Portfolio Update
UBER
Uber Technologies (UBER)
Position initiated: January 12, 2026 (~$84)
Where We Stand
When we recommended UBER in mid-January, the thesis was straightforward: one of the world’s great businesses, generating nearly $10 billion in annual free cash flow and growing earnings at 44% year over year, was being priced by the market as though it faced existential threats. (In fact, that perception hasn’t really changed.) The stock was roughly $84/share and a very modest 3.4x sales. We believed the market had grown overly bearish on UBER and it was due for a rebound. Well, that obviously hasn’t happened yet. However, we still strongly believe in both the company and the thesis. As the legendary Stanley Druckenmiller recently espoused on Morgan Stanley’s Hard Lessons podcast: “I like it when I have extreme conviction in a thesis and no one else believes it. It gives me even more conviction.” That perfectly sums up our opinion on UBER, and here’s why.
