True. Instead of comparing that valuation against Uber today, I should be comparing it against what Uber today will become now that it has a big pot of cash to

True. Instead of comparing that valuation against Uber today, I should be comparing it against what Uber today will become now that it has a big pot of cash to spend. (But that pot is 360 million, a paltry 2 or 3 percent of the advertising budget I gave to my hypothetical competitor.)