The problem with Uber is not that they are lacking a moat, it’s that they have not demonstrated what the market size for ride-sharing is when consumers have to

The problem with Uber is not that they are lacking a moat, it’s that they have not demonstrated what the market size for ride-sharing is when consumers have to eventually pay the true cost. Given how incredibly expensive ride-sharing is when heavily subsidized, you’re have to be insane to think that the market won’t shrink when prices are 30-50% higher. And if your answer to that problem is self driving cars, well then I’ll happily point you to the auto-rental market as roughly what kind of a business you’re investing in.