People are wondering whether Lyft's fundamentals justify a valuation of about $22 billion, 50 percent higher than last year.
"I think buying new offerings in a hot market is something the average investor should not think about at all." said Warren Buffett on CNBC Thursday, when asked about buying into the Lyft IPO, which is scheduled to begin trading on Friday.
My friend, who must be anonymous, is trying to separate the Lyft fundamentals from the action of the markets in general. He understands that the IPO market is hot because it's been closed for four months, the stock market is up 12 percent this quarter, there's a very limited float of about 13 percent and Lyft is a well-known name.
And this is where the Wall Street guys really get into"magical thinking." Rao explained the reasoning:"Revenues grew 100 percent in 2018, but losses only grew about 40 percent. In that sense, the margins are improving. The sequential progression is improving."
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