else, it can't produce nearly enough cars to dominate the market before others catch up.
That will ensure it's a fragmented market and that Uber remains at the center of the network ecosystem, taking what is essentially a royalty as it's 180 million users continue to use it.
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