2/11/25 :: VROCKSTAR :: 
DASH
I just like 
UBER more
– i love this franchise
– but i also like 
NVDA, mu… but rn i just own 
TSM
– but i also like 
ETH, sol… but rn i just own 
BTC
– but i also like 
FSLR, enph… but rn i just own 
NXT
…
– in this tape it’s increasingly difficult to own the second best until the valuation gaps are wide enough to merit moving down the quality stack
– this is NOT to suggest dash doesn’t have an awesome franchise, has built that route density to keep throwing off FCF… they do/ they will
– but while mgns are *yes* better than UBER, the growth is just modestly better, at the same time UBER continues to scale it’s Eats offer (and mgns will reach parity with DASH)
– and so for 1/3 the FCF and arguably a more discretionary product (Eats vs. Rides), is it “worth” half the mcap?
– reality is, it’s grey zone.
– put a water balloon to my head and i’d guess the result is +ve and stock rallies
– but TBH, we’ve seen the UBER result, the valuation is still attractive and i see no reason – per the original comments on second best – to leg out and complicate my PnL in a period where i think… we might see some rough tides. i’m shooting for simplicity, conviction and if/when valuation on the mgn is superior (as it is in the comparison of Uber vs. Dash)… a plus
– let’s see. GL to the owners. i’ll be rooting for u on this print from the sidelines.
V