Positioning For Trump's Policy Flip Flops | Weekly Roundup
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Scale is the blockchain that's truly built different. Explore more at scale.space/ecosystem, and follow them on x@scalenetwork. Hey, everyone. Before we get into the show, just some quick housekeeping notes here. We're conducting an audience survey of the forward guidance audience, and we're just trying to gather feedback on what are some of your favorite parts of the show, what could you see improved, and what's your general vibe of things so that we can try and improve it. So the link to the survey is in the show notes. So if you could fill it out, that would really help us with improving th
Yeah. For sure, man. Andrew Stein's joining us who's, just joined Lecker, is a is a partner of mine and head of research, covering all things single asset and and sector specific. So we thought, we have a couple of theses cooking up and wanted to share share one of them with with Ford guidance in in these, little quant corners we like to do. So that'd be fun to bring Andrew on. Give give give the pitch on on Lyft. Everybody in the market's kind of pretty excited about the Uber story, and we think there's a deeper value here with a with a good pitch. And so we can get into that.
Sweet. Yeah. Andrew, great to great to have you. I can, I can share my screen and follow on the charts and just, yeah, let me know where you wanna go? And, yeah, you know, for the listeners, I think this will be fun because often, you know, we're so deep on the macro world. So it'd be fun to look at the the single name stuff, which is definitely not, the world that I live in that much. So it'll be a fun little change up here. Yeah.
Perfect. And thanks, guys. It's, it's great to be joining the pod today. So we could flip to the first slide on the on the valuation multiples. Perfect. Yeah. So wanted to go through our thesis on Lyft today, which we took a a position in recently. And at a high level, we think the stock has a great setup with a discounted valuation and then multiple catalysts for a positive change in perception on the fundamental side. So to start with this valuation chart, this shows the relative ratio of Lyft's consensus 2025 operating price to earnings multiple, which is 13.6, and that that's relative to U
what why do you think there's so much short interest? Did it? Like, I'm just curious, like, high level about Lyft. Like, did it get wrapped into the basket of, like, the tech darlings of 2021 where it's just like they all kind of imploded, and it's like, alright. You know, like, short Carvana, short DoorDash. It's like a, you know, just like the Arc sort of, trades, ETFs, and and those sort of stocks that were in there. Was it just because it was part of that basket or what? Yeah.
Exactly. I I think, you know, a lot of companies took advantage of the of the IPO market during that time frame, and and I think a lot of them, got a great valuation when they came out. And as I mentioned, we've we've seen the similar dynamic with with some of those companies you mentioned and also the Fintechs like a Robinhood, and Affirm and Upstart. The fundamentals have really started to inflect, and and while those companies are are just getting to bottom line profitability as you start to think about the forward estimates and and valuation on forward numbers. They they are, you know, pos
It's too bad Tyler's not this we'll have to send it to Tyler. He loves the the beat downs back names, but it's pretty wild because when you when you pick apart all those all those tickers, a lot of the charts look the same, and then some of them are still really basing out like Lyft is. And then
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