It's Hot IPO Day. We've got three companies reporting earnings. All three were companies of intense

interest when they went public. Doesn't mean all the IPOs were great, but two of them were

from this year alone. We're going to start with Uber.

Uber's third quarter report, they lost a billion dollars.

There were other numbers too, but shares of Uber are down more than 8%.

And I'm assuming it has something to do with the fact

that they lost a billion dollars in 90 days.

Probably has a bit to do with that. They are growing rapidly, still 30% top-line growth. They'd like you to look at that number but the market is looking at the bottom line instead

Which ends up not being a fair fight for for Uber because it is just going to keep talking about the top line.

It is saying, well, we can be adjusted EBITDA positive by 2021, which is a lot of adjustments there.

I was just going to say there are a lot of caveats that come with that.

Yeah a couple of years out if you don't look at Ebita, which is not looking at net income, but you look at

it just at Ebita, then and you squint real hard, you'll see that we look like we're not losing money

years from now in this world.

And then the market is looking at the fact that tomorrow the IPO lockup expires and so you've

got a lot of new shares available for sale and so I think that maybe some of today's selling has something to do with wanting to get out before more people get out tomorrow.

Yeah, I think I've made this point before.

It's a little bit like in your personal life saying,

don't judge me by my looks, judge me by adjusted handsomeness.

Because on an adjusted handsomeness, I'm pretty close to Brad Pitt, if you adjust.

And just straight up looks, no, nowhere near that but adjusted

future hamfulness in 2021 look really when we're both dead exactly look just

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