> Uber has abandoned everything that got the market to enthusiastically support them 10 years ago. Uber is now just a much higher cost version of the traditional operators they vilified as an “evil taxi cartel”. Their fares are now higher than traditional taxis used to charge, they no longer offer a lot more cars in peak periods and they no longer serve neighborhoods throughout each city.

> Uber’s reluctance to explain how it improved margins and established a P&L advantage versus Lyft is because the explanation directly contradicts these corporate narratives, and because the explanation would help investors see that the recent rate of margin gains is not sustainable.