You’re mixing up stocks and flows. Uber had the equivalent of a worker in the following situation: * their salary goes up. They can now cover all of their livi

You’re mixing up stocks and flows. Uber had the equivalent of a worker in the following situation: * their salary goes up. They can now cover all of their living expenses + save * the value of their stock portfolio goes down Are they poorer? Yes, on paper. But they aren’t losing money, defined as their living expenses costing more than their salary. In terms of salary vs. expenses they are doin great Buffett has long decried measuring business performance based on fluctuations in value of holdings