Aswath literally wrote the book on corporate finance. The valuation was done mainly viewing Uber through the lens of a taxi replacement. I think his caveat at t

Aswath literally wrote the book on corporate finance. The valuation was done mainly viewing Uber through the lens of a taxi replacement. I think his caveat at the end explains away the pessimism; This framework lends itself easily to other narratives. For instance, one of the more optimistic takes says that Uber is in the logistics market, i.e. it’s a player in any business that involves moving people or things from one point to another. That would lead you to define Uber’s market more broadly and come up with a much higher valuation.